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Virginia Statewide Housing Market Overview

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Recent numbers in Virginia indicate decreasing sales but rising home prices. According to data from Virginia Realtors 07/2023 home sales dropped 20% year over year. Primarily due to low inventory levels and rising mortgage interest rates. Sellers have enjoyed a nearly 4% price gain year over year with the statewide median sale price increasing by … Continued

Proposals to cut Richmond’s real estate tax rates move forward

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Leading sources report – calls to cut the Richmond real estate tax rate have substantially grown since the average assessed value increased by 13% for 2023. At the same time home prices have decreased or flat lined via substantial mortgage rate increases. Its reported that the E.D.S. Committee heard three different proposals recently.

Mortgage Rates Soar!

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The average 30-year fixed-rate mortgage reached 7% the last week of September. Some are reporting this is the highest sense mid 2008. How does this affect sellers? Higher borrowing costs have already begun to cut into sales. The high appreciation of homes in the Richmond Va metro of recent years has came to a screeching … Continued