Richmond city's housing market starting slow rebound - NBC12 - WWBT - Richmond, VA News On Your Side

Richmond city's housing market starting slow rebound

By Rachel DePompa - bio | email
Posted by Terry Alexander - email

RICHMOND, VA (WWBT) - Home sales are still down in the river city, but that doesn't mean the market's not looking up for people trying to sell.

"It's a one bedroom one bath in the heart of the Museum District," said Kaitlin Franco, Richmond Association of Realtors.

Kaitlin Franco's betting on a housing market turnaround. She just put her one bedroom, one bath, Kensington Avenue condo on the market.

"There definitely are people out there looking. There are people in the market. I've had several showings. I'm feeling really confident that the market is coming back and that the condo will go," she said.

A member of the Richmond Association for Realtors says Franco's may be on the right track, especially with the $8,000 tax credit to first time home buyers still available.

"It's probably a great time for her to attract those buyers who might be able to use the credit and take advantage of low interest rates. So, I think she's probably timed it right," said Laura Lafayette, Richmond Association of Realtors.

According to the city's office community development the local market is finally showing new signs of life. The agency reports homes are selling for an average of $195,000; the first increase in months.

And the number of foreclosures is also down drastically from this time last year.

"Once you see sale prices level off and begin to tick upwards that suggests that the market's moving in the right direction. People are going to have a lot more confidence that its OK if I buy today it's going to worth more next year," said Lafayette.

Lafayette says Metro Richmond was slow to get into the slump and will be slow getting out.
Kaitlin Franco's just hopes the end comes sooner than later.

"Most people are really hopeful we're on the upswing and getting out of it for sure," Kaitlin said.

The first time home buyer tax credit runs out this November. Experts say if you still want to take part in it. You'd have to begin the process of buying a home by the end of this month.

(c) 2009. WWBT, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

  • Latest news from NBC12.comNEWSMore>>

  • Hanover's Sam Rogers drafted by Rams

    Hanover's Sam Rogers drafted by Rams

    Saturday, April 29 2017 11:58 PM EDT2017-04-30 03:58:56 GMT

    Former Hanover High School and Virginia Tech star Sam Rogers was drafted by the Los Angeles Rams, Saturday. 

    More >>

    Former Hanover High School and Virginia Tech star Sam Rogers was drafted by the Los Angeles Rams, Saturday. 

    More >>
  • Congress settles for stopgap to avoid government shutdown

    Congress settles for stopgap to avoid government shutdown

    Saturday, April 29 2017 10:59 PM EDT2017-04-30 02:59:56 GMT
    Saturday, April 29 2017 10:59 PM EDT2017-04-30 02:59:56 GMT

    President Donald Trump seems destined to serve his 100th day in office without House passage of a Republican health care bill or enactment of a budget financing the government for the rest of this year.

    More >>

    President Donald Trump seems destined to serve his 100th day in office without House passage of a Republican health care bill or enactment of a budget financing the government for the rest of this year.

    More >>
  • BREAKING

    1 dead after two-vehicle crash in Hanover County

    1 dead after two-vehicle crash in Hanover County

    Saturday, April 29 2017 8:49 PM EDT2017-04-30 00:49:34 GMT

    One person has died after a two-vehicle crash in western Hanover County Saturday night.

    More >>

    One person has died after a two-vehicle crash in western Hanover County Saturday night.

    More >>
  • Trending StoriesTrending StoriesMore>>

  • Severe reaction to new sandals leads woman on a painful path

    Severe reaction to new sandals leads woman on a painful path

        One woman wants to warn people about her painful path, the result of a severe and debilitating allergic reaction.  She had no idea what she was allergic to until she visited a fourth emergency room in two weeks.    

    More >>

    One woman wants to warn people about her painful path, the result of a severe and debilitating allergic reaction. She had no idea what she was allergic to until she visited a fourth emergency room in two weeks.    

    More >>
  • BREAKING

    Officials: 5 dead during weekend storms, casualties may increase

    Officials: 5 dead during weekend storms, casualties may increase

    Sunday, April 30 2017 12:31 AM EDT2017-04-30 04:31:34 GMT

    Severe thunderstorm warnings were issued Saturday for multiple East Texas counties.

    More >>

    Severe thunderstorm warnings were issued Saturday for multiple East Texas counties.

    More >>
  • Homeless man gets makeover from big-hearted cops

    Homeless man gets makeover from big-hearted cops

    Tuesday, April 25 2017 2:44 PM EDT2017-04-25 18:44:10 GMT
    Tuesday, April 25 2017 3:49 PM EDT2017-04-25 19:49:50 GMT

    Police officers in Rome, NY, went the extra mile to give back to their community, helping one in need.

    More >>

    Police officers in Rome, NY, went the extra mile to give back to their community, helping one in need.

    More >>
Powered by Frankly