Have the Bidding Wars Begun? Richmond VA Real Estate Market

After several years of volatility in the Richmond VA real estate market, the tides seem to have turned. Many real estate professionals in the area, including me, have once again come face-to-face with multiple bid situations when assisting buyers with purchasing their new home.

Low interest rates and upcoming changes to the popular FHA home loan have encouraged buyers to come off the bench and get in the game of home ownership, while a shortage of inventory has created high demand for well-priced, well-conditioned properties.

For example, I recently represented clients in buying a home located in the West End. After several months of searching, we finally found a house they could call home. With a keen understanding of the current state of the market, we quickly made an offer on the first day of showings and found ourselves up against four other contracts produced in just one day!

This is not an isolated situation. Many of my fellow Keller Williams Realty agents have found themselves in bidding wars, with outcomes of the final purchase price exceeding the original asking price of the property.

What does this mean? For Richmond VA sellers, this is the perfect time to capitalize on the demand and receive top dollar in a relatively short amount of time. My recommendation is not to wait for the “spring market” and to place your house for sale now where it can be in the spotlight rather than vying for attention with plenty of spring competition. For Richmond VA home buyers, they must select a Realtor® who can navigate this type of climate and one with sharp negotiation skills in order to be victorious. In addition, buyers must be ready, willing, and able to jump at an opportunity when it presents itself and this can be accomplished by gaining a pre-qualification letter before a home search is underway.

Want to learn more? Please contact me, Shannon Milligan with Keller Williams Realty Richmond, for a free market analysis of your property and stay tuned to Downtown Short Pump for more developments!

Originally published at: http://www.downtownshortpump.com/have-the-bidding-wars-begun/