Housing Market Analysis. Is this the right time to invest in Richmond Market? , by Joe Fisher.

By Joe L. Fisher

Richmond CA Housing Market Analysis:

Is This the Right Time to Invest in Richmond Market?

The pandemic caused fiscal losses in various sectors of the U.S. economy, particularly the real estate industry. It’s not so much of a surprise that potential buyers are meticulous when it comes to investing in the housing market.

However, considering the recent positive developments and strong market indices in Richmond California, investors are asking if now is the right time to go into the housing market. Here is what we think you should do.

HOUSES ARE SELLING PRETTY FAST IN RICHMOND AREA

Surprisingly, the Richmond area of California has defied all odds with its rising home sale. Homes in the area are selling out so fast that there are only a few houses for sale left. Redfin reports that home prices went up 18.4%, selling at over $670,000. As far as the real estate is concerned, this is the first time in years houses in the area are selling at this pace, but is this heading toward some burst, or is it a strong indication that everything is back to normal?

We don’t know for sure if the housing market in Richmond is heading into a burst, but the selling rate is a strong indication of a healthy market with buyer’s demand rising considerably. At some point this year, houses sold out really fast to the extent that house experts started to think that there’s no longer inventory since houses barely stayed a few days before being sold.

In an actual sense, there’s inventory. There would always be inventory, but the problem currently faced is that the listings barely stay a few days on the market before being snapped. June reports

show that houses spent just 13 days on the market compared to 18 days around the same time last year. Currently, the market has gotten even harder for first-time homebuyers to get into, albeit with the high number of sales recorded and rising costs.

From market analysis, we can attribute this selling pace to the low mortgage rates. Mortgage rates are currently below 3%, meaning that homebuyers can opt to finance their homes and pay flexible monthly rates provided they have all the requirements. The low mortgage rate has forced buyers to compete, pushing home prices further up.

Is this the right time to invest? The answer is yes. Prices will continue to rise and will unlikely drop anytime soon. Thankfully, the low mortgage rate can make house buying more convenient. However, you need to prepare because the market is too competitive, especially for first-time buyers and mortgage-reliant buyers.

CONCLUSION

We expect more houses to be listed as the year progresses. People who were afraid to sell when the Covid was at its peak may list their properties this year. The industry is still recovering from the pandemic, but so far, the Richmond housing market is at its best.

Visit The Power Is Now Media, Inc. and read/watch more real estate and mortgage news, videos, and information on current developments in the real estate industry on Facebook Live and our YouTube channel. The Power Is Now Media, Inc. is leading the conversation in real estate.

The Power Is Now Media is an online multimedia company founded in 2009 by Eric L. Frazier, MBA, and is headquartered in Riverside, California. We are advocates for homeownership, wealth building, and financial literacy for low to moderate-income and minority communities. The Power Is Now Media corporate office is located at 3739 6th Street Riverside, CA 92501. Ph: 800-401-8994 Website: www.thepowerisnow.com.

References

https://www.google.com/amp/s/www.sfgate.com/realestate/amp/Vallejo-realestate-Bay-Area-hottest-market-16139418.php https://www.redfin.com/city/15629/CA/Richmond/housing-market https://www.realtor.com/realestateandhomes-search/Richmond_CA/overview https://www.neighborhoodscout.com/ca/richmond/real-estate.amp

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