💬 FROM ME TO YOU…
I get it. Rate news feels big. It lands in the headlines and the group chat, and suddenly everyone wants to know what it means for them. So let’s talk about it honestly, because the answer is more nuanced than the news cycle suggests, and panic is almost never the right response. (Is panic ever the “right response? for anything?)
The short version: this rate bump affects you less directly than you think, and more strategically than you may realize. I break it all down in the market update this month, including where things stand heading into fall and what I’m actually seeing on the ground in the Richmond metro.
We’re also heading out to Atlee and I’m sharing a little about the differences in what makes Atlee, Mechanicsville, and the broader umbrella of Hanover, unique from one another.
And this month’s Ask Cindy is a question I get constantly (usually from people who are just starting to think about buying.) Does shopping around for a mortgage hurt your credit score? The answer is better than most people realize, and it’s definitely something to remember, even if you’re a ways off from buying.
Let’s get into it.
— Cindy
🧠 Market Recap
Last month I said the Richmond market was feeling “choosier.” This month, I went looking for proof (beyond the usual sales report) and found a market that’s kind of contradicting itself on purpose.
Here’s what I mean: there are dramatically more homes for sale around Richmond than a year ago, and nearly one in five has taken a price cut. Sounds like a buyer’s market, right?
Except homes are still selling faster than last year.
Both things can be true at once. What you do with that depends on which side of the closing table you’re on, and which county you’re standing in, honestly, because Richmond, Henrico, Chesterfield, and Hanover are each telling a different story right now. (Richmond dipped. Hanover climbed nearly 5%.)
I also ran the September mortgage-rate math, and the potential change in that average payment (assuming a 30-year, $400,000 loan) right now is $200 more than it may have been in August. (But that’s not all bad- I promise!)
The full breakdown, why it may not be bad news, and what I’d actually do about it is in this month’s post.
📍RVA Neighborhood Spotlight: Atlee
Ask Cindy
Should I get pre-approved before I start looking? Won’t that hurt my credit?
Yes. And really only barely. A pre-approval is a hard pull that can knock your score by a few points (not dramatically, so your score usually bounces back in a month or two). If you shop a few lenders within a short window (45 days, usually), the bureaus count it as one inquiry, so it’s only one hit. Skipping it to protect your credit is like refusing to check the gas gauge to save the needle, though. You need to know your real number before you look: it keeps you from falling for a house you can’t get, and makes your offer serious when you do.
Do you have a question you want answered in a future newsletter?
Reply and let me know!
Do you have home questions, need contractor referrals, or are you (or someone you know) thinking of buying or selling a home in the Richmond area? Reach out! I’d love to help.
👉 SEARCH RICHMOND HOMES FOR SALE
👉 GET YOUR HOMES VALUE
👉 START YOUR SEARCH
👉 BOOK A CONSULT
