The Current Housing Market In Richmond
Single-family, freestanding houses make up 48.72% of the housing market in Richmond, VA, a city of almost 1.5 million people and the capital of the Commonwealth of Virginia.
According to the November 2022 Virginia Home Sales Report, the housing sales market in Virginia is still slowing from the cutthroat activity of 2021. In November 2022, there were 7,681 house sales in the state of Virginia, down from 12,134 in November 2021.
Richmond house values rose during 2022.
Even though house sales have slowed, Richmond home values have gone up 13.2% over the past year. House prices in Richmond were highest in June 2022 and have steadily fallen since then. Houses are currently on the market for about 53 days.
In the same time period, surrounding areas have also experienced value growth. Chesterfield County house values have gone up 14.5%, Hanover County houses are up 9.6%, and Henrico County houses are up 12.2%.
Mortgage rates are affecting house sales.
The reasons that sales are down from 2021 include higher mortgage rates, cost of living expenses due to inflation, and consumer confidence.
Consumer confidence measures the confidence that the U.S. population has in the economy, and it's down from 67.20 a year ago to 64.90, according to the US Index of Consumer Sentiment.
Despite these problems, Richmond is still a seller’s market, and it’s a perfect time to sell your house.
Sell your house now while the market is still hot.
Now is the perfect time to sell, while house values are still high. There are more people wanting to buy in Richmond and the surrounding area than there are available houses. It’s a classic example of supply and demand.
Unfortunately, the window of time for selling your house while its value is high may be small, due to the looming threat of a recession.
The threat of a recession soon.
There is a 70% chance of a recession in 2023, according to Bloomberg’s December 2022 survey of economists. If we have a recession, house values will plummet.
“Usually, during a recession or periods of higher interest rates, demand slows and values of homes come down,” said H. Jack Miller, president of Gelt Financial and strategic financing advisor at Real Estate Bees.
Even worse, some cities can take up to a decade to recover from a recession.
Take advantage of the current housing market now.
You may only have a matter of months to sell your house before its value drops, so time is of the essence. If your house needs repairs or updates, it may be wise to skip having those done and sell your house now “as is” to one of the companies that buy houses for cash.
Home investors like We Buy Ugly Houses® are a fast way to sell a house without a real estate agent. When you sell a house without a real estate agent, you save money on commissions, as well as the time it takes to list your house, have photographs taken, do showings, host open houses, and all the rest of the hassles of selling the traditional way.
Why choose We Buy Ugly Houses®?
Companies that buy houses for cash do business in a variety of ways, and some charge hidden fees and commissions, or even drop the sale if things get complicated. Unfortunately, there are some scammers out there. Avoid getting involved with one of the many untrustworthy companies that buy houses for cash by selling to We Buy Ugly Houses.
We Buy Ugly Houses is a solid and reputable cash home-buying company with an excellent track record. We have been in business since 1996 and have a 96.1% approval rating from our pleased home sellers.
How to sell to We Buy Ugly Houses®
Selling your house to We Buy Ugly Houses is simple and uncomplicated. Just make a free, no-obligation appointment with one of our local property specialists, who will meet you at your house. After you lead them on a walkthrough of your property, they may give you a fair cash offer, often on the same day.
If you accept our offer, we can close on the sale quickly. We often close in as little as three weeks. If you need more time, we can accommodate that, too.
Call us today at 866-200-6475 to set up your appointment with one of our independent property specialists. Get the most value out of your house while the market is still good.
