Real estate is not a national market it is a regional market, and the Richmond,Virginia regional market is holding its own. Yes we have a higher inventory but over all our prices are up from 263,000 to 277,000 in Nov. and Dec.2007 Our list price to sale price was close to 97% both months. What a great way to end a year when most one of the media kept telling us our markets had tanked.
Our local experience is not that the market is bottoming out , it is adjusting to a great 7 year run. Yes the market is slower but the benefits to buyers and..... sellers.... (most of them are going to be buyers too) are excellent.
With increased inventory we have more selections, and no price war bidding.The buyer can take their time and get all the inspections they need to feel like they are purchasing a solid well maintained home. They can ask for and get repairs.
The buyer can find that great locations near work and shopping; or they can move closer to family. They can get that much needed larger home with the luxury kitchen and extra bath, or the rec-room they have always wanted for the children or grandchildren. The buyer can get good new construction with nice upgrades.
The 2008 buyer can find a good loan with low..... fixed..... interest rates. There are special programs for first time home buyers and teachers, policemen, and other civil servants that may allow them to live in their areas of service. Having a policeman in the neighborhood is always a good thing. Having a teacher next door can only improve a parents understanding of whats happening in their schools.
Lets not over look the benefits of a slower market to the agents. The average client is going to have a much more satisfying experience; there by remembering you in the transaction. This is much better than the "wham bam, thank you" transactions we have had in the past few years.
Real estate agents will feel less stressed and enjoy and get to know their clients better. Their home life will not be so taxed and they have more time to cultivate relationships with organizations, friends and neighbors.
Do not be left behind in 2008. The market will turn again. Buy low and sell high. It works in every type of investment. Homes are long term investments not short term.
Come on America wake up. Many people have financed their children's education, their retirements and increased their net wealth in markets like this.
Go buy a house this year, then call and thank a Realtor."
We have our fingers on the pulse of the market and we can help"
Wanda Fears, ABR GRI CRS wanda@wandafears.com www.wandafears.com
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