Here are the answers to some of my most frequently asked questions. 

For your latest market update, I’ll answer three important questions I’ve been receiving lately from family and friends: 

Q: Doesn’t the real estate market usually slow down in the fall and winter months? 

A: Normally we see a slowdown of home sales and activity, but this year is different. Due to COVID-19, inventory has been lower than normal, and the spring/summer market has been pushed back into what would otherwise be the early fall and winter market. When you combine low inventory with low interest rates, it means sales are very strong. The sales numbers we’re seeing now resemble what we’d see during the spring and summer months. As we head later into fall, I think we might see a slight slowdown, but for now, the market is booming. 

Q: How will the upcoming presidential election affect the Richmond real estate market? 

A: Typically, home sales slow down right before and after an election because a lot of people are in “wait and see” mode. Politics can affect the economy as a whole, which can therein affect the real estate market. We don’t expect this slowdown to last very long, though. Data shows mortgage rates will remain low and inventory will remain in short supply throughout the rest of the year, which helps propel the market overall. 

Q: What are the projections for the 2021 real estate market? 

A: As we get into the first quarter of 2021, I expect inventory to slightly increase, which may damper the frenzied market we’ve been seeing. I also predict that home sales will stay strong, just not at the high-priced/multiple-bid rate we saw throughout the summer and early fall. Home appreciation may slow down too, but it won’t stop completely. This doesn’t mean prices will drastically drop or we’ll see the bubble burst like back in 2008 either. There is too much demand and rates are too strong to tamper any enthusiasm. If anything, it means the market will become more balanced and prices steadier. 

What does this all mean? It means if you’re thinking of buying or selling soon, now may be the best time to take action. We can examine trends to gauge what we think will happen in the market, but no one can predict the future. Right now the market is strong, and it may be best to take advantage of it if that’s what’s best for your situation. 

Regardless, my team and I are here to help you stay informed so you can make the best decision for you and your family. We can provide you with an exit strategy to fit your needs. If you’d like to schedule a consultation to discuss your options or have any real estate questions, feel free to call, email, or visit my website. Remember: It’s not the market but the marketing that makes the difference.