Homes for sale in Richmond Virginia are down drastically from approximately 11,000 in October to about 7400 in January 2013. Why is inventory down? Well one reason is due to the reduction in Shadow Inventory. Shadow Inventory is the number of delinquent home loans held by banks. The reduction in Shadow Inventory is a direct result of investors and buyers motivated by low interest rates.
There will be peaks and valleys with Shadow Inventory but a gradual and progressive contraction is expected.
For the Seller this means that there is less inventory or homes for sale in the Richmond, Virginia Metro area to compete and more buyers looking for homes. Essentially almost unbelievable housing shortage predictions are coming true. Fewer inventories mean a quicker sale and a higher selling price for your home.
For the Buyer it means you must be diligent about looking at homes quickly, having financing in order pre house hunt and make a realistic offer based on recent sales.
Overall the housing market seems to be making a gradual recovery. Call me today to take advantage of historic low interest rates and get that home!
Source: Los Angeles Times