***Now that the media has torn down the real estate market, its time to build it back up. Thats the American way. We did it with Pete Rose, Martha Stewart, and so many others. Now its the housing market.
House Sales Up 7% in Va.: Prices Also Rise, but Homes Aren't Moving As Fast As a Year Ago
Source: Richmond Times-Dispatch
Publication date: March 31, 2007
By Carol Hazard, Richmond Times-Dispatch
Mar. 31--HOUSE SALES IN VIRGINIA -- and the Richmond area -- were up 7 percent through February from a year ago.
Prices are rising, too, hitting nearly $263,000 last month in the Richmond area, according to figures released yesterday by the Virginia Association of Realtors.
That doesn't mean the market is returning to the good old days -- of a year ago, when houses sold within a month.
The house that Brian and Ellen Shepard just sold in North Richmond could still be on the market if they hadn't gotten serious about fixing it up.
The two-story house was listed for $235,000 for more than six months. The Shepards pulled it off the market and had it professionally painted and landscaped.
"We thought it looked pretty good before," Ellen Shepard said.
New paint in browns, greens and creams, cleared brush and fresh mulch gave the house a fresh look, she said. "It really made a difference."
The Shepards received an offer within a week of relisting the house at the same price. They closed on the house last week.
"Houses are still selling rapidly if they are in tip-top shape," said Joan Peaslee, the agent who listed the house. "There is not as much gray area or margin for error as there was a couple of years ago," Peaslee said.
The market is good but slower, agents say. And it's faster here than anywhere in the state.
Houses in the Richmond area were on the market an average 58 days, fewer than any of the 22 areas reporting February figures, according to the Realtors' association.
A year ago, it took an average 38 days to sell a house here.
Statewide, homes stayed on the market an average 126 days in February, up from 103 a year ago.
In Northern Virginia, it took about 108 days to sell a house. In the Dulles area, it took 135; Charlottesville, 110; Williamsburg, 94; and Hampton Roads, 73.
The market is balancing out and prices are stabilizing, said VAR President Melanie Thompson of Fredericksburg.
"It seems we're back on track for a typical busy spring selling season," she said.
Contact staff writer Carol Hazard at chazard@timesdispatch.com or (804) 775-8023.
House Sales Up 7% in Va.: Prices Also Rise, but Homes Aren't Moving As Fast As a Year Ago
Source: Richmond Times-Dispatch
Publication date: March 31, 2007
By Carol Hazard, Richmond Times-Dispatch
Mar. 31--HOUSE SALES IN VIRGINIA -- and the Richmond area -- were up 7 percent through February from a year ago.
Prices are rising, too, hitting nearly $263,000 last month in the Richmond area, according to figures released yesterday by the Virginia Association of Realtors.
That doesn't mean the market is returning to the good old days -- of a year ago, when houses sold within a month.
The house that Brian and Ellen Shepard just sold in North Richmond could still be on the market if they hadn't gotten serious about fixing it up.
The two-story house was listed for $235,000 for more than six months. The Shepards pulled it off the market and had it professionally painted and landscaped.
"We thought it looked pretty good before," Ellen Shepard said.
New paint in browns, greens and creams, cleared brush and fresh mulch gave the house a fresh look, she said. "It really made a difference."
The Shepards received an offer within a week of relisting the house at the same price. They closed on the house last week.
"Houses are still selling rapidly if they are in tip-top shape," said Joan Peaslee, the agent who listed the house. "There is not as much gray area or margin for error as there was a couple of years ago," Peaslee said.
The market is good but slower, agents say. And it's faster here than anywhere in the state.
Houses in the Richmond area were on the market an average 58 days, fewer than any of the 22 areas reporting February figures, according to the Realtors' association.
A year ago, it took an average 38 days to sell a house here.
Statewide, homes stayed on the market an average 126 days in February, up from 103 a year ago.
In Northern Virginia, it took about 108 days to sell a house. In the Dulles area, it took 135; Charlottesville, 110; Williamsburg, 94; and Hampton Roads, 73.
The market is balancing out and prices are stabilizing, said VAR President Melanie Thompson of Fredericksburg.
"It seems we're back on track for a typical busy spring selling season," she said.
Contact staff writer Carol Hazard at chazard@timesdispatch.com or (804) 775-8023.
