August 2024 Housing Market Update | Richmond, Virginia Real Estate

Are you curious about what's happening in Central Virginia's real estate market? In this video, we dive deep into the latest trends, mortgage rate updates, and what you can expect for home price appreciation for the rest of 2024.

🗞️ Key Highlights:

Mortgage rates have dropped to 6.5% for a 30-year fixed loan, the lowest since May 2023.
Richmond is experiencing above-average home price appreciation, currently up 6.5% year-over-year.
Predictions for 2025 suggest steady growth with no major market corrections.
💡 Tips for Sellers and Buyers:

Sellers: Now's the time to price your home right, incentivize agents, and service your HVAC system.
Buyers: Be aware of new laws requiring a signed buyer brokerage agreement before seeing homes. Plus, make sure you understand your agency agreement and choose an agent with strong negotiation skills.
If you have any questions or want to discuss the market further, drop a comment or send me a direct message. Thanks for watching!

#RealEstateUpdate #CentralVirginiaRealEstate #RichmondHousingMarket

Timestamps:

0:15 - Mortgage Rates Drop to 6.5%
0:55 - National Home Price Appreciation Trends
1:25 - Richmond Market Update: 6.5% Year-Over-Year Growth
1:50 - Forecast for 2024: 5% to 10% Appreciation
2:05 - 2025 Market Predictions: Steady Growth
2:40 - Seller Tips: Pricing Strategy & Timing
3:25 - Seller Tips: Incentivizing Agents with Commissions
3:50 - Seller Tips: Servicing Your HVAC
4:10 - Buyer Tips: Mandatory Buyer Brokerage Agreement
4:40 - Buyer Tips: Understanding Agency Agreements
5:00 - Buyer Tips: Importance of Agent Negotiation Skills
5:20 - Conclusion

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