In Sunday's Richmond Times Dispatch - Wall Street Journal Insert, there was an excellent article written by Brett Arends on the current Real Estate market nationwide, but a lot of the advice in the article is very applicable to our local market...
( http://online.wsj.com/article/SB10001424052702303343404577517123112194092.html)
In many cases, Richmond area home values have depreciated as low as they are going to...this coupled with historically low interest rates for mortgages, could be the perfect recipe for "the best opportunity for Americans to buy homes since the postwar baby boom."
With that said, what our generation considers an unbelievable opportunity, is a worst nightmare for baby boomers in the ultimate buyers market of the century!
While home prices have showed signs of stabilizing, bounce backs in the real estate market are long and drawn out; there is a backlog of some two million home loans in foreclosure and many others underwater...until these mortgages get straightened out, any increase in property values are far in the distance.
The most important thing is Location, Location, Location!!! Many of the stronger areas of our Richmond Market have not seen much depreciation, but rather a flat line in values. If you are looking to buy, be sure to pay attention to neighborhoods, school systems, etc. because Location is more important than ever. If you are looking to sell in a good location, things may not be as bad as you see in the media assuming you have kept up the condition of your home.
As a seller in this market, remember your true value and equity is not what the cost was to make improvements/upgrades to your home or what your value was when you bought or refinanced your home in 2006-2007...rather what you would get if you sold it today.
If you are underwater in your home and need to move, talk to your bank. In this market, Short Sales are more prevalent than ever and many banks will work with you to get rid of bad investments/inventory. They took the risk with you so they have some skin in the game too!
Many homeowners have put their lives on hold waiting for values in Real Estate to come back...this is wasted time! We don't know how long that will take...if ever!?!? And you need to look at the big picture with carrying costs while you wait!!!
A lot of times, you are better off cutting your losses and making it up on the other end with a purchase in this market. You are not the only one affected by what is going on in the Real Estate and overall economy. What could be perceived as devastating in one regard, could be your greatest opportunity on the other side.
If you are thinking about buying in this market, give me a shout today to take advantage of this wonderful opportunity...buying a home may never be this affordable again in our lifetime with values and interest rates sitting where they are today.
If you are looking to sell, I am happy to give you all the information you could ever want to see and you can decide if it is right for you. With my knowledge of the market and Real Estate contacts, I can help facilitate putting the worst of situations behind you!
Call me today to Buy or Sell your next home!!!
