Our real estate market is red-hot for sellers right now.
Now, I’m not big on predictions when it comes to the real estate market, but I am big on giving you statistical data directly from our Richmond Metro MLS so you know what’s specifically happening right now. The three things you need to know before you get ready to sell are:
1. Average days on market. Right now, that number is 28 days in Richmond.
2. Average list-to-sale-price ratio. This is 100% right now, meaning that sellers are getting full price for their homes.
3. Inventory. We have only 1.3 months right now. To give you some perspective, a seller’s market is anything under six months and a buyer’s market is anything over six months. With just 1.3 months, we have an extreme seller’s market.
“I’ve never seen a market like this before.”
This checks out when it comes to what we’ve been experiencing with our clients. We’re working with one seller right now who got an offer that was 15% above asking price. Another seller got a sight-unseen cash offer of 8% over their list price. It’s a crazy market, and I’ve never seen anything like this in 21 years in the business.
If you’re even entertaining the idea of selling your home right now, I would love to give you some advice on how to proceed. Just give me a call or send me an email today with any questions you might have. I look forward to hearing from you soon.