Richmond's News headlines have been encouraging and local agents have been reporting upticks in offers, contracts and buyer traffic. This is all great news. I have heard of bidding wars and one broker I know got a full price offer the first day a property hit the market. Priced right, yes-- but also proof of higher buyer confidence.
I got 2 houses under contract this week that had not met seller reserve at auctions last month. So, April's volume is off to a good start of over $1.1 mil already with 3 more auctions on the schedule over the next 10 days. Also, the phone has been ringing off the hook this week-- two May auctions signed and 5 more auction listing agreements out waiting for signature. These are all motivated sellers with great equity, the majority of sellers having no outstanding mortgage at all on their property. An auctioneer's dream :)
The percentage of property transfers that involve banks as either buyer or seller remains very high-- 27.3% in this week's list. Of 396 recorded deed transfers, 108 involved a lending institution either foreclosing or selling an REO property. Caroline County took a big hit their Lake Land d'Or subdivision -- we have sold there before and it's a pretty distressed place these days.
A positive observation in the property transfers is a good volume of new construction transactions-- definitely more than I have seen since the beginning of the year. We need to continue to clear out the backlog of builder spec homes and bank REO inventory so prices may begin to stabilize before starting their slow climb.
Happy Easter, happy spring-- let's see a rebirth of consumer confidence, savings replenishment and employment opportunities across our great country!
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