Trick or Treat? Oct 31 Richmond-Area Market Stats

This report is to advise about where our Greater Richmond-Area market stands. Currently, we have 8337 homes actively for sale under $500,000 in the Central Virginia Regional MLS. 1374 homes have sold in our MLS since August 1st of this year, meaning that our market is absorbing an average of 458 homes per month.

For the month of October, Chesterfield and Henrico, the 2 largest suburban counties in the area, had a total of 359 sales with an average sales price of $234,788, an average price/square foot of $115.33, an average sales/list price ratio of 98% and average Days on Market of 69 days. The sales/list ratio is up from a low of 95% earlier in the year and the average DOM is down from an earlier high 84 days - all good news for the market.

With the expiration of the 1st time home buyer tax credit, my expectation is that the inventory will increase due mostly to seasonal factors and prices will continue to decline. There's also a significant number of "shadow inventory" homes currently owned by the banks but not yet listed for sale that will potentially further increase inventory.

In my humble opinion, Spring of 2010 promises to be our hope for the start of better things for our real estate market, but the worst is already behind us!

Ready to Close? Better have a current picture ID

I had an interesting learning today when one of my excited first time home buyers learned that they can't close on their new home despite the fact that their mortgage lender and title company are ready. Why, you may ask? Why its because their driver's license has expired.

With the inception of the Patriot Act, buyers are required to provide picture IDs from the State or Federal government. This most often means either a driver's license or passport.

So, if you're under contract or considering it, then double check your identification and make sure that you don't lose it near closing day!

The Market is Turning - Multiple offers are back

It seems that the market is turning as home sellers at higher price points are coming back to the market and I'm seeing quite a bit of multiple offer situations for both myself and my team.

While this is unfortunate for my buyers that don't get the home that they're after, it is a very good sign for the economy and the housing market. The true test of whether this is real or just temporary will be what happens in December after the 1st Timer Tax Credit is no longer available!

Closing the Deal & Title Issues

After rarely dealing with Title Issues over the last 4 years (only 1 issue ever), I've had 4 transactions this month bitten with the Title bug. That is, some tricky dilemmas concerning delivering a clean title to the purchaser.

This was the case for 3 buyers that I represented and 1 seller. In half of the cases, the liens were never properly released from the original builder. Other issues included bankruptcy courts, boundary lines, and improper foreclosures. The key in resolving all of them have been open and honest communication, as well as knowledge of particular title companies' strengths and opportunities.

While its been a trying month (although very profitable) in many ways, I'll be a much stronger Realtor going forward for the experience!

Time to Leave San Diego - Welcome Back Richmond

Well, its time to leave the Zip Realty Team Leader Conference in San Diego. What a blast!

Yesterday, I did take a trolley around the city to see the sites. What a great transit system they have with the buses, trolleys, and trains. It was quite interesting to see all of the varying architectural styles and Old Town is called the "Jamestown of the West" as it was the founding place of all of California.

While I was excited to learn many new things (including how to blog) and about many of our newest intitiatives to continue to make our company great, I'm also excited about getting back home to Richmond to see my family and get back to my clients.

My fellow covering Realtor (thanks so much Sabrina) has been busy while I've been away with counter-offers on listings, a new offer on a foreclosure in Dinwiddie and a closing. I have several clients chomping at the bit for my return, including seeing some foreclosures in Glen Allen and closing a sale on a listing in central Chesterfield on Friday.

My first blog

This is my first blog from the 4th Annual Zip Realty Team Leader Conference. Here's I'd like to highlight my newest listing at 4609 Cinderwood Drive in central Chesterfield VA. This beautiful home priced at $169,999 perfect for first time homebuyers or investors. I can't wait to learn more about this blog stuff!