All Real Estate is Local

These days, it is difficult to read a newspaper or browse a web site without encountering a headline about the current real estate market. And depending on the source and their "spin", you may find conflicting information which only leads to further confusion.

Below you will find a quick snapshot of National vs. Local Statistics. The good news : Central Virginia and the Richmond area have fared better than the nation in terms of unemployment, house value declines and foreclosures. However, we are not out of the woods yet! While sales transactions are up in our region, there is continued downward pressure on price and the threat of "shadow inventory" may further dampen demand for houses.

Unemployment Rate
9.5% in U.S. vs. 7.9% in Metro Richmond

Home Value 2Q 2010 vs. 2Q 2009
3.2% in U.S. vs. -2.5% in Metro Richmond

Homeowners with Negative Equity
21.5% in U.S. 17.4% in U.S.

Foreclosures
16.9% in U.S. vs. 11.5% in Metro Richmond

Source: Zillow.com, Richmond Assoc. of Realtors, Bureau of Labor and Statistics


Of course, all real estate is local and certain neighborhoods in the Richmond area have seen an increase in prices in 2010 over 2009 --but we are a long way from the peak housing values of 2006. If you need help determining the value of your home in today's market, let us know. We will be happy to give you a professional and honest assessment.