January 27th, 2009
State Of The Union Address 2009 for Richmond Real Estate
In Richmond, Virginia residential real estate, 2009 arrives much the same way that 2008 did: via a rocky road with deepening potholes. While more homebuyers are swooping in and picking up great deals in Central Virginia, the ongoing excess inventory of homes (around 9 months worth at last check) continues to soften the market.
While potential Richmond home buyers are getting very low mortgage rates, they also are facing much tighter credit standards and demands for significantly larger down payments. And we have barely started to feel the financial fallout from adjustable rate mortgages, slated to ratchet up in 2009.
No one can really say quite when this downward spiral will cease. If former Fed Chairman Alan Greenspan and current Chairman Ben Bernanke were surprised by the depth of this housing crisis, who among us can accurately make the call?
There is growing sentiment out there that this darkness directly precedes a new dawn. A late-2008 consensus survey based on input from more than 600 industry experts, projects the U.S. residential market should start rebounding appreciably in 2010.
But what about now? Well, this new economy has added some wrinkles to home buying and home selling strategies, while reintroducing some of those old-school favorites like sound fundamental fiscal practices. There seems to be some renewed optimism post inauguration and President Obama is taking very serious the countries housing woes, both are positive for real estate.
As Richmond’s #1 Real Estate Website and BLOG, you can count on RichmondHomeShopper.com to provide the best information for buying and selling homes in the Richmond area! Subscribe via Email or RSS Feed today!
Leave a Reply
Copyright © 2009 Richmond Home Shopper Log in Design by Real Estate Tomato Powered by Tomato Real Estate Blogs
