It's a New Year and time for new beginnings! There is an air of optimism in the Richmond Virginia marketplace. But homes priced in the upper end market are still selling slowly. Out of town buyers continue to relocate and have to buy. Sellers are more realistic about pricing and interest rates are still near their 30 year low.
There are more homes for sale. We currently are in a buyers market (The supply of homes on the market exceeds demand) so buyers had numerous selections and some motivated sellers lowered their asking prices and offered inducements or incentives along with closing cost assistance to make their offerings compete better.
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