Market Update - September 2018
The national real estate market has rebounded significantly since the "Great Recession", and as a result, home values in Richmond, Virginia have increased nearly to post recession highs. The reasons for the continued recovery are as follows...
- Solid Economic Growth
- A healthy Labor market
- A large milennial population
In addition, there are a number of factors that could create a significant slow down in the postive equity trend that we have experienced in Richmond, Virginia.
- Rising Mortgage Interest Rates
- Unforseen economic circumstances
- Rising National Debt
The fact remains that year-over-year home prices have increased in both the luxury, or high end markets, as well as the lower price range, or first time home buyer markets. The actual numbers in Richmond, Virginia show a year-over-year % change in price of +2.5%. The average year-over-yeaer equity gained per houshould is $6,000 according to core logic. In fact, according to Daren Blomquist from Attomdata, "the number of equity rich homeowners is more than twice the number of seriously underwater homeowners." While it is safe to say that we have recovered from the devestating impact of the recession, we should still pay attention to the fact that mortgage interest rates are rising, and as a result, consumers have ...