As the summer winds down (a bit at least), the market has not changed a whole lot from the last couple of months. Inventory is still tight, leading us to remain in a solid buyers' market. Check out the graphic here for a little snapshot of what's going on, and how it compares to the past few months. Listing inventory has actually been dropping consistently over the past few months, and is nearly half of what it was this time last year (which was already a low inventory point for our market.) As rates have risen, there is definitely less motivation for homeowners to sell, as many have refinanced to very low rates in the past few years. Until this situation improves, our inventory is unlikely to grow by much. That means, if you are thinking of selling, it's still a great time. Despite interest rates, there are still lots of buyers out there, and terms for sellers are more easily negotiated (not only price but repairs required, closing dates, etc) right now. If you're buying, yes, rates are not terrific, and inventory is low. However, if buying is something you want or need to do, all hope is not lost. We have found our clients a number of homes off the market in the past year, putting them in better positions to not have to compete and find the home they love, so that is always an option. When you're working with me as your buyer's agent, my goal is to do all I can to get you where you want to be. In better news, most experts predict rates to begin to move on a downward trend through 2024, as long as the inflation numbers continue to look good. That's a glimmer of hope. Just remember, as rates drop, prices and competition, are likely to increase. Not a whole lot of things in life are guaranteed, but the rules of supply and demand are. If you want to know what all of this means in terms of your personal situation, give me a call, and let's chat!    

The market that we're in and have been in for a while, moves fast likes fast and sometimes it is easy to get distracted with all the razzle-dazzle inside the house and not pay attention to the things outside of the four walls. So I've got a few things that I want to make sure that you're paying attention to, as you're looking at homes and trying to find that dream home that you actually want to buy. #1: Location. I know, it's really easy to get dazzled by all those interior features, but if the location is not where you want to be, then it's probably not going to be where you want to be. Because you don't stay in your house all the time. By location, I don't mean that if you really want to live in the city, you move to the suburbs, or vice versa. But if you generally want to be able to walk to coffee shops, maybe investigate other locations, that allow you to be able to do that, that allow you to get out walk with your dog, maybe it's a sidewalk neighborhood, maybe it's in town, but you don't probably want to change your entire lifestyle for where you want to live just because you love that actual house. So think about the location and know what your deal breakers are with that. #2: The next thing you want to make sure of is how much are you going to have to put into the house. So say it's a great location, it's the perfect place for you to be it's exactly the street you want you love everything about it and the house is pretty good. Can you live with the old out-of-date kitchen for a while? Or can you afford to go in and blast it out and redo the whole thing right away? So make sure you know what your tolerance is for the work, the financial expenses of the work, and the timeframe that the work is going to need to be get done. Because those things are going to matter when you actually get into the house and are living in it. You want to make sure that the trade-off for the neighborhood is equal to what you have to give up in making those changes and updates happen. #3: Is there an HOA? What does that include in Virginia? We do have a three-day right of rescission when you receive that package from the HOA. So if there is a homeowner's association, you do have to receive a copy of all the documents and you want to make sure that you look at them that you can live with what that is and look at the financials to make sure they're in a good financial position so that you're not going to have to pay an extra surprise $2,000 next year to redo the pool. And if you have to make sure that you love it enough that you want to spend that money and that you can afford it. #4: (and less important probably) The utility costs. I remember a time when I went from driving a Prius to driving a Toyota Highlander and let me tell you, I knew it was going to be a bigger car, but I was not anticipating that the gas would be like four times as much. So, I got over it but it was a little bit of a rude awakening and something I hadn't considered. So if you're going from a 1,500-square-foot house, and buying your 3,200-square-foot dream house, make sure that you can afford those utilities. This is particularly important when it comes to things like pools and hot tubs because that is a whole different set of heaters and water that you have perhaps never dealt with. And it's going to take a big hit on your budget for more information on all that goes into finding a home, purchasing a home, and things leading up to closing check out all of my buyer's videos on YouTube. There's a wealth of information there but if you have any questions that I can help with personally, or of course help you find a house in the Richmond area. I'd love to help give me a call.

Something about spring just inspires projects, for me at least. Whether you're selling or you just want to enjoy your home more, there are loads of low-cost home improvement projects that can provide a high return on investment. Here are my top 10 ways to add value to your home with a low investment and high return in Spring 2023. Add a Fresh Coat of Paint One of the easiest and most affordable ways to add value to your home is by painting the interior and/or exterior. A fresh coat of paint can instantly make your home look newer and more appealing to potential buyers. Upgrade Your Lighting Installing new light fixtures can make a big impact on the look and feel of your home. Consider replacing outdated fixtures with modern and energy-efficient options that can brighten up your space. Improve Your Landscaping A well-maintained lawn and garden can significantly improve your home's curb appeal. Consider adding some colorful flowers, planting new trees or shrubs, and trimming any overgrown bushes. Update Your Kitchen Hardware Upgrading your kitchen hardware, such as cabinet knobs and drawer pulls, can make your kitchen look newer and more modern. This is an affordable way to add value to your home without having to do a complete kitchen renovation. Add Some Outdoor Lighting Outdoor lighting can enhance the appearance of your home's exterior while also providing safety and security. Consider installing solar-powered pathway lights, string lights, or floodlights to illuminate your outdoor living spaces. Replace Your Front Door Replacing your front door with a new, energy-efficient one can make a big impact on your home's curb appeal. Choose a door that complements the style of your home and adds a pop of color to make it stand out. Add a Backsplash to Your Kitchen A stylish backsplash can transform the look of your kitchen without breaking the bank. Consider installing a tile or mosaic backsplash to add color and texture to your space. Upgrade Your Bathroom Fixtures Replacing old bathroom fixtures, such as faucets, showerheads, and towel racks, can give your bathroom a modern and updated look. This is an easy and affordable way to add value to your home. Clean and Organize Your Garage A clean and organized garage can make a big impact on potential buyers. Consider adding shelves or storage bins to keep your garage tidy and clutter-free. Replace Your Window Treatments Upgrading your window treatments can add a touch of style to your home while also improving energy efficiency. Consider replacing old curtains with blinds or shades that are both functional and stylish. By making small upgrades such as painting, upgrading lighting fixtures, and improving landscaping, you can make your home more attractive to potential buyers (or yourself!) without having to spend a lot of money.

Well, spring is in full swing now, and April showers may have brought flowers, but they certainly didn't bring lots of real estate inventory. Things are still moving quickly, so here's a bit of a recap: The average sales price for our entire MLS area was $402,414 in April. That's up from $403,244 last April, and a good jump from March of this year at $386,797. The price stability and increases really are largely due to the lack of supply in the market. Rates have certainly risen since last year, but for the most part, it hasn't pushed many people out of the market. Our inventory as April closed out stood at 1933 homes for sale, down from 2203 in March, and down from 2022 in April of last year. Supply is just not where we need it to be (frankly, in either rentals or sales) and the demand is definitely out there. As I've said before, the market is considered to be balanced at 6 months supply of inventory, and while we're definitely better than we have been (February '22 had us as low as .7 month), we are still only at 1.2 months. That means that if no other homes came on the market, it would take 1.2 months for the supply to be exhausted. That's not much. What does this all mean for you if you're looking to sell? What about buying? Is it just a crazy time to do that?? These questions are both so unique to your own situation, I always hesitate saying, "it's a great/bad time to sell/buy," to a degree, regardless of the market. What I can say, though, is that if you've been contemplating selling and you thought the market was going to drop as rates went up, that hasn't proven to be true. In most areas, we are still very decidedly in a seller's market, so no doubt that it's a good time to sell. If you're thinking of buying, and it's a great time for you otherwise- new job, lease is up, new baby, new job...whatever, it's not a terrible time to buy- prices do not have the same upward pressure that they had a year ago. Yes, we're seeing multiple offer scenarios, but not every house, not every time, and often not as insane as the offers were last spring. We are seeing more inspections, more appraisals, and a bit more negotiations on some homes. But, it's not the time to drag your feet if you're looking. It's a good time to really know what your negotiables and must haves are, and work with an agent with a solid grasp on the market (like me) that will tell you what they think will get the home you want, rather than just guessing. Keep in mind, too, that there is no perfect market. If rates are lower, prices will be higher, and vice versa. It's nearly impossible to time the market, too. So if it's a good time FOR YOU, it's probably a good time. If you have questions about buying or selling in this market, reach out. I'd love to talk to you and help you determine if it's a great time for YOU.

It's not only Spring, but Earth Month, and both of those are a great time to take a look at your home, your healthy home habits, and keeping it clean in a way that's not only good for your house, but your family, and the earth. Some of the small changes can have a huge impact if we all just pay a little bit of attention, and I've really tried to assess those "everyday" products over the last few years and make sure that if there is a better option, I'm using it. Here are some of my tips for "greening" your home. Switch out your toilet paper for a more sustainable option. I'm a HUGE fan of Who Gives a Crap. It's sustainably produced from bamboo, the rolls are wrapped in paper, not plastic, and they auto ship enough for months. It's great quality, cute looking, and never runs out! Lose the paper towels! I have definitely been guilty of paper towel overuse, but I've stopped the madness. Now, I have a basket of cloth napkins at the ready all the time, and cloth dish towels. We only use those, and have managed to cut out paper towels altogether. It took a bit to get in the habit, but now it's great! I love these from Dot and Army but you can also always find some on sale nearly anywhere! My new laundry favorites are the detergent sheets from Clean People. They are super low waste, as they have no added water, no big plastic jug, and no plastics that get into the groundwater like most commercial pods. Oh, and they do a great job and smell good too! For general cleaning and dishwasher, I'm a big fan of the entire line from Branch Basics. It lasts forever, works well, is low waste, and doesn't contain any of the harmful things that most cleaning products contain. Garbage bags drive me crazy. (I know, it's a problem.) But seriously, it doesn't matter how biodegradable your trash is if it's all sealed up in plastic for dozens of years. BagUps are biodegradable trash bags. Just as sturdy as plastic, and way more convenient (think Kleenex for your trash can.) If the product is not enough for you, they're Veteran owned, made in the US, and manufacturing is done by vets and disabled individuals. Recycle! ♻️  This one is pretty obvious, but lots of folks don't know exactly what can and cannot be recycled, and that can be an issue when it comes to the sorting. Here's WHAT to recycle in our area. What's better than recycling? Trying to avoid single use products, of course. Living Eco Inspired is a great local eco friendly shop that sells refillable personal and home products now. They're located in the Bon Air Shopping Center now! Turn down the heat! The EPA reports that turning the temperature on your hot water heater down to 120 degrees saves 6 to 10 percent each year on your hot water heating costs, and moving to a programmable thermostat that changes the temp in your home when you're not there or sleeping can save you 2% for ever degree of change. Sometimes it really is those little things that accumulate to make a big difference. If you have any things you do that I've not mentioned here, I'd love to hear them! Follow me on social this month for a giveaway of some of my favorites "green" products!!

It's hard to watch or listen to the news on any platform lately without getting some sort of news on the housing market. To hear the national news, things have cooled tremendously, but we all know that real estate is really local, right? The story around here is, more or less, a simple tale of supply and demand. A six month supply of housing units is widely considered to be a balanced market (neither buyer nor seller’s market), and we are still in a market with only just over 1 month’s supply. That means the simple concept of supply and demand is going to keep prices steady for a while, and in many pockets of our market, keep things competitive. (For perspective, in February of 2022, the inventory low- we had only .7 months.) For the same sort of perspective, in February or 2022, we only had 1544 active listings in our MLS, and this February, we closed out with 1792. That’s just not that big of a jump, and the buyers are still out there. In fact, homes last year this time were selling on average for close to 107% of listing price, but this year, they are still selling at nearly 98%. (And that’s an average. The median list price to closing price percentage is sitting at 100%) Last January, the average sales price of a home in the area was $378,029. This January, that price is up to $388,060. Yes, that’s up, for sure, but it’s important to note that the average price in May 2022 was $435,893. Does that mean the market has dropped/cooled/changed? Well, sort of. Things have definitely been flattening out from the wild spikes of the last couple of years, and if you were hoping to get on the market and garner 20 cash offers with huge escalations and no inspections, you may well have missed that boat. However, despite what you hear on the national news, our market is in a much softer correcting cycle than many in the country. Anecdotally, we have seen more and more buyers be able to have home inspections, appraisals, etc, over the last few months. That's been a very welcome change for the buyers out there, and we are still seeing them, but perhaps to a lesser degree at the moment. As we head into spring, and the spring market, we're definitely seeing more of those multiple offers, and more situations where those things are being waived again. In short, while rates have definitely gone up, there are still lots of buyers out there looking for homes, and just not enough homes out there for them. While we do anticipate that inventory loosening up a bit as the weather warms, we definitely need more listings! If you're thinking of selling, it's definitely a great time. And if you're thinking of buying, we can get you where you want to be! What will it take? Just a little bit of planning, a little creative/out of the box thinking, and yes- patience. If you have questions about the market, or just your little section of it, reach out! I'd love to break down the data that matters for YOU. *Graph and data- MarketStats by ShowingTime    

You're getting ready to buy your first house, but everyone you know who bought a house in the last couple of years didn't have an inspection. But guess what? You can! Let's talk about home inspections. If you have questions, reach out to me, I'd love to help. DM me on Instagram @cindybennettrealestate or via my website at cindybennett.net

It's January 2023 and I'm here to give you the scoop on the Richmond area real estate market for this coming year. Have questions? DM me on Instagram @cindybennettrealestate or at my website at cindybennett.net

If you're thinking of buying in this market, you're probably going to need a home inspection, but it might look a little different than a home inspection a year or so ago. Let's talk about it! If you have questions, I'd love to talk to you or help walk you through the process. Send me a message or reach out to me on Instagram at @cindybennettrealestate

Let's discuss what I mean by "referral platforms" and what happens when you start your home search using one. Have questions? I'd love to help answer them! Find me on Instagram @cindybennettrealestate or send me a message with the chat button below.