Increased Equity for Homeowners
The housing numbers for the Richmond area and surrounding counties continue to push upwards with another exceptional year in 2016. Combined appreciation of 6.8% estimated increase over the past two years has really helped homeowners earn equity in our area. We do not foresee a change in the upward trend in 2017 fortunately.
How does That Effect Buyers?
On the flip side, as homes continue to increase in value and now with the rising interest rates it will be much harder for buyers to purchase homes moving forward. We believe 2017 may be one of the biggest years we’ll see in sales volume due to rising prices and rates. If you’re thinking about transitioning housing in the near future then 2017 may be the ideal time before we see these changes.
Here’s a breakdown of the numbers in our market for November: