I listed “Beaverwood” less than two days ago for $259,900. It’s a beautiful home with four bedrooms and three and a half bathrooms about a mile away from Pocahontas Park. This home is spacious, priced reasonably and in a nice location. Most buyers will look at this house and say: “Well, that’s a lovely home! I can see myself living there since it meets all my requirements, however I think i’ll just shop around and see what else comes up”. In fact, most buyers will have this mentality. Unfortunately, as a Real Estate Agent I can tell you with confidence that this property won’t be on the market very long, let me tell you why...
This house can easily accommodate four people, has the bathrooms to support it, is in a convenient location and has a great price. Richmond has been blessed with a rapid recovering economy and more and more people keep moving to the area. We have good schools, a booming job market, several shopping districts and we are centrally located in Virginia. If you’re someone who is moving from, let’s say, DC or NOVA anything in the $250,000 range is a bargain! Everything up north is going to be at least double if not triple for the same amount of space and type of home. Richmond is becoming attractive to more and more people from bigger cities and honestly I can’t blame them.
The biggest problem is that we are not building enough houses and people are not listing their houses on the market quick enough. This makes conditions for a buyer difficult because there isn’t a lot of inventory out there. To break it down in to lamest terms, if there is a high demand for housing but not enough of it, prices will eventually go up. What it means for you as a buyer right now, is that you have more competition out there fighting for the same thing. The days where you could afford looking around for a house for months is over, if you see something that you like you better jump on it or it will be gone before you know it. I’ve seen this happen too many times recently where I have interested parties on a home and they think that they have more time than what they really do. My advice to you as a prospective buyer is to come prepared! See how much house you can afford and get a pre-approval letter from the bank, this way when you do find a home that fits all your desired criteria including pricing, you can get on it and close on your home quickly.
We can’t predict what the market will do but what we can go off is the information that we have right now and if things keep going the way that they have, it will be more expensive to buy a home in the feature and you will be facing stiff competition.
Or if you'd like to see the house in person, make sure to give me a call to schedule a showing