This week's property transfer records show another decline (2nd week in a row) of about 2%. Transactions involving a bank as buyer or seller are 81 out of 392 total reported transactions for 20.66%, about 3.5% better than the high of 24% on Feb. 28th.
This is good news for John and Jane Q. Public private sellers; as the discounted inventory clears out, their house has a better chance of getting an offer. This offer will still be less than they are hoping for, but when the market speaks, they must listen if they really, truly need to sell.
Period to date stays steady at 19%. (430 out of 2,241) That's almost one in five transactions being done in the Richmond area that involve a bank as either buyer or seller. I don't know what "normal" would be but i would think 5% or less.
Thoughts, anyone?
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