New Lows for Richmond Real Estate

http://www2.timesdispatch.com/news/business/2010/dec/09/richmond-home-prices-hit-new-lows-ar-704237/

In a recent study, Richmond Real Estate values have dropped significantly since the top of the market in 2006-2007. Although not as dramatic as the national averages, evidence shows that "home prices here dropped nearly 8 percent from a year ago, according to the report. And prices are down 23.4 percent since they peaked here in April 2007."

The study suggests that we may have finally hit bottom and that a leveling off of prices could mean positive growth to come. For you seller's out there, it might not be a bad idea to sit tight and see what happens in the next year...for you purchaser's, this is the time to buy! Take advantage of these historic low prices in addition to the unbelievable interest rates, as they can't stay like this forever!