Richmond VA Homes For Sale
- The HOT Zones -
Calling All Sellers!
The last two sales in the Fan District that we have been involved with both resulted in multiple offers…and when we say multiple offers, we mean 5 (or more) on a home. And, no, this is not a reprint of an article from 2007. (a list of homes in the hottest areas are below)
How can this be?
The best way to think about the market right now is that there are two markets for housing, both operating concurrently and both behaving in radically different manners. These two markets can exist almost adjacent to one another and are barely distinguishable from the other one. The only way you can tell one from the other is by the result…immediate sale or extended days on market with no offers.
The first market, the RED hot one, is the market for “GOOD Housing.” GOOD Housing can be defined as well designed, well maintained, fairly priced and in areas whose supporting amenities (schools, walkability, culture, architecture, history, shopping) are superlative. Another characteristic is the inability to provide any new inventory (or at least very limited ability) to the market. Richmond’s Fan District and Museum District, Richmond’s West End (Westhampton, South of Cary, Libbie/Grove), Bellevue and West Ginter Park all share these characteristics. Many of these areas, at the upper-middle to lower-middle price points, are in the throws of a full on recovery.
The market that is struggling is the market for “BAD Housing.” Homes that are poorly maintained, in poor school districts, located in areas where the amenities have not caught up to the residential development or where there are new homes being built on lots bought from banks at a severe discount, are struggling. Sometimes what puts the home in the BAD category is a pricing or condition flaw. Other times, it is a flaw that cannot be easily remedied.
It is imperative that the sellers and buyers recognize which side of the market they are on. Expecting to buy a quality home that is new to the market requires quick action and a strong offer. Selling a home with a flaw based on the anecdotal evidence of a friend or co-worker having a bidding war for their home is also a flawed strategy.
** The homes below are for sale in the \'HOT\' zip codes and are less than 14 days on the market **