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Richmond real estate market in 2012

May 20, 2012

Filed under: Real Estate Market,Richmond — Richard Morrison @ 3:43 pm
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In 2012 February the home sales in Richmond increased as compared to the previous month’s sale by 52%. The listed houses, condos and apartments for sale in February were 6% more than January 2012. The maximum increase in for sale listings was for condos. The increase in other types of homes was not too much and almost negligible The town homes, detached homes and condos in January 2012 were almost the same as in the previous months. With a large number of houses available to choose from the market in Richmond favors the buyers.

 

How the Richmond real estate market will do in 2012 depends much on the business that will be done in the next two months. Even though the house selling is not so fast but the sellers are not under pressure to cut the prices of houses drastically. Home sellers who were happy enough to sell the houses at reduced prices made good sales. The prices were at their peak about seven months ago, but now with so many choices with the buyers, homes can be owned at 5% to 7% less than the prices seven month earlier.

 

However, the resale market for richmond condos will be a lot challenging for the home sellers with already reduced prices. The new condos and Richmond houses are going to create a stiff competition to the resale condo markets. The new developments are offering many incentives and offers to the buyers which makes the resale of old condos even a tougher challenge. People will naturally prefer to buy home in new developments. Credit is also offered by Provincial authorities for the first time home buyers in Richmond. With this tax credit being introduced and already very low interest rates are surely going to benefit the home buyers. The Richmond real estate market in 2012 has something to offer both to the buyers and the sellers.

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