Now that the election is over; and with it I am sure an improvement in our news cycle, let’s not forget the incredible opportunities currently available in the local housing market. Here are some quick thoughts on why it’s a great time to buy:

1.) Richmond’s economy remains strong.

2.) There is a significant imbalance between supply (properties listed for sale) and demand (buyers in the market).

3.) Time of year. Historically, beginning at Thanksgiving and extending to the Spring, there is less activity in the market. Sellers are anxious when confronted with carrying a property through the Winter.

4.) Rates are incredible and due to sluggishness of the economy should remain low.

5.) Effective January 1st, FHA is raising it’s down payment requirement.

6.) Builders who want to survive to build another day are highly motivated and negotiable.

7.) Relocation companies need to trim their inventories, too. 

8.) Bank owed real estate (REO’s or foreclosures) is being deeply discounted. The quicker these “toxic” assets are off their books the faster the housing recovery.

9.) If you’re moving up in your housing, your $200,000 home might require a 10 % discount to sell. Sorry, you out $20,000, but the $400,000 home you buy can probably be bought with 10 % discount, so that’s $40,000 savings. You just made $20,000.

10.) Again, for those moving up, when the market turns, your more valuable asset will yield more $$$.

11.) And the best reason to buy now……You get to work with me. Call me, 804.301.7598; and let’s go buy a house.