Good News for the Richmond Real Estate Market...

Two articles in the Richmond Times Dispactch Business Section from today's paper report good news for the Real Estate Market.

Although home prices are down on average, sales rose by 3.3% in the Central Virginia Area (http://www2.timesdispatch.com/business/business/2012/jan/25/1/home-sales-rose-in-richmond-area-in-2011-but-media-ar-1638956/). We are a long ways of in terms of sales volume from the height in 2005, but we are getting rid of months of inventory creating a more balanced and healthy market.

The Federal Reserve has also predicted to sustain our ability to borrow cheap money until 2014, as our economic recovery has remained stubbornly slow (http://www2.timesdispatch.com/business/business/2012/jan/26/tdbiz01-fed-says-full-recovery-could-take-three-mo-ar-1640446/). The Central Bank has indicated that a full economic recovery could take longer than previously expected; for this reason, they assured consumers and businesses yesterday they would not raise our historically low interest rates, unless there is some unforseen substantial growth of the economy.

Sellers: Although prices are down, the increased activity is promising. Although values are not what they were a few years ago, people are buying homes every day. And if you are in a position to upgrade, you can make up your loss, or lack of profit, on your next purchase.

Purchasers: With historically low values and interest rates, you can purchase a home cheaper than you car rent. This is the time to buy!!!

If I can assist you in any capacity, please do not hesitate to let me know!