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Update on Fan and Museum District Inventory

Short Answer: Still None

· Real Estate,Richmond,Virginia,New Listings,Fan District

I just reviewed the currently available single family homes in Zip Codes 23220 and 23221.

I am looking for only the Fan District and the Museum District homes. So I started out with a total of 37 active listings in those zip codes, and then I eliminated all the homes in Carver, Jackson Ward, Oregon Hill, Randolph, Maymont, Byrd Park, the Carillon and Carytown. That left me with nine (9) total active listings.

NINE. Let's highlight that one more time. NINE total houses currently active in the Fan and Museum District neighborhoods.

Honestly, y'all, that is just absurd. Now, in the interest of not calling down the wrath of the Fan Boundary Nazis upon myself, I did **not** include several currently available homes in an area that most lay people still consider the Fan, which is south of Main but north of the Downtown Expressway. My office is now calling this area "SoFa," for "South of the Fan." [NOTE: Let's make SoFa happen y'all, like "fetch."] This eliminates some active listings on Cary, Parkwood, and Grayland.

The nine (9) listings include three (3) in the Museum District and six (6) in the Fan. The Museum District houses are priced at $329,900, $459,900 and $468,000 and have been on the market for nine (9), seventeen and eight (8) days, respectively. The six (6) Fan listings are priced as follows:

  • $340,000 (9)
  • $400,000 (8)
  • $465,000 (84)
  • $775,000 (22)
  • $795,000 (22)
  • $1,699,500 (5)
Y'all. C'mon now. That's just AZY-CRAY.

Here is my strong recommendation to anyone with a Fan or Museum District home who is thinking about selling in Spring 2018:

Don't wait. Get your house listed N-O-W.

Now of course I am going to say that, right? I am a real estate agent, and of course would love for you to use me, or one of my fabulous Nest Realty Richmond fellow agents, to list your home. [SHAMLESS PLUG]. But here are the three (3) most pragmatic, practical reasons that you shouldn't discount my advice:

First: We know right now there is no inventory. And as someone who works with both buyers and sellers, I can tell you there are plenty of buyers, many of them first time buyers with nothing to sell, circling like SHARKS.

Second: Anything could happen with the world between now and Spring 2018 to change the economic environment. Anything. We know what the market looks like today, and it is reaching Crazy Town levels - like an internal Fan sale for $108,000 OVER ASKING PRICE on a $595,000 home. All cash. Yup. That just happened.

Third: There will be more inventory in the Spring. That means your home will have more competition. If you have any "flaws" or issues, the buying public will be less forgiving when they have more choice.

So if you are already planning to sell in 2018, think long and hard about speeding up your timeline.

Any you know who to call, y'all, right? ;)

- Melissa

Nest Realty Richmond

221 S. Robinson Street

Richmond, Virginia 23220

Cell: (804) 986-3993

Email: melissa@mikemelissa.com

URL: www.mikemelissa.com

Facebook: www.facebook.com/mikemelissarva

Twitter: @mikemelissarva

Instagram: mikemelissarva

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