How's the market?

By
Real Estate Agent with Jefferson Properties 0225213983

People ask me all the time, “Hey Jenn, How’s the market?”  Seriously, they do. And if I’m standing in the parking lot at Kroger at the end of a long day, I might jump into an explanation (ok, rant) about how much I despise grocery shopping. Woops.  I see a confused look on their face.  Wrong “market.”  So I put on my real estate hat and share the basics:  mortgage rates are down which is great news for buyers, and inventory is low which is excellent for sellers. 

The spring market in Richmond was prosperous; so prosperous that it landed us on CNN Money magazine’s Top 10 Hottest Real Estate markets for 2014: http://money.cnn.com/gallery/real_estate/2014/01/23/hottest-housing-markets/4.html.  Home prices have been running at a steady pace over the past three years, up about 3% annually since 2010. 

Our local economy is a diverse and stable mix of government, financial, education and manufacturing jobs, and unemployment rates are well below the national figure. As a result, home sales have taken off and prices are starting to reflect that, according to the Richmond Association of Realtors. CoreLogic forecasts that home prices in the metro area will gain another 8.5% in the next 12 months. YAY for Richmond!

Some folks want the nitty gritty...so here's the scoop: Pending sales for the third quarter are up five percent—the first quarter-over-quarter increase for the region since the end of 2013. Pending sales in the Tri-Cities market increased dramatically by 40 percent from the third quarter of last year. This is the sharpest increase in pending sales for the Tri-Cities area since before the housing market crash and recession.  To learn more, check out this market report published by Richmond Area of Realtors on third quarter housing: http://wearether.com/third-quarter-housing-market-report-indicates-resumed-sales-growth-and-healthy-demand/  

So there you have it, “the market” in a nutshell.  The bottom line is that it’s a great time to buy or sell property in Richmond, VA.  If you’re considering making a move, I hope you will call me. I love the market, as long as it's not the grocery kind.

Comments (24)

Jerry Newman
Brown Realty, 210-789-4216,www.JeremiahNewman.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Jenn. I heard this question often from friends and a even strangers, since they know that I am in the real estate business. Good to hear Richmond is doing so well, and you have a Hot market.

Oct 25, 2014 12:27 AM
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

The real estate market, not just homes, houses we are talking. Land is way way undervalued in our area compared to the rest of the nation so we push tons of waterfront, farm, wooded land and cash sales. Higher commissions, no buildings, and owner financing easy to cusotm made the installment transactions with no bank. Quick closings.

Oct 25, 2014 12:51 AM
Raymond Denton
Homesmart / Evergreen Realty - Mission Viejo, CA
Casta del Sol Realtor

That's one of the nicest market reports I've seen on Active Rain, Jenn.

Oct 25, 2014 01:52 AM
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Jenn, excellent thoughts about how YOU are the local expert for your area.

Oct 25, 2014 02:26 AM
Richard Robibero, e-Pro, ABR, SRS
Panorama R.E. Limited - Toronto, ON
Selling Your Home as if it were My Own!

I recently wrote a blog on my real estate website about timing the market. Basically my advice to others is to do what you need to do. Nevermind what you hear in the papers and such. What is going on in your life and does it require you to make a move? Yes? Then let's go find you a home.

Oct 25, 2014 02:43 AM
Karen Fiddler, Broker/Owner
Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA
Orange County & Lake Arrowhead, CA (949)510-2395

I hear this too...everywhere I go, you are so right. And I like the way you wrote this post. 

Oct 25, 2014 03:43 AM
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

I don't even think the general public understands what "the market is up 5%" means.  I just avoid the entire question by asking "What area?"  They tell me, then I say "Oh, it's great!"

Oct 25, 2014 06:41 AM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

I like when I am asked those questions and as a result of doing the market reports find I can answer them in a way they can appreciate

Oct 25, 2014 07:59 AM
Brian Olsen
Portland, Lake Oswego, West Linn & Dunthorpe Neighborhoods, Waterfront, Luxury & Floating Homes - Lake Oswego, OR
Cooper Jacobs Real Estate Group | Keller Williams

Thanks for the report Jenn. I'm happy for you and the Richmond community. Things are looking good here in Portland and our office in Seattle is busy busy busy!

Oct 25, 2014 08:15 AM
Chris Griffith
Downing-Frye Realty, Bonita Springs, FL - Bonita Springs, FL
Bonita Springs Listing Specialist - Agent

Congrats on your hot market, Jen. I checked the other cities  and was surpised to see Tampa Florida on there.

Oct 25, 2014 11:23 AM
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

Jenn - I think a lot of folks ask How is the Market - It is good topic  and you have given buyers a good market snapshot.

Oct 25, 2014 01:48 PM
Claude Labbe
Real Living | At Home - Washington, DC
Realty for Your Busy Life

Jenn,

I often get the question, and my response often is "its a duality", and then I give them 1 or 2 negative trends and 1 or 2 positive trends.  Usually, I'll conclude with "the market can be shown to be moving up or down, based on what you need it to be, simply by slight nuance to particular points".

Or, at least, that's what I'm seeing in the fall of 2014.

Oct 25, 2014 02:54 PM
Bob Force (REALTOR®)
Weichert Realtors - Aspen Hill - Mount Airy, MD
The FORCE in Maryland Real Estate

Jean:

I like your approach spliting the market between buyer and sellers , and your intial answer about the food market.  The little bit of humor at the beginning i feel show you a human too and not just a robotic salesman.

Oct 25, 2014 06:19 PM
Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

Hi Jenn, I love it when people ask that.  I think they want to be reassured that their home's value is increasing and that we are not headed for an adjustment like the one back in 2007 to 2008.

Oct 25, 2014 06:57 PM
Richard Iarossi
Coldwell Banker Residential Brokerage - Crofton, MD
Crofton MD Real Estate, Annapolis MD Real Estate

 Jenn,

I often get that exact same question. Sometimes I wonder though, what's the real reason they ask. Maybe I'm just too suspicious.

Rich

Oct 25, 2014 08:17 PM
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

     Your response is great, Jenn.  "It's a good market for Buyers, and a good market for Sellers".

Oct 25, 2014 11:22 PM
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Hey, Jenn!  This post is included in today's Last Week's Favorites.

Oct 26, 2014 09:46 AM
Cheryl Ritchie
RE/MAX Leading Edge www.GoldenResults.com - Huntingtown, MD
Southern Maryland 301-980-7566

Good detailed scoop on your answer for the market inquiry. Your elevator speech is very upbeat and ready! 

Oct 26, 2014 11:32 AM
Scott Gleason, CRS
Coldwell Banker Realty - Westfield, NJ
Westfield NJ New Homes Specialist

I like your nutshell approach, Jenn.  We should know the market in our area and be ready to provide it to people who stop us at Kroger  or anywhere else.

Oct 27, 2014 04:34 AM
Tammie White, Broker
Franklin Homes Realty LLC - Franklin, TN
Franklin TN Homes for Sale

I wish more people actually got "it". Our market is great right now. I shout it from the mountain tops all the time but no one seems to be listening. We need inventory badly.

Oct 27, 2014 02:04 PM