I'm A First Time Homebuyer - Are There Houses For Me To Buy???

May 6, 2019

It has been a little bit of time since the last time I posted - for that, I apologize.  No excuse, other than being very busy!  

 

 

As many of you know, I work predominantly with first time home buyers in the Richmond Virginia real estate market!  For sellers who are selling their home, this has been a fantastic market - prices have been going up and up and up, homes are selling in days - or even in hours, many times with multiple offers!  So for sellers this has been a great, great market!

 

But for many of the home buyers I work with, this has been a terrible market!  Why?  They are having trouble getting the house that they want!  Many of my home buyers have had to write four, five - or more - offers on homes - only to lose out to another offer that was just a little bit better!  We have done everything we can think of to try to win the house - write a letter to the seller, offer over asking price, forego appraisal contingencies, take the house as is (or at least let the seller know that we won't ask for minor repairs), escalation clauses,  allow the seller to remain in the house at no extra charge for up to a week after closing to give them time to move!  And these have not worked!  In some cases my buyers have to go with government financing (such as VA or FHA or VHDA financing) only to lose out to someone going with a conventional loan or cash!  In some cases we just haven't offered enough over asking to win the house! 

 

So I thought that it would help to take a look at the various areas of town to see what neighborhoods are out there that a first time home buyer in 2019 could possibly find a house priced under $300,000!  Today, let's look at the Far West End (our Area 22).  The neighborhoods highlighted here had at least 20 homes sold during the year.  Each week, there will be a different area that I will highlight.

 

All of Area 22 - 12 Months of 2018 (Single Family Homes)

  • 496 homes sold priced between $100,000 and $300,000

  • Average sales price:  $241,172 (2017 average $235,158)

  • Average list price:  $242,358

  • Average days on market:  20

  • Average seller concessions:  $3,072

  • Average size of home sold:  1,662 SF

  • Average # beds/baths:  3 beds/2 baths

Beverly Hills Neighborhood - 12 Months of 2018

  • 22 homes sold priced between $155,000 and $319,000

  • Average sales price:  $238,836 (2017 average $218,385)

  • Average list price:  $238,127

  • Average days on the market:  9

  • Average seller concessions:  $2,500

  • Average size of home sold:  1,352 SF

  • Average # beds/baths:  3 beds/2 baths

Farmington Neighborhood - 12 Months of 2018

  • 22 homes sold priced between $165,000 and $340,000

  • Average sales price:  $232,791 (2017 average $211,787)

  • Average list price:  $236,127

  • Average days on market:  23

  • Average seller concessions:  $3,351

  • Average size of home sold:  2,080 SF

  • Average # beds/baths:  4 beds/2 baths

Tuckahoe Village - 12 Months of 2018

  • 29 homes sold priced between $160,500 and $346,000

  • Average sales price:  $263,231 (2017 average $246,863)

  • Average list price:  $263,360

  • Average days on market:  18

  • Average seller concessions:  $1,866

  • Average size of home sold:  2,028 SF

  • Average # beds/baths:  4 beds/2 baths

Tuckahoe Village West - 12 Months of 2018

  • 24 homes sold priced between $164,000 and $279,000

  • Average sales price:  $252,016 (2017 average $235,578)

  • Average list price:  $252,160

  • Average days on market:  9

  • Average seller concessions:  $3,117

  • Average size of home sold:  1,774 SF

  • Average # beds/baths:  3 beds/2 baths

For some of my first time home buyers, if they want to be in the Far West End (Area 22) and a single family home is not an option because of price, many will look to see if a condo or townhome community will work for them.  So here are those condo and townhome communities which had at least 10 units sold in 2018 that if you are a first time home buyer you may want to consider.

 

All of Area 22 - 12 Months of 2018 (Condos & Townhomes)

  • 261 homes sold priced between $100,000 and $300,000 (29 complexes)

  • Average sales price:  $191,933 (2017 average $182,680)

  • Average list price:  $193,667

  • Average days on market:  22

  • Average seller concessions:  $1,582

  • Average size of unit sold:  1,347 SF 

  • Average # beds/baths:  2 beds/2 baths

5100 Monument Ave Condos - 12 Months of 2018

  • 15 units sold priced between $118,000 and $260,000

  • Average sales price:  $179,998 (2017 average $137,264)

  • Average list price:  $184,127

  • Average days on market:  16

  • Average seller concessions:  $0

  • Average size of unit sold:  996 SF 

  • Average # beds/baths:  2 beds/1 bath

Regency Woods Condos - 12 Months of 2018

  • 25 units sold priced between $107,000 and $165,000

  • Average sales price:  $131,416 (2017 average $125,786)

  • Average list price:  $133,012

  • Average days on market:  25

  • Average seller concessions:  $1,092

  • Average size of unit sold:  1,159 SF

  • Average # beds/baths:  2 beds/2 baths

Sussex Woods Condos - 12 Months of 2018

  • 15 units sold priced between $178,950 to $248,000

  • Average sales price:  $203,753 (2017 average $182,188)

  • Average list price:  $202,968

  • Average days on market:  15

  • Average seller concessions:  $2,780

  • Average size of unit sold:  1,372 SF

  • Average # beds/baths:  3 beds/2 baths

Heritage Hill at Raintree Condos - 12 Months of 2018

  • 11 units sold priced between $135,000 and $182,000

  • Average sales price:  $165,065 (2017 average $161,454)

  • Average list price:  $166,714

  • Average days on market:  12

  • Average seller concessions:  $1,037

  • Average size of unit sold:  1,037 SF

  • Average # beds/baths:  3 beds/1 bath

Raintree Condos (Foxfire, Ivystone Village & Stony Run) - 12 Months of 2018

  • 20 units sold priced between $180,000 and $220,000

  • Average sales price:  $197,390 (2017 average $178,639)

  • Average list price:  $201,410

  • Average days on market:  16

  • Average seller concessions:  $1,205

  • Average size of unit sold:  1,205 SF

  • Average # beds/baths:  3 beds/2 baths

As you can see, both in the single family homes and in the condos/townhomes, homes in this area are moving quickly.  And when you compare the price appreciation from 2017 to 2018 in these neighborhoods, you see a good appreciation rate!

 

If you are thinking of buying your first home in this area, you need to make sure that you have a strong lender letter, that you go in with as few contingencies as possible, that you understand that you may have to pay full price or even higher, that you may only get one bite at the apple so to speak!  But, as you can see, the Far West End is a good investment long term!

 

Thinking of buying your first home in Richmond (or even the counties of Henrico, Chesterfield and Hanover)?  Work with someone who specializes in the first time home buyer market.  Feel free to contact me and let me know how I can help!

 

 

 

 

 

 

 

 

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Barbara A. Reagan

ABR, GRI, CRS, SFR

Long & Foster Realtors

2931 Polo Pkwy

Midlothian, VA  23113

Phone:  804-869-1191

Email:  BReagan2@gmail.com

Barbara A. Reagan - Long & Foster Realtors - 2931 Polo Pkwy - Midlothian, VA  23113