Richmond Real Estate Report: Vacant Homes Listed for sale

Blog by Arnold Shuchat | February 2nd, 2017

I recently blogged about the percentage of homes which were listed for sale and/or sold on the west side of Richmond which had been purchased since 2014. It turns out that about 33% of the sales of all homes in the 30 days prior to Jan 11, 2017 were properties purchased since 2014.  7 out of the 15 were purchased in 2016 and before even considering  transactions, taxes and renovation costs, all 7 of them only made $96k in total.  It looked to me that they were just trying to exit the market.

Fast forward a few weeks to Feb 2, and it looks like some 28% of all listed homes for sale are vacant.  Add to that the fact that some sellers try and hide that fact and we are likely around 1 in 3 properties listed as vacant.  That is a most telling statistic as to where the market is headed.  Do you think anything like this ever happened at any prior time? When you were a kid?  These homes will need to be sold as they are only costing their owners money right now, and that, is presumably the only reason they were bought in the first place.

These are the homes that are under pressure.  What is interesting too is that the buying Realtor is often no longer the current listing agent having "failed" to make the dream come true.

So, to buyers out there waiting for a chance, your time is coming.  You just have to know how and where to look. I look forward to enjoying this process!