If you’ve been watching the Richmond market, here’s the quick scoop: more homes are FINALLY hitting the market, prices are still edging up, and mortgage rates just dipped to their lowest point in nearly a year. Translation? In the Richmond area, it’s still a seller’s market, but buyers have a little more breathing room than they did this spring. The Big Picture More homes for sale: Listings are up compared to last year—especially condos and townhomes. That means more options for buyers. Prices are still rising (slowly): The median single-family home price is about $433,000, up 3% from last year. Homes are still moving fast: Most single-family homes sell in about 3 weeks, and sellers are still getting nearly full asking price. (And yes, we're still seeing multiple offer situations on occasion.) Rates are helping buyers: The average 30-year mortgage rate just dropped to 6.35%, giving buyers a little more affordability. What Buyers Should Know More choices: Inventory is improving, especially in townhomes and condos. (Hooray!) Better payments: Lower rates mean monthly payments are slightly easier to swallow than midsummer. Smart offers win: The best homes still draw competition—being prepared with financing and a solid strategy makes you stand out. What Sellers Should Know Price it right: Homes that hit the market at the correct price are selling quickly and close to asking. Prep matters more than ever: Clean, staged, and well-marketed homes get top dollar. Condo and townhome sellers: Expect a bit more competition—presentation and pricing are key. Quick Look by Area Richmond City: Median price of around $410,000, up ~8%. Most city neighborhoods are still strong. Henrico: Median $415,000, prices are nearly flat year-over-year. Updated homes in west end zip codes remain popular. Chesterfield: Median $430,000, up ~2%. Newer neighborhoods are steady and attract buyers for value. Hanover: Median price about $496,000, slightly down. Larger lots and unique properties are driving the market here. Bottom Line Buyers: You finally have a bit more room to negotiate and slightly better rates—let’s find you the right home before the holidays. Sellers: The market is still in your favor, but buyers are much more picky than they've been for the last few years. Pricing smart and prepping well are the difference between “Just Listed” and “Just Sold.” Thinking about making a move this fall? Let’s talk about your neighborhood and your goals—I’ll bring the data and a strategy to get you there.

Let's take a look into how the changes to agent commissions are reshaping real estate transactions, impacting home buyers and sellers alike six months after going into effect, here in 2025. Have questions? Ready to talk real estate? Send me a message here or via Instagram at CindyBennettRealEstate.

Market updates are a bit like tapping the mic with an "is this thing on?" People say they want them, but I always wonder how much they actually get read. So if you're reading this, please let me know!   March 20 heralds the first day of Spring, and I for one couldn't be more excited. But if we're talking about the market, it really has felt like spring for a while now! Here's a little bit of data to give you a snapshot of the overall market in the Richmond Metro. The average sales price in the Richmond Metro in February was $476,907. That's a bit lower than the prices in December, but a bounce back from a lower January price of $469,296, and it looks like it's back on the upward trend. If you've followed me for a little bit, you've probably heard me talk about the months supply, and how at a balanced market, we'd have about 6 months of inventory. It's been a while since we've been there, and for the last 2 months, we're holding strong at 1.3 months of inventory. A good distance from balance.   This data tracks in what I've seen in the last couple of weeks, as well. Lower inventory means you may need to compete to get that home you love, because there are simply more buyers  than there are great houses. Sometimes that means you have to pay more, but sometimes it just means having as much info as you need to craft an offer that will be the most appealing to the seller. Every situation is a little different, so there really is no one size all formula here. If you're selling, lower inventory means you have more eyeballs on your house, usually more showings, and (in many cases) more offers. Yes. You only need one offer, but the nice thing about multiple offers for you as a seller is that when people are competing, you're less likely to have to deal with a lot of inspection issues, you usually get more money, and you are more in the driver's seat with the entire transaction. We're seeing lots of multiple offer situations, although the market is quite price sensitive. What does that mean? You can't just thrown any home on the market, at any price, and think it's going to sell. The homes that are not "market ready" are still sitting on the market, and generally not getting multiple offers. Having your home ready makes a huge difference, as does pricing it well. Price it too high, and it just might sit there as well. There are definitely neighborhoods and areas that are more popular, and others where things are not quite as "wild." Knowing which one you're in, or looking in, can make a huge difference. I'd love to talk to you about the area you're in (or want to be in) and help you determine the best strategy to get you where you want to be. What are your market questions? Reach out!

If these (hopefully) final days of winter and snow are keeping you more stuck inside, there are lots of things you can do get your house ready to sell if that's on the horizon for you! I'm including my checklist here, but a couple of other tips I have- Set a timer for each room. Do as much as you can in that time period with no distractions. (Reset if you need to, but setting a time limit really helps me focus better and that task doesn't yawn endlessly before me!) Do a "blue tape walkthrough" for your house- just like we do with new construction to note areas for the contractor to come back to. Better yet, have me (or a good friend with an eagle eye) do it. This will help you get your list together of projects to do before selling- things like that jiggly towel bar, the outlet that doesn't work, the paint and caulking touch ups... then call me for my vendor list, or reach out to the folks you've worked with before who can help you! Check out the downloadable checklist below and see what you can accomplish! Click HERE or the image above to download.

Although it's nonstop snowing as I type this, the spring market has already begun. Yes, rates are still not great, and there is still not a ton of inventory, but in any type of market, people are going to want to, and more than that, need to, move, and it looks like the times of fence sitting to see how rates are is really about over. So if you're buying or selling, here's some great info to know, as we are finishing up (I hope!) winter, and kicking off spring! Prices in the Metro Richmond area have dropped since the beginning of the year, a good bit, in fact. In December, our average sales price was $411,635, and for January, that average sales priced dropped to $394,900. New listings have spiked from December's 793, up to 1171 for January. By my calculations, as I assess February up until today (2/19) we have approximately 893 new to market listings for the month already, and we've got about 10 days to go. This is all good news for buyers getting into the market. More inventory means lower prices, and less competition, which is definitely welcome, when rates are where they are. Just as good news- while we are still seeing some competitive situations, there are generally fewer than there have been (think 4-10, rather than 20-40, in most cases) and we are once again seeing not only inspections, but it some cases, we're even some seller concessions at closing! What if you're selling? No bad news there either. As I mentioned before,  we are still seeing multiple offers in many cases. The median list to sale price ratio in January was still at 100%. The average was still a bit over that. Is that a guarantee? Of course not. What I can tell you is that the more you do to get your home ready to sell (fixing/repairing), cleaning, decluttering, landscaping, etc., the better off you will be when it comes to list. When it comes to pricing, and those little things that make your home stand out from the rest, they can make a huge difference in the speed of sale, and the number and quality of those offers. If you've got questions about selling your home or thinking of starting a home search, I'd love to talk to you!  

January has historically been a veeeery slow month, but for the past few years? Not so much. If you're thinking about selling, and thinking you'll need to wait for spring, you really don't, these days. If you're ready, the market is likely ready for you. As you have probably seen me say before, a balanced market is about 6 months of inventory. That means if no other homes come on the market, it would take 6 months to sell through all of the homes on the market with the current population of buyers. It's been a minute since we've been there. We went as low as .7 months over the pandemic, but for the last couple of years, it's gone up a little, bit by bit. As we head into 2025, our market sits at still a pretty seller friendly 1.7 months. Pretty crazy for January. (And it used to be unheard of.) Anecdotally, over the past month (including the week of Christmas) had multiple clients in multiple offer situations, on both sides of the equation. You're probably thinking, "This same old song again? When will this ever change?" and you're not wrong. However, there are a couple of caveats to this sellers market, for those buying, AND yes, even for those selling. First of all, if you're selling- If you've been watching the market, or maybe watching your neighbors, you may want to price your home at the final sales price of the neighbor's home. But wait- as hard as it often is to believe, you will likely get more money at the end if you price it right at (or even just under) the price the market and the comparables show. This of course is a little bit less simple, and a little more nuanced, than that, but I cannot say enough how important pricing is. Over the past few months, the market has dipped just a bit for homes to sell right at 100% of the asking price. (On average.) Keep in mind that that 100% is an average, but that also, if the sales price is reduced, and the seller gets that price, it's still 100%. Get your house ready. I mean, really ready. That means declutter, make those small repairs you need, refresh lighting, paint, landscaping, etc, if you need to, and clean, clean, clean. (And clean some more!) While there are lots of homes selling quickly (with a median days on market of 17), and for multiple offers, even, generally speaking, these homes are usually the ones that are priced well, and show really well. If they're not both, they need to be really heavily one or the other. If you're buying: DON'T get discouraged before you start! (I mean, don't get discouraged after you start, either.) I really, truly believe that "the one" is yours in the right timing. In truth, I also believe that there is not usually just "one" out there for you. Get prepared and stay prepared. That means have a lender (preferably a local lender!) run all of the scenarios that might work for you- downpayment, closing costs, payment amount, and special programs. If you need a gift of funds and a gift letter, make sure you know how that works, and what the lender requires. Get a reapproval letter from them, and make sure that you'll be able to reach them if you need a last minute change that's property specific. Understand your responsibility in the "new world" of buyer agency- that means when you're working with a buyer's agent, you may be responsible for paying your agent's commission. In most cases, the seller expects to pay all or some of it (remember- most comparables still include some, often all, of both the buyer's agent commission as well as the listing agent commission). In the occasions that we cannot include it, we can often adjust the price accordingly. Every now and then, though, you the buyer may be expected to pay that out of pocket. Don't forget to factor that in. Once you know your numbers, start looking, and be reasonable when you write an offer. Get familiar with the market and the comparables, and listen to your agent! Unfortunately, it's still not the market to get a deal in, but that doesn't mean you have to waive everything and go crazy, either. Inspections are so back, and I'm so excited! There were definitely a few years there where we were seeing people waive inspections with regularity, and now, we are seeing more inspections, repairs, and credits for repairs again. We are still seeing multiple offers, but not in the insane numbers we were. That means you may still have to compete, but usually only against a few people- not 25. That means that while the offers may go over, they're probably not as crazy as they once were. Inventory is still low, but I'm seeing more hope out there for buyers than I have for a while. If you're curious about buying, call me. I'd love to help you determine if it's the right time for you. If you're thinking of selling,  don't think you have to wait until spring. The buyers are out there now, and if you need to do anything to your home to get it ready (and most people do) the time to get started on that is now!  

There are a few reasons why your home might not be selling as quickly as you thought it would or wanted it to. Here are a few of them. Your home isn't easy to show. It doesn't show well. PRICE!! Check out the video above for a deeper explanation of the reasons your home might not be selling. If you have any questions about pricing or getting your home ready to sell, making sure that it moves at the rate that the market is moving, give me a call. I'd love to talk to you walk through and give you some tips on how we can get your home sold for the most amount in the least amount of time with the least hassle for you. Let's talk.

We talk a lot about things that you want to make sure you take away, if you don't want the buyers to have that item, whether it's a chandelier, or a piece of shrubbery, or the tree you planted when your child was born. You want to get those things out of the picture out of the equation before buyers look at it so that they don't get tempted and want those things and it feels like a negative when you remove them. But what we don't talk about as much is what do you leave for the buyers? What are the things that are okay to leave? And what are the things that you really need to move on out of the house. Check out the video above to find out what you should do with the things you don't want to keep before you move out.

If you're selling a home in the state of Virginia, what do you need to disclose? If you have ever sold a home in another state, bought a home in another state, you may be familiar with the copious amounts of paperwork that require you to disclose every little detail about your house, and if you've ever had a problem, if you've never had a problem, or if you don't know. In the state of Virginia, we have a one page document called the residential property disclosure, and it really is just a disclaimer, saying as far as I know, everything's good. But hold on just a second, because if you know of material defects to your home, before you sell it, you do need to disclose those to the buyer. And I know it sounds kind of like a gray area, like what is the material defect anyway, but think about the things that would matter to you if you were buying a home. You don't want to buy a home, only to discover that the basement fills up with water every time it rains. That is something you need to disclose. You don't want to buy a home and find out that every time you turn the lights on in the family room, the electrical panel arcs. Those are major issues. They are material defects that need to be fixed or repaired. So you do need to disclose those or better yet, just fix them before you go on the market. Remember, whether you're buying or selling in the state of Virginia, inspections are the buyers responsibility and I always use this as a as a good example of why this rule works. The little old couple that has lived in the house for 40 years, they may never take a bath. They each take one shower a day they sell the home, they think everything is fine. The family moves in with four kids back to back to back to back baths and the bathtub leaks. Well, the little old couple had no idea because they never used the house in that way. So this is why I like our rules better than the rules in some other states. But being aware of what you're purchasing, being aware of what you're selling goes a long way to making a successful transaction. If you have questions about what's a material defect? What do I need to disclose when I'm selling my house, give me a call. Let's talk and walk you through whether you should fix it, disclose it, repair it, or sell it as is with that disclosure in place. Give me a call send, me an email, shoot me a message and let's talk.

If you're thinking about selling your home and you have things, especially in your yard, you might be thinking, they're not going to care if I take my great grandmother's prized hydrangea that I moved to my house 10 years ago, think again. Anything, and that goes from the chandelier in your dining room to the shrubs that you brought from the old home, anything that you don't want to convey, it is always better for you to get that out of the house before it goes to market. If you get it out before you go to market, you erase any possibility that the buyer is going to want that item that you have decided you want to take with you where you are going. So make sure that before you go, putting a sign in your yard, you've done a thorough walkthrough of yeah, both the yard and the inside of the house to ensure that anything you want to take is removed and not tempting to the buyer. Once upon a time, I had sellers sell a home, didn't tell them this, they dug up all of the shrubs out front because they had just bought them and filled all of the holes with dead leaves. What happens in that instance? Closing can be delayed. It obviously causes some strife between buyer and seller, and was it worth the price of those little tiny boxwoods? I'm not so sure. So, better to be safe than sorry and make sure that you have covered everything you want to go with you and clear it with the buyer if it's something they saw beforehand. So if you want to know what can stay, what should leave, what you need to notify your purchaser of and you're thinking of selling your home this spring and summer, give me a call and we can walk through all of those circumstances to make sure that you not only get a contract but you get it to closing and you close on time.