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The Fan Market - Some Fast Facts

This Is What Happens When You Have Time on Your Hands

· Real Estate,Historic Fan,Fan District

So, I've gotten back into blogging. I had forgotten that I actually really, really like writing. So since we are in the typical seasonally slow-ish August, I have the time to be digging into the statistics on the local markets. And the information is fascinating.

As of the beginning of August, there had been 37 sales in the Historic Fan District in the last 90 days. Of those sales:

  • 6 were in the $300,000-$399,999 range;
  • 6 were in the $400,000-$499,999 range;
  • 4 were in the $500,000-$599,999 range;
  • 7 were in the $600,000-$699,999 range;
  • 8 were in the $700,000-$799,999 range;
  • 3 were in the $800,000-$999,999 range; and 
  • 3 were $1M+
Of those 37 transactions:
  • 21 were conventional financing;
  • 14 were cash;
  • 1 was FHA financing; and
  • 1 was "other."
What are some of the take aways from this information?
  1. It will be very difficult for a buyer with FHA financing to buy a home in the Fan.
  2. It's interesting that 19 of the 37 transactions were in the $500,000-$800,000 price range. That price range is quite often the downsizing Baby Boomer buyers, many coming from outside of the neighborhood.
  3. Buyers buying in the Fan have a significant amount of available cash to put down on a home.  
  4. If you are a seller, the down payment and the earnest money deposit are important non-price terms where you can extract favorable terms.
  5. If you are a buyer, be prepared to put the maximum amount down and provide a hefty earnest money deposit, in order to be competitive.
  6. Cash is king.  You cannot beat cash.

The Historic Fan District continues to be an exceptionally high demand neighborhood in the City of Richmond. The only drag on sales remains the lack of inventory.

As always, thanks for reading my blog! Any comments and suggestions are welcome.

- Melissa

(804) 986-3993

Email: melissa@mikemelissa.com

URL: www.mikemelissa.com

Facebook: www.facebook.com/mikemelissarva

Twitter: @mikemelissarva

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