Housing market shows positive signs

The housing market in Central Virginia showed signs of improvement during the third quarter of the year, according to the Richmond Association of Realtors.

Home sales in the region rose 23 percent from the same period in 2010, and pending sales (a strong indicator of final sales) were up 11 percent as compared to the third quarter of 2010.

“The fact that the housing market in 2011 has outperformed the 2010 housing market through the first nine months of the year is amazing, considering that buyers had the inducement of a tax credit to spur their decision making last year and no such inducement exists this year,” said Cheryl Hamm, president of the Richmond Association of Realtors and Central Virginia Regional MLS. “Of course, sales prices continue to lag, but we've known all along that sale price would be the last indicator to turn around."

The main factors dampening the resurgence of home prices are the foreclosure inventory and the economic uncertainty of buyers and sellers, Hamm said.

“The continued presence of foreclosures in the market makes it difficult for sale prices to rebound when the region is viewed as a whole,” she said. “We are seeing some modest price increases in certain neighborhoods; we've even seen some multiple offer situations. In many instances, whether a home is selling and for what price is dependent upon the factors that have always been most important – location, the condition of the home, and the sale price.”

As major banks have resumed with processing foreclosures, an initial foreclosure uptick may be in store, but in the long run this will help promote the movement of foreclosure inventory.

"If positive economic indicators continue to show promise, consumer confidence should also improve, Hamm said.

“Can I predict what the fourth quarter will look like or how 2012 will shake out? No. The fourth quarter is typically seasonally slow, so I would not be surprised if that held true for this year as well," she said. "As for 2012, there are just too many variables abroad and here in the U.S. for me to make a prediction."
Bail Bonds Chesterfield VA
Community

Free children’s clothing for those in need

The Children's Clothing Closet at Highland Springs United Methodist Church will be open Saturday, Aug. 27 and Tuesday, Aug. 30 to provide free new or nearly new children's clothing for families in need, prior to the start of the school year. The Clothing Closet will be open from 10 a.m. to noon both days. The church is located at 22 North Holly Avenue. > Read more.

Local choral group seeks volunteers

Good Vibrations choral group is looking for all voices with some musical experience to sing with the volunteer choir. The season runs from August to November. Genre includes patriotic and inspirational. > Read more.
Entertainment

Weekend Top 10


It’s a great weekend to get outside! The Pocahontas Chapter of the Virginia Native Plant Society is offering two events this weekend. Accompany the group to find and document native plants present and blooming in Echo Lake Park on Saturday or take a “Sunday Stroll” at Dorey Park to observe the seasonal changes taking place. Other outdoor events this weekend include the final summer concert at West Broad Village and “Fridays on the Patio” at James River Cellars Winery in Glen Allen. If you’re going to be outside, don’t forget the insect repellent! To learn more about avoiding those pesky mosquitos, check out Henrico County’s “Fight-the-Bite TODAY” event tomorrow. For all our top picks this weekend, click here! > Read more.

 

Reader Survey | Advertising | Email updates

Classifieds

Place an Ad | More Classifieds

Calendar

In an effort to prevent the potential spread of Zika virus, Henrico County is hosting "Fight-the-Bite TODAY," a free event designed to help citizens learn how to prevent mosquito bites… Full text

Your weather just got better.

Henricopedia

Henrico's Top Teachers

The Plate