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Nina, Home Buyer in

I am doing a paper for my real estate class and I was wondering if someone could let me know approximately

Asked by Nina, Sun Nov 16, 2008

how many home closings were done this year and what do you predict for next year?

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5
All good answers. I'll just add a little more - Your local library could also help - reference librarians excel in finding that sort of data. Also ask to see Banker and Tradesman or check them out on-line. For local statistics, you can also check with your county recorder or registrar of deeds for actual closings, but likely they won't have projections.

Good luck - I would love to know what you had found!

Tom Stevens
phone 888-4-1-lowrate x 25 (888-415-6972 x 25)
Thomas.Stevens@ENMCdirect.com
TomStevensMortgageConsulting.com
0 votes Thank Flag Link Fri Nov 21, 2008
Hi Nina:

I am not sure if your question relates to a local area or state or the entire USA? I do think that whatever information you are seeking that the web site referenced in Beau's posting will provide the right information for you.

In response to the second part of your question regarding perdictions for next year, I would offer the following predictions. I predict that with the Federal Government moving toward Loan Modifications and attempting to hold back foreclosures, that our housing market will be in for other big changes. If the Loan Modifications, work then we will see less foreclosures on the market and our home values may either hold steady or start to go up in value depending on where the properties are located. Keep in mind here; that with the foreclosure market , there have been some states that have been harder hit than others. Not all areas within those states are in a horrible foreclosure situation. Also with the number of jobs being lost, will those same homeowners be able to afford the payments after the loans are modified? It is a crazy time that we are living in right now but for you Nina there are lessons to be learned. Keep your eye on the Market and make wise decisions with all the information that you can gather.

Good luck on your class paper.....hope you score a high grade.
Web Reference: http://janboyer.com
0 votes Thank Flag Link Fri Nov 21, 2008
Nina - when you are ready to check out brokerages, check out the Keller Williams office in your area. I just got back from the region's Agent Leadership Council retreat in PA (all paid for on the company dime - you'll not find that anywhere else); and I had the pleasure of learning about our Richmond office. Oh, my, what a fabulous team... I was bowled over. You must speak with them... and tell them Vicky Chrisner from Leesburg (VA) said hi and that I can't wait until next year's retreat.
0 votes Thank Flag Link Tue Nov 18, 2008
Hello, Nina,

I hope you are enjoying your real estate class. If you visit my website, http://www.YourRichmondHome.com, I have a separate page for Chesterfield County, Short Pump and Henrico County, in which I track the single family closings for the year. Feel free to visit that as I have information on the first 3 quarters sales informations for those areas (January to June 2008) vs. the first 3 quarters sales informations for these areas (January to June 2007). I have also added the same information for October. I do not separately track the condo closings, as well as the city of Richmond and Hanover County and the other outlying counties, but could easily pull that information together for you.

As for what next year holds, I would not want to predict with any type of certainty. A few months ago I would have said that our sales should be steady, but with recent layoffs at Circuit City and Quimonda, as well as uncertainty with Genworth, and the still high inventory figure that we have in the area, I am not sure if sales will continue to be at this level or if sales will drop even further next year. Richmond still continues to do better than many other areas, so it is hard to predict what will happen next year. Of course, much will depend upon which segment of the market you are talking about. The first time buyer market and those buyers who are relocating into the area who do not have a home to sell still seem to be the strongest market and the market that continues to purchase. Investors are still out there buying up properties because there are many that they can get a good deal on. I know that this is not a good answer as to what will happen next year - I feel that next year will also be a bit tougher but the good news is that buyers are still out there buying - but sellers need to have their homes in the best show condition and priced well to sell, even if the price is considerably lower than they feel they should be getting for their home.

Again, please feel free to visit my website in order to get statistics on this years sales and to email me if you would like me to pull the sales for condos, city of Richmond and Hanover County. Good luck to you.
0 votes Thank Flag Link Mon Nov 17, 2008
0 votes Thank Flag Link Sun Nov 16, 2008
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