Richmond Waterfront Properties Remain a Seller’s Market (But There’s Some Good News for Buyers, Too!)

Homebuyers are certainly still feeling the heat as they compete to purchase property in the Richmond Waterfront area — as of April, Richmond waterfront homes continue to sell at a remarkable speed, with condos and townhouses spending an average of only a week and a half on the market. In many cases, these homes receive multiple offers from competitive buyers and close for the price the homeowner wants (if not more).

There’s a silver lining for homebuyers interested in Point Richmond, too: As owners rush to capitalize on the seller’s market by putting their homes up for sale, supply has gone way up, outpacing the current demand for homes in this area. In the next few months, this could mean that sellers may have to lower their asking prices (or settle for something less) if they want to sell their homes, and that prospective buyers could have a little more “wiggle room” when making an offer.

Because of the increase in competition, it’s especially important for homeowners to hire a representative who can make their home stand out from the rest by marketing it in the best possible light. Not only can this translate into a higher sale price, but it might also mean spending less time on the market—which means you can move on to the next chapter of your life, sooner.

Download a FREE report on the Richmond Waterfront real estate market for single-family homes, or for condos and townhomes here.