Sunday, January 24, 2010
The Market Seems to be Normalizing
I met with my team on Friday and we were discussing the latest local trends here in the Greater Richmond Virginia market. What we seemed to agree on as a group of about 10 high volume local Realtors was that the market is normalizing. That is, we are seeing more multiple offer competitive bid situations, as well as a return to "one or the other" regarding lower prices or seller paid closing costs. In the lowest points of the market, we were seeing buyers get both lower prices and seller-paid closing costs.
Other signs of market normalcy include the return of the trade-up and luxury buyers and sellers. While they haven't flooded back into the market, the trade-up buyers are back and putting up their homes for sale. And, the luxury buyers are tip-toeing back, some peeking at the latest goings on and real estate offerings, some even buying.
We are a ways off from the full real estate recovery, AND many of us are worrying about what might happen after the expiration of the tax credit in April/June. But, there seems reason for muted optimism going forward!
Pictured left is Normal University in China.