Monday, June 25, 2007

Avoiding Paying Too Much On Your Next Real Estate Purchase.

  • Market Conditions in the Richmond Central Virginia area are not what they were several years ago. Savvy Buyers are reeling in the deals! We are no longer in a Sellers Market! I encourage first time home buyers especially, to make the move NOW. Think of this as the stock market.  When stocks are low - you buy.  An influx of inventory in the Richmond, Mechanicsville, Hanover, Henrico, Chesterfield, and King William markets and the slow demand from buyers who also have a home to sell, have made prices stable for the first time since 2003. Inventory in the Central Virginia MLS is at one of its highest levels in years. Negotiation on price, repairs, closing cost assistance and other incentives is a MUST! How can you take advantage of our current market conditions, make Use of a Buyers Agent for your own Representation and Protection.  In the State of Virginia, the seller is represented by the Listing Agent.  If you do not have your own agent, you are potentially paying too much for the property.  A good agent will insist on doing a Comparative Market Analysis to ensure that your offer is in line with current Richmond and surrounding area market conditions.  Some buyers have the misconception that they will save money if they do not use an agent. NOT TRUE!! The seller has agreed to pay a predefined commission. The listing agent just has a bigger pay day at your expense!!

To Your Home Buying Success,

Kathy Holland Owner/Broker,

Resource Realty Services