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The metro Richmond area real estate market in 2023 demonstrated both resilience and competitiveness, making it one of the most active markets in the state. As we step into 2024, most trends and predictions suggest a dynamic year ahead. Market Overview and Trends in 2023: Throughout 2023, our market was a ALL about the sellers. With high demand and competitive bidding holding steady all year, it was a tough one for buyers, particularly as interest rates ticked up to nearly 8%. A significant portion of sales, (about 55.4%) closed at prices above the listing price, indicating a highly competitive environment​​. The average sale price of homes in Richmond maintained an upward trend as well,  fueled by the influx of young professionals and steady population growth in the area. One of the more difficult hurdles buyers faced was the inventory shortage- while already tight, it was made worse by sellers not moving because going from a 3% (or sub 3%, in many cases) rate to one that's 7 or 8 was just too unappealing. Housing Affordability and Demand: The concern for affordability continued to grow in 2023 due to rising interest rates and low housing inventory. This situation made homeownership more challenging for many potential buyers. Despite these challenges, Richmond's real estate market continued to thrive, with the rental market showing particularly strong growth. Rent prices increased by 22% over the past two years, in fact. The Richmond area is one where generally, it is still less expensive to buy than rent, though, which makes it good for both buyers of primary residences and those buying investment property. 2024 Predictions: Looking forward to 2024, the Richmond Metropolitan Statistical Area (MSA) forecasts a stable outlook,  While some predictions show a slight dip in housing market performance by the end of the year, headed into a major election that seems nearly impossible to predict.  The Virginia housing market as a whole is expected to see an 11.4% increase in home sales compared to the past year, suggesting a rebound from 2023's relative decline. Home prices are also projected to rise modestly, by about 1.2%​​​​. Real Estate Investment in Richmond: Richmond continues to be an attractive option for real estate investors, particularly those interested in the rental market, due to the large student population. The city's status as the state capital and a hub for commerce and education enhances its appeal for investment. The market is expected to yield good returns in the long term, with home prices showing a year-over-year upward trend​​. The Richmond real estate market in 2024 is poised for a year of adaptation and change. While challenges like low inventory and affordability constraints still exist, the market is expected to remain competitive and moving throughout the year. As we head into a spring market with lower mortgage rates, more buyers will surely be out home shopping. It is a great time to think about selling if you've been on the fence (and easier, as a result, to find something to purchase after your sale). If you're thinking of purchasing in 2024, this is the time to start building a game plan and getting your pre approval. As rates dip lower, competition for the homes available will absolutely increase. Make sure you're ready when you find "the one."  For investors and homebuyers alike, understanding these dynamics and staying informed will be crucial for navigating this evolving market. Richmond's steady population growth, thriving job market, and diverse real estate options make it a unique opportunity in the rental and overall housing market, through 2024. Curious about the value of your home, or what you can purchase? Reach out to me today and let's discuss!

As 2023 draws to a close, the Metro Richmond real estate market presents an intriguing landscape for homebuyers, sellers, and investors alike. This comprehensive analysis delves into the current state and future outlook of the Richmond market, offering what I hope are some valuable insights for those navigating this dynamic environment. Current State of the Richmond Real Estate Market Richmond, known for its affordable housing market, vibrant culture, and rich history, is part of a larger metropolitan area encompassing Chesterfield, Hanover, Henrico, and Richmond City, home to nearly one and a half million people. In 2023, the market exhibited several key trends: New Listings and Sales: There was an 8.3% decrease in new listings compared to 2022, with a 27.8% drop in closed sales, reflecting a challenging environment for finalizing transactions​​. Median and Average Sales Prices: The median sales price in Richmond saw a 6.9% increase, reaching $405,000, while the average sales price rose by 8.5% to $472,515​​. Market Performance Metrics: Properties were moving quickly, with median days to pending at just 6 days. About 66.6% of sales were transacted over the list price, suggesting a competitive market​​. Anecdotally, I can definitely speak to this, as nearly no transaction with which I've been involved has had only one offer. Predictions for 2024 Looking ahead to 2024, several predictions and trends are shaping the Richmond real estate market: Economic Growth and Mortgage Rates: A backdrop of modest economic growth and slightly higher unemployment is expected. Mortgage rates are anticipated to begin a slow retreat, improving housing affordability but potentially increasing demand as more buyers get into the market after having been waiting out the higher rates. Home Prices and Sales: A slight dip in the growth of home prices is expected, with a continued trend of stable but low home sales levels​​. Don't misconstrue this- it doesn't mean prices are dropping, just that prices may not continue at the same level of growth over the next year. (I definitely predict they'll still increase, though.) Housing Inventory: The number of existing homes for sale is expected to remain low due to insufficient building in past years. Mortgage rates are expected to exceed 6.5% for the year, maintaining the gap between market mortgage rates and rates on existing mortgages​​. (It's harder to sell when you know you're giving up 3% and going to 6%, so fewer homes are likely to hit the market.) Rental Market: The rental market is expected to see a mild decline in median asking rent, with a robust supply of new multi-family homes tempering rent growth​​. Opportunities for Buyers and Sellers: First-time homebuyers may find some relief as the market becomes slightly more buyer-friendly in some respects. Home sellers, on the other hand, might face increased competition from new construction homes​​. Richmond Specific Forecast: For the Richmond area, a 3.3% growth in home prices is predicted for 2024, despite a projected 11.6% decrease in sales​​. The Richmond real estate market as 2023 closes shows resilience and potential for growth, offering a dynamic landscape for both buyers and sellers. While sellers remain in a strong position due to high demand and quick sales, buyers should still be prepared for competitive conditions, especially for well-prepared homes. However, with the expected easing of mortgage rates and a slight adjustment in home prices in 2024, the market may offer more balanced opportunities for both buyers and sellers. So if you're thinking of buying, let's meet and create a strategy to get you where you want to go. If you're thinking of selling, the market is still yours- I'd love to help you figure out how to maximize the value of your home, and get it sold to give you the most in your bottom line.

So you're thinking about buying a house, or a condo, or a townhouse, or something? How do you decide on what the right type of home to purchase is based on your budget and your lifestyle? First of all, a lot of people, with lower price ranges particularly, often think a condo or a townhouse is going to solve all their problems, because usually, they're a little less expensive, in most cases than a single-family home. Don't forget that one of the things you have to include, and that your lender is going to look at, in your qualifications number, is the homeowners association, the condo association, whatever they want to call it, that community that you're joining is going to have a fee every month. Sometimes it's going to have special assessments, sometimes those fees can go up. But always, you're going to want to make sure that the fee that is there now is going to work with your budget and the payment that you're going to end up with, and that it's going to cover enough to make you feel comfortable spending that money. The main difference between a townhouse and a condo is the type of ownership. Basically, in a condo, you own what's inside the four walls. Often people think of condos as units in a building like apartments. But, sometimes townhome-looking things can be condos as well. But again, you only own what's inside those four walls. As opposed to having any land or garden yard, whatever that is yours. Obviously with a single-family home, unless you're in a maintenance-free community, all of that exterior maintenance is going to be yours with a townhouse or a condo. Often, that fee is going to cover things like the landscaping and the outdoor areas. Usually, if there's a pool or other amenities, tennis courts, that sort of thing, it's going to cover those as well. But often, it will also cover siding, the roof, the exterior items like doors, and things like that. But those are going to be on a schedule. So there are a lot of moving parts. When you start looking at those associations, what they cover, and how they're covered, you might be thinking, well, I'm not going to pay $250 a month because I can buy a house and then I'll just mow my own grass. But, you can usually pretty much assume that you're going to end up somehow spending at least $250 a month on your single-family home unless you are kicking some maintenance items down the road a little piece. So while the money is important, often the lifestyle is even more important. More maintenance-free options, like townhomes and condos, I think are fantastic for a lock-it-and-leave-it mentality. If you travel a lot for work or you travel a lot for pleasure, or you just don't have time to do yard work or it's just not something you want to do. You don't want to have to worry about getting quotes on a new roof. You want somebody else to deal with that. Or maybe you want the amenities that come with a townhome, a maintenance-free community, or a condo. Those are really lifestyle differences instead of just simple financial ones. Make sure that you read those documents well. You do have a three-day right of rescission, if you can't live with the way that they take care of the property, what you're paying for, or if it looks like their finances are shaky. You want to make sure that you're comfortable not only with the amount of money, but also what you're getting for the amount of money you're paying. A condo or townhome may be for you if you want to have a little bit more of a hands-off approach to maintenance. Sometimes it's worth it and sometimes it's not. If you're thinking about buying I'd love to talk through it with you and help you determine what the best deal for you is for both your budget and your lifestyle to make sure that the home that you buy is one that you love to live in. Give me a call send me a message shoot me an email and let's get started.

If you're thinking about putting your home on the market, yes, even in the seller's market, there are always things that you can do to make it show a little bit better and make it a little bit more appealing to a larger pool of buyers, and that's always going to help you in the long run. One of the easiest things or the 'more easier' thing to DIY is going to be your outdoor space. Especially as we head into the fall in winter a lot of the competition is not going to be doing a lot to their outdoor space because everything starts to look gray and bed and cold and brown. Today's buyers place a premium on well-kept and well-built-out outdoor space. So especially heading into the fall and winter, it is a great way to put your listing ahead of the pack by making your outdoor space more appealing and approachable. In fact, in 2020, 26% of buyers that were surveyed, said that that outdoor space made a huge difference in them wanting to buy a particular home over another. This can look as simple as putting nicer furniture outside or just staging an area to show that it could be a great firepit or relaxing area in any season. If you're wondering about ways to help make your outdoor space a little bit more appealing, I'd love to come take a look at your home if you're in the Richmond area. Give you an idea of what you can do to make your outdoor space a little bit more appealing to potential buyers make your indoor space a little more appealing to potential buyers and help get you the most return on your investment in your home. Send me a message give me a call or shoot me an email and let's set up a time for me to come take a look at your space and help give you that list of things that you can do to make it a little bit more of a wow in the sometimes a little gloomy or fall in winter markets.

Do you even need a realtor to set up a search for you if you're just starting your search process? There are so many search portals out there that often when people get started on their search, they start on the internet, they start looking at all of those portals. And we'll say to a realtor, I don't need you to set up a search, I already have access to all this other stuff. So if you're thinking about looking for a home, or you're starting to seriously look for a home, and your agent says, hey, I want to set you up with a search portal, there are a few reasons why you might want to do that. First of all, the timeliness with which that information gets syndicated out to all those other sites, sometimes it can take two days. And in two days, in this market, you may have missed the boat on that home that you could have fallen in love with. Secondly, it's a great little reminder for your agent. If I am looking for five different buyers and I have searches set up, it's going to send me a copy of that too. So I am also able to get that little tap on the shoulder from the multiple listing service, letting me know hey, there is a house that you know, Bob and Mary Smith might love. It's also a great way to communicate with your agent because you can put notes on there. So as we're sometimes learning what you like and what you don't like, if you're putting notes on there that say things like I love this location, but I hate this kitchen, then that helps me if I'm your agent learn a little bit better about what you like. So always don't get too specific in those things, but it really does shorten that learning curve a little bit and help make your home search a little bit more efficient. So if your agent says, "Let me set you up with a search portal", don't just wave it off. Yes, it's one more email. But hopefully it won't take very long before you'll be able to find the home that you love. It'll be easier, shorten that learning curve, and make sure that you're knowing exactly what comes on the market exactly when it comes on the market and not two days later. If you have any questions about the home buying process, the home searching process, I'd love to talk to you more, give me a call, send me an email or shoot me a message and let's chat.

Every buyer's journey is different, but I want to share this one with everyone to show what a difference small changes make. Ready to start your buyer's journey? Reach out to me on Instagram @ CindyBennettRealEstate or via my website cindybennett.net.

You've got to be kidding, we're still having multiple offer situations. Fortunately, or unfortunately, yes, we are still seeing multiple offer situations all over the place every week, every day, in lots of different price ranges with lots of different homes. So if you're thinking of buying, I wanted to break down just a little bit of what you can. I don't know that I want to say look forward to but maybe expect if you're looking at a home and likely to run into a multiple offer situation. So working with your buyer's agent, you're going to look at all of the homes that have sold in the area that are kind of comparable and get a feel for what homes are selling for. Now, if a home sold a year ago, it's not really going to be a great comp. So don't hang your hat on that and get hung up on what somebody paid six months or a year ago. I can almost guarantee you, the house that you're going to buy is going to end up costing more than the same house sold for six months ago or a year ago. That's just what the market is doing right now. So make sure that you're realistic in what things are costing, what homes are selling for, and what you're willing to pay. If the house is turnkey and doesn't need anything that has a value beyond just the dollar amount of those individual fixes. So if that's what you're looking for a turnkey situation, give that the credit that it's due, and go a little bit higher, knowing that you're going to be able to move in and put your feet up. Rather than have to do a whole bunch of projects in the first month you're living there, the more information you can find out the better. So if you know how many offers, if your agent can find out how many offer their offers, there is anything that you can find out is going to help you. Keep in mind that it's not always about price, you can add a lot of little details to your offer that are going to make it more appealing that might be the closing date, it might be inspection terms, it might be a rent back that the seller wants or needs. Or it may be something totally random, like, you know, they need to have an extra three weeks because they have to clean out the garage. The more things that you give them like that the more appealing your offer is going to be. But often it really does come down to price. So make sure that you are looking at current comparables with your agent and coming up with a price that is good today. If you're thinking about buying, and you're curious about multiple offer situations, how they work, how to navigate them how to get the best deal for you, while also winning the house. Give me a call. I'd love to help we'll walk you through it. And my goal is always to walk you through it a little bit before we get to the day that you find the house that you love. So they have a little bit more information to navigate those waters without just jumping in cold and having to swim. Give me a call. I'd love to talk to you.

What NOT to fix if you're thinking of selling your home? So the first thing I'm always going to recommend is that you have a professional agent who is active and working in the market come take a look at your home, before you start making any repairs, or corrections, painting, etc, etc, because they are going to be able to put that to-do list into perspective for you. I do it all the time. After you have your agent come and put some things in perspective, that's going to really help you narrow down that to-do list. But here are a few things that you want to keep in mind, as you're maybe making the to-do list to discuss with your agent. Wipe the slate clean of all those vanity fixes things that you always wanted to do but never got around to. We always wanted to hang this fantastic chandelier, or maybe you wanted to put wallpaper in the bathroom. The new buyers do list is probably going to look different than yours and if it's just a cosmetic fix, and it's not actually repairing something, you probably want to just leave that up to them. Determine if you're going to recoup the cost of the repairs or corrections or improvements that you're thinking of doing. Because often you're not going to get the ROI from that item that you would hopefully get. So this is again, where it goes back to having a good agent that's going to help you narrow that list down. Sometimes you really are going to get a great ROI from switching out your faucets, your lighting in your bathroom, or maybe putting on a new coat of paint. If you're looking at retiling a whole bathroom or doing a total renovation of your kitchen, just to sell usually the ROI is usually not going to be there. Don't worry about items that are easy to remove like curtain rods or blinds, things like that, often just taking them down is going to be enough, you're not going to necessarily need to replace that whole situation. Doing a pre-inspection sometimes it's nice, it gives you an idea of what sort of condition the kind of underpinnings of your home are. But if you know that you've always had an outlet that just never worked, you don't necessarily need to fix that before you sell. Odds are that's going to come up on an inspection anyway and sometimes leaving those inspection items up to the potential buyer is going to be a better idea than fixing a list of 10 things before you sell only for their inspector to come up with 10 more. Obviously, if there are major issues, you want to take care of those. You don't want to have faulty electrical, faulty plumbing leaks, roof issues, or things of that nature. If you can solve those before you put it on the market, solve them. And if you know that they're there before you put it on the market and you can't afford to solve them, you definitely need to disclose those to the buyer before you make that transaction happen. Finally, you probably don't need to repair cracks in your driveway, cracks in your sidewalks or patio, or things like that. Unless they are really really big major deterrence or safety hazards, you are probably fine to leave those alone. And just as my father would say, leave it for the next guy. Hopefully, those things help you as you're putting together that list before you talk to an agent. But don't forget, having a licensed agent who actually works in the market and knows what your market is doing, take a look at your home before you start making that list or making those improvements is going to make a huge difference. So make sure that you're not doing things that aren't going to give you a return on your investment or that are just going to cost you a lot of work and not give you any money in return. As always, if you're in the Richmond area, I'd love to talk to you. I'm happy to come to help you determine what things to tackle in your home. I don't care how well maintained or poorly maintained your home is there is always going to be a list of things that are going to help you sell and market better to get you the most amount of money and that's what I'm here to do.

What to say about October? I'm starting to feel like a broken record with the "this market is weird" language. But, it's still (and will likely continue to be) weird. In the Metro Richmond area, we averaged 1.5 months of inventory for the month of October. As you may be aware, a "balanced" market is 6 months of inventory. That means that if no more homes came on the market, it would take 6 months to sell all the homes on the market based on the buyer flow. That means, we're still in a seller's market, despite the increase in rates, or anything else. Fun fact, though? I can go back 10 years in the data through our MLS (multiple listing service) and can't find a time that was ever higher than 4.6 months, and that was way back in July of 2014. It's still tough out there for buyers, given the shortage of inventory caused by the lack of housing units built in the last 15 years, entire new buyer pools/demographics dropping into the market, and the increase in interest rates after nearly everyone (72% nationwide, actually, according to Goldman Sachs) refinanced or bought at sub 4% rates. Those people likely aren't making a change or selling if they don't really need to. Add to that that rates are up as much as they are, and it really is not a great feeling for most people looking to buy. If you're selling, it is still a great time, but anecdotally, we're definitely seeing more buyers being REALLY particular about what they're looking for and looking at. They're not jumping on every house, but being more discerning about what they buy, so doing those extra projects makes all the difference in most cases. I don't anticipate a whole lot changing for the rest of 2023, with the exception of the normal dips for holidays, in either the market itself or the interest rates. That doesn't mean it's a bad time to buy. If you're going to be in a home for at least 2 years, you are likely going to be just fine with appreciation catching up to what you pay, and you'll most likely to be able to refinance at a lower rate at some point as well. One thing you can refinance? The actual price of the home, and that, right now, is most likely at one of the lower points that it will be. Particularly if the interest rates go down much lower at some point, pushing more buyers into the market. That means if you're ready to buy, make it happen! If you're ready to sell, give me a call so we can discuss what will make it sell faster and for more money. It really does make a difference, especially right now.    

Have you always thought about buying investment property, but you're not sure where to start, how to start, or what you need to know to really get going? And who would do that in this market anyway? Let's unpack some of the numbers and historical numbers and kind of take a look at why now might actually not be a bad time to get into real estate investing. If you look at the average appreciation over the last couple of years, and these are big national numbers, so they're gonna be dependent upon where you are, and the neighborhood and the area and the county and the city and all that good stuff. But the overall numbers are 20% appreciation on home values over the last two years. Those are pretty wild and crazy numbers, because where are you getting a 20% return on an investment that is relatively safe, like it's not likely to drop by, you know, 100 points tomorrow. Now, those numbers are unlikely to continue. So while 20% is great, that also implies that prices are going to go up by that much, right? Nobody really wants that. But over the last 10 years, we've seen increases in value of about 10%, prior to the last couple of years. So that is still a pretty solid return on your investment over time. When we look at the average return on standard traditional investment stocks and 401k's and things like that, as being between 5% and 8%, take into account the fact that income has only increased year over year by four to 5%. And hedging against inflation. Figuring out how to make your money make more money for you, real estate investing is a really solid way to go. You could check my other video that has some more information about different business models on real estate investing, whether you are looking to have immediate cash flow, whether you just want to balance it and bank on the appreciation, house hack, or any other type of real estate investing. But overall, the appreciation and the ROI that you get from real estate is a really solid investment and something that is a great way to pay for your kids college. If you buy a house when they're young, sell it when they go to school often you can pay for their whole college experience just by the appreciation alone. So if you've ever thought about investing in real estate, it is not a bad time even though rates are a little high. And your return on your investment can be really fantastic depending on what you buy. So if you want more information and you're curious about getting started, you want to see what it takes. Give me a call or send me an email let's schedule a time to chat and discuss your long-term plans, and short-term plans, and see if jumping into the real estate market as an investment is the right time for you.