Posts in category 'Economic Impact'
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Virginia December 2022 Homes Market Overview
The market in VA is not all doom and gloom but in reality it is still healthy and vibrant. Depending on how which side of the transaction you are on. Despite rising interest rates, they are still at historic lows and buyers are still in the market and in high demand. Some areas of the Commonwealth, especially in Richmond where there is still competing offers or the house selling fast with very little days on market.
- Months supply of inventory in Richmond Metro is at 1 month.
- Days on Market is at 9 days an increase of 50%.
- Houses for sale was at 999 up 32%.
- The Average list to sales price is at 99.5% down 2.8%.
9
What Does an Econmic Slowdown Mean for the Housing Market?
According to a recent survey, more and more Americans are concerned about a possible recession. Those concerns were validated when the Federal Reserve met and confirmed they were strongly committed to bringing down inflation. And, in order to do so, they'd use their tools and influence to slow down the economy.
All of this brings up many fears and questions around how it might affect our lives, our jobs, and business overall. And one concern many Americans have is: how will this affect the housing market? We know how economic slowdowns have impacted home prices in the past, but how c...
28
A Key to Building Wealth in Homeownership
The link between financial security and homeownership is especially important today as inflation rises. But many people may not realize just how much owning a home contributes to your overall net worth. As Leslie Rouda Smith, President of the National Association of Realtors (NAR), says:
"Homeownership is rewarding in so many ways and can serve as a vital component in achieving financial stability."
Here are just a few reasons w...
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