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Market Conditions in Richmond : Real Estate Advice

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  • Local Info66
  • Home Buying132
  • Home Selling24
  • Market Conditions24

Activity 42
Mon Apr 24, 2017
Team answered:
The appraisal process is based on looking backwards and in hot markets, it is hard to find comparable sales. I wish I had a better answer.

As a seller, one of the keys is to make sure the purchaser is less sensitive to a missed appraisal. If a Buyer A is putting down 25% and Buyer B is putting down 5%, you might be wise to select Buyer A and try to get them to waive part, if not all, of any appraisal contingency.

Similarly, as a buyer, don’t get in bidding wars if you are a Max FHA buyer. You will cost yourself inspection and appraisal fees, as well as time, and likely miss out on other opportunities. The lack of inventory is driving pricing up but unfortunately, sometimes the rising prices outpace the appraiser’s ability to find the supporting sales.

With anything, preparation is key. Knowing when an appraisal is likely to come in low allows you to put contingency plans in place to handle it if/when it happens.
... more
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Mon Mar 13, 2017
Amanda Hardesty asked:
136 Creekwood Circle, Topping, VA 23169
4881 Warwick Road, Newport News , VA 23224
4887 Warwick Road, Richmond, VA 23224
4893 Warwick Road, Richmond, VA 23224
21 S West Street, Petersburg,…
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Sat Jul 18, 2015
Angelluislucena asked:
Would you happen to know the median Cap Rate and Gross Rent multiplier of the area?
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Thu Mar 5, 2015
Sarah Jarvis answered:
$109/SF is not accurate and I would question the valuation. Condos tend to trade at least $70/SF higher (obviously this varies by project) but that feel quite low. If you want to compare it to other projects, a complete breakdown of all condos in the Metro area is available at http://richmondvacondos.net. We have a great deal about pricing, financing and 'warrantabilty' which could help you value the property better. Good luck. ... more
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Wed Mar 4, 2015
Jamie Younger answered:
Here's the public web page for Traylor Estates with additional info: http://traylorestates.hoa-express.com/
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Wed Sep 17, 2014
Anna M Brocco answered:
In case you weren't aware Google Maps are a wonderful thing for directions/distance, as is MapQuest.
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Fri Jul 11, 2014
Anna M Brocco answered:
When it comes to any safety/crime related issues, it's always best to contact the local authorities with all your questions, hear all there is to hear firsthand. If unfamiliar with the area(s) do revisit more than once and at different times of day, possibly chat with locals/neighbors. Real estate professionals are prohibited from steering, enticing a buyer to purchase/rent, or not, in specific neighborhoods.
http://www.neighborhoodscout.com/
https://www.crimereports.com/
http://www.homefair.com/
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Thu Feb 27, 2014
kelly smith answered:
Meme....

Please feel free to contact me if you are still in need of a good Realtor®. I have a lot of experience in the area and would love to help you in your search. I have included some links for your information.

I hope to hear from you soon.
If not, I wish you much luck in your search.

Take care,
Kelly Smith

http://www.apartmentratings.com/rate/VA-Richmond-The-Commons-at-Plant-Zero.html
http://smart.1parkplace.com/kellysmith
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Wed Feb 19, 2014
Kerstin Stoval answered:
When I moved to Richmond, I visited all the local preschool centers in my area. There are a lot to chose from and I was very happy with the one my kids went to. A good rule of thumb is to search the public school rankings (US NEWS AND WORLD REPORTS) then find the daycares in the areas of the schools you want your child to attend. I have no doubt that you will be very pleased with the variety of choices. Please contact me if you have further concerns or questions! ... more
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Wed Feb 12, 2014
Barbara Lustig answered:
Mari, the Tuckahoe Middle School area has been popular for many years and offers homes in a variety of price ranges. Feel free to contact me at Barbara.Lustig@LNF.com for expert assistance. I will be happy to answer any questions you may have! ... more
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Thu Jan 16, 2014
Barbara Lustig answered:
There are many large employers such as Bon Secours, Genworth, Capital One, etc. What type of work are you inquiring about?
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Thu Nov 28, 2013
Tim Moore answered:
Where I live $12,500 for a lot is what I would have seen in 1980, In fact in 1981 I bought a lot in Fredericksburg for $12,500 - 2 acres in fact.

You might want to seek the advice of a Realtor there in Richmond to guide you - it's free you know. ... more
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Wed Nov 20, 2013
Bill Vaughan answered:
Don, we have RE sales trend stats that provide that data. I would be glad to run those reports for you. Let me know how I can help. Thx
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Sat Nov 16, 2013
Ann Mullikin answered:
Tamara,

614 Circlewood Drive, 23224 is in the city of Richmond and is not in the A M Davis Elem School district.
Please do not hesitate to call me if you have any questions. 804-385-2768 ... more
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Mon Nov 11, 2013
Barbara Reagan answered:
Hello, Siewim,

That is a great question and is always one that buyers ask when they are thinking of writing up an offer! Many times I will have sellers I represent tell me that they won't go below a certain price point, and then an offer comes in that is well below that price they said they won't go below - and we get it worked out! Other times, the seller holds firm to their price point! That being said, without knowing what the seller's motivation is, it will be hard to know just what their bottom line is. I usually recommend that you have your Buyers Agent run you a market analysis to see just how well the property is priced at right now, and then decide, based on the market value/condition/location and repairs what you want to offer. Depending upon the offer, it is possible to go too low and insult the seller, but sometimes you can get it worked out! Good luck - and feel free to let me know if there is anything I can do to help you! Have a great day! ... more
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Tue Nov 5, 2013
Ann Mullikin answered:
The Cloisters Alts are in the Douglas Freeman School district. Unless you make arrangements with Henrico County schools ahead of moving, your son will probably attend Freeman if you choose to live in the Cloisters.

I hope this helps you.
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Thu Aug 1, 2013
Tanya Ess-Young answered:
According to Trulia it is. Please see reference.
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Mon Jul 22, 2013
Peter Travis answered:
I have listed the link for the city of Richmond which will provide you with statistical data. http://www.ci.richmond.va.us/ If I may be of further help to you in your search, please contact me. Peter Travis, Realtor Advance Realty Specialists 5805 Staples Mill Road, Richmond, VA 23228
804-836-4999-cell
... more
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Fri Mar 29, 2013
Jascinta Emile answered:
Bernard,

I have also seen this Henrico home prior to it going under contract, am extrmely familiar with the neighborhood and similar neighborhoods nearby.If you have any questions about the amenities nearby such as the Chamberlayne Recreation Association, the schools or would like to schedule a personal homebuyer consultion,youmay reach me at 804-439-1709. ... more
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Fri Feb 22, 2013
Robin Adair answered:
I have two available now for rent. $600. One is a Duplex and one is a Single Family Residence.

Contact me at:
sheaadair@hotmail.com
804.337.9665
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