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2016 Q1 Fan District Real Estate Report

By
Real Estate Agent with Lott Realty Group at Rashkind Saunders & Co.

2016 Q1 Fan District Real Estate Report

Spring is finally in the air here in the Fan District in Richmond, Virginia- and it looks like it's here to stay!  As I stop to catch my breath for a second, I wanted to share the sales figures for the first quarter of 2016.  

 

FAN DISTRICT SINGLE FAMILY HOME SALES:

 

As we are well into the Spring market now, 46 DOM (Days on Market) might not seem that impressive. But like most things, the devil is in the details.  There were a number of homes that took in excess of 100 days to sell, which brought up the DOM figure.

 

DAYS ON MARKET VS. HOURS ON MARKET

Currently we are seeing homes that are price well, in good condition going under contract in days, and sometimes within in hours after the first showings.  It is not uncommon to see multiple offers very quickly on listings.  There have been a few instances where I've written offers for my buyer clients where we have been one for MANY offers (6 as one example). {Insert Sigh}  It certainly is a seller market!

 

SELLERS BE CAREFUL

Sounds great if you are selling.  But now isn't the time to be greedy.  Sellers be warned, we've also seen a few instances where great homes were priced way too high. Buyers and agents saw through that and those home sat and sat and sat .... . Eventually they were lower their price and sold (or took off the market). And if they had priced it based on the market originally, they would have likely sold for money ... or sooner.  Yes, you can likely get a premium for your Fan District home ... but that doesn't mean that you can get a ridiculous price.  

 

THE RIGHT AGENT

So if you are considering buying or selling a home in the Fan District, reach out to an agent that knows this Fan market inside and out.  Contact me, Shane Lott with the Lott Realty Group at Keller Williams, and I can walk you through this exciting market.