According to investment experts like Warren Buffett and Bruce Norris, as well as many real estate educators and market economists, and even the assistant secretary of the U.S. Department of Housing and Urban Development, David Stevens, there is perceived sustainable growth in the housing market. The key to all if this of course is security in the job market leading to greater consumer confidence, as well as consistently stable, and remaining relatively low, interest rates.
I can't honestly imagine it's all that simple, but after observing first quarter sales increases in Richmond, one begins to wonder if the tide in real estate isn't again shifting, however subtle it may be at the moment. We must also ask how much of a role the "buyer tax credit" plays in this, but it's safe to say it has certainly helped to get things moving again. It is too early to tell. Nevertheless, it is refreshing to see mid and upper price point homes moving again too, contributing to a stabilization of median sales prices.
What does this mean for us as home owners, buyers and sellers? First, we know it currently remains a buyer's market, with higher than normal listing inventories and competitive pricing strategies. It also means that there are excellent opportunities for buyers and sellers. Purchasers may enjoy more time to selectively shop their next home, and to purchase at a great value. Sellers are realizing that price and condition determine the length of time and the amount of money they will get on their sale; competitive pricing and move-in ready condition will return a quick sale at a higher price than other homes nearby.
As always, consult your most trusted real estate advisor for complete and up to the minute details about your property and the current housing market. It remains a great time to buy and sell homes!
Ann & John VanderSyde are 2009 Sales team of the Year with Virginia Properties, A Long & Foster Company. You can learn more about Ann & John by visiting their website www.InSydeHomes.com or by calling (804) 282-7300