It's a great time to live in Richmond!
I was pleasantly surprised to see that Richmond is among the top 10 metropolitan areas in the U.S. to find a real estate bargain. According to Realtor.org and Forbes, these metropolitan areas are "...markets where the damage from risky lending hasn't been as dramatic as in some parts of the country and where employment growth will burn off an over-abundance of inventory quickly." With Richmond's growing inventory of unsold homes, Richmonders who are trying to sell are having to price their homes more competitively. Since rates low and there is plenty of inventory to choose from, this recipe makes for a great time to buy real estate in Richmond, Virginia. Many Richmond home-sellers are offering concessions and flexible closing dates for buyers. Sellers need to understand that this is a trade-off; they're having to sell for less, and they'll buy for less, too.
Richmond's job market is strong and its job growth has helped stave off potential pitfalls in the housing market.
Of course, where there' smoke, there is fire. Richmond is no different that any other city in the U.S. - it has its fair share of recent foreclosures. However, according to Realtor.org and Forbes, "there is only one foreclosure per 1,103 households [in Richmond] (compared to 1 in 33 in Detroit)."
Did I mention it's a great time to live in Richmond?
For the complete article referenced above, please follow this link to Realtor.org
http://www.realtor.org/RMODaily.nsf/pages/News2008021101?OpenDocument
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