Local Real Estate Stats
Name a centrally located, historic-feeling Richmond neighborhood that has a median listing price above $600K and per-sq-ft pricing among the highest in the city
The Fan
This is what your well-meaning cousin who’s sold two homes should not be chosen for when making one of the biggest financial decisions of your life.
Handling your real estate transaction
What are the top three advantages to owning a rental property?
Steady income / Cash Flow, Appreciation, and Tax Advantages
What categories of real estate can Tracy help with?
Buying, selling, investment homes, and building a home, in or out of state (referral).
True or False: Homes are not selling right now.
False.
Homes are selling - just not at the pandemic speed people got used to. The real estate market is resetting from an "artificial market" and real estate boom of 2020-2022 due to the pandemic. We are returning to normalcy with DOM and steady home appreciation. Some areas may take longer to move while others we're still seeing multiple offers.
What is the current median sale price for homes in Richmond Metro?
Around $405,000
Rather than selecting a friend or relative based on guilt or closeness, you should choose an agent based on these two things
Experience and proven track record (or results)
Unique properties (think yurt) have ___% higher rate of rental.
300% higher
What states can Tracy refer in?
All!
True or False: Rates are too high for buyers - no one is buying.
False.
Rates influence demand, but they don't stop it. Life events still drive purchases (relocation, growing families, downsizing)
On average, homes in Richmond go under contract in about how many days after listing?
19 days
This is what you call it when someone selects a realtor solely because they’re related… and then regrets it when negotiations get tough.
Realtor remorse or "nepotism regret”
What is the difference between short term, mid term, and long term rental?
Short-Term - is 30 days of less (think Airbnb) / typical tenants are tourists and travelers
Mid-Term - 1-6 months / typical tenants are nurses, professionals and relocators
Long-Term - 6-12months + / typically families and long term tenants / steady income potential
What type of professionals can often provide the most valuable real estate referrals?
Trades people are valuable referral sources for realtors because they often learn when homeowners are making upgrades in preparation to sell.
True or False: Sellers have to offer huge price cuts.
False.
Most reductions are modest and reflect correcting over ambitious initial pricing. Sellers who price accurately don't need big adjustments.
Richmond Metro has about ___ months supply of homes, about a 12% increase from this time last year.
1.9 months supply of homes
___ % of licensed agents sold ZERO homes in 2024.
74% . . . this means if you randomly pick a Realtor out of a hat, there's a 3 out of 4 chance they didn't sell a single home all year.
___% of households in Richmond rent rather than own, creating steady demand for investment properties.
Nearly 60%
When a homeowner tells you they're finally tackling that long list of projects, what question should you ask?
Are you moving? I know an experienced Realtor and would be happy to introduce you.
True or False: "It's a terrible time to buy"
It's a different time - not necessarily a bad time. Here are benefits to buyers right now:
1. Less competition than 2021 - 2023
2. More negotiation power on repairs and concessions
3. Potential for refinance later if/when rates ease
4. Fewer bidding wars in many neighborhoods
In Metro Richmond, average sales price of homes has increased by ___ % in the last year.
2-3% on average
This real estate broker ranks in the top 2% of all Richmond area realtors, has been in the real estate business 22 years (including through the 2008 market crash), and owns a boutique real estate brokerage.
Tracy Kerzanet, Principal Broker / Owner
What is average Richmond Metro monthly rent?
$1,595/month , making them attractive for cash-flowing rental properties.
A client mentions a new baby on the way, a child leaving for college, or a job relocation ... what is this a signal of?
That their housing needs might be changing
True or False: if I wait, homes will get cheaper.
False.
Significant price drops are not expected due to our tight supply of homes. If interest rates come down, demand will only surge again - making buying less affordable due to competition. Always remember it's time IN the market not timing the market.