As we hit mid May, where is the real estate market?
Is there light at the end of the…
Well, I’m not going to be the one to jinx it! Let’s just say that while prices are not going down generally, the good news is that inventory has gone up in the Metro Richmond Region, and that is always good news if you’re thinking of buying. More inventory always means more choice, and that’s never a bad thing when you’re shopping for anything, but perhaps especially a home.
The overall number of homes for sale has actually gone up by nearly 20% from March to April, and based on the numbers so far for May, inventory definitely seems on track to be a bit higher this month. In fact, in April, there were just under 1400 pending sales, and this month, we’re already at almost 2000. 
Now, don’t get too excited, and think that means there’s a deal to be had, but it is a little less crazy out there. As I’m pretty sure I’ve said before, we’re still seeing plenty of multiple offer situations, but for the most part, we’re seeing more 2-5 offers and fewer homes with 15+ offers. We’re also seeing more and more home inspections, which is fantastic for buyers.
Good news for buyers is seldom good news for sellers, but in this case, it’s really not bad. For the most part, homes are still selling for 100% of the list price, and the median days on market is 7. (The average is 25, but keep in mind that that includes everything, so not always the best true representation of the market as it is at the moment.)
There are lots of stories in the news about real estate slowing down, and I know that is happening in many markets. Always remember, though, that real estate is local, so just because the national news is saying something, or you talked to someone who lives elsewhere, that does not always apply to the market you’re in. Here in Central Virginia, and the Richmond Metro in particular, our market is still moving quite quickly.
What that means for you if you’re thinking of buying:
- You need to be ready to move when you find something, because it’s probably not going to hang around.
- That means getting connected with a lender, and having your financial ducks in a row before you start.
- You may well be able to get an inspection, but know your options if you fall in love with a home that’s going to be competitive.
- You may have a little more choices out there, so have a good idea what your deal breakers and “must haves” are, but try to be patient. It’s (usually) not House Hunters- you don’t look at three and have to pick one of those!
What that means for you if you’re thinking of selling:
- If you want to get the most for your home, have it “show ready” before you go on the market. Clean, declutter, paint, and do a little sprucing up of your curb appeal. Even if you don’t think you need to! It always helps!
- Price matters! It can be the difference between no offers, one offer, or 5 offers, and while you only need one offer, obviously, when you have competing offers, the terms are generally better for you. Price it well for what your goals are, and that’s not always the same for everyone.
- Plan for an inspection, as it’s definitely more likely now. That means make sure you repair the things that you are aware of, and know what is likely to arise on an inspection so you’re prepared.