October 2022 Newsletter

Dated: October 11 2022

Views: 60

Featured Property

15438 W Patrick Henry Road, Montpelier, VA 23192
Listed at $670,000

Featured Property

Gorgeous 5 Bedroom/3.5 bath Brick Colonial on 3.35 acres in peaceful Montpelier! The kitchen boasts new quartz countertops (2022) and an open layout to the dining and living room with cathedral ceilings. Spacious 1st floor primary suite includes new carpet (2022), double closets, and large ensuite bathroom including walk-in shower and jetted tub. Stamped concrete patio looking out to the scenic yard, plus plenty of storage in the garage, detached shed, and attic and a wonderful fenced back yard.

Recently Sold! 

We're always happy to help our clients find the home of their dreams! 

Here are our some of our recently sold listings! 

Great work to our committed Clocktower Realty Group agents! 

Recently Sold

Clocktower by the Numbers

  • Number of homes listed in September: 20
  • Number of homes pended in September: 32
  • Number of homes sold in September: 39
  • Number of Clocktower agents: 67

Buyers Are Regaining Some of Their Negotiation Power in Today’s Housing Market

If you’re thinking about buying a home today, there’s welcome news. Even though it’s still a sellers’ market, it’s a more moderate sellers’ market than last year. And the days of feeling like you may need to waive contingencies or pay drastically over asking price to get your offer considered may be coming to a close. Today, you should have less competition and more negotiating power as a buyer. That’s because the intensity of buyer demand and bidding wars is easing this year. So, if bidding wars were the biggest factor that had you sitting on the sidelines, here are two trends that may be just what you need to re-enter the market.

1. The Return of Contingencies- Over the last two years, more buyers were willing to skip important steps in the homebuying process, like the appraisal or inspection, to try to win a bidding war. But now, fewer people are waiving the inspection and appraisal. The latest data from the National Association of Realtors (NAR) shows the percentage of buyers waiving their home inspection and appraisal is declining. And a recent survey from realtor.com confirms more sellers are accepting offers that include these conditions today. According to their August study:

95% of sellers reported buyers requested a home inspection

67% of sellers negotiated with buyers on repairs as a result of the inspection findings

This goes to show buyers are more able to include these conditions in their offers today and negotiate as needed based on the outcome of the inspection.

2. Sellers Are More Willing To Help with Closing Costs- Generally, closing costs range between 2% and 5% of the purchase price for the home. Before the pandemic, it was a common negotiation tactic for sellers to cover some of the buyer’s closing costs to sweeten the deal. This didn’t happen as much during the peak buyer frenzy over the past two years. A recent article shows 32% of sellers paid some or all of their buyer’s closing costs. This may be a negotiation tool you’ll see as you go to purchase a home. Just keep in mind, limits on closing cost credits are set by your lender and can vary by state and loan type.

Bottom Line: Regardless of the extremely competitive housing market of the past several years, today’s data suggests negotiations are starting to come back on the table. This is good news if you’re planning to enter the housing market. To find out how the market is shifting in your area, connect with your local Clocktower Realty Group real estate advisor today.

Things To Do in RVA- Richmond Folk Festival: October 7-9,2022

The Richmond Folk Festival will return to celebrate its 18th anniversary the weekend of October 7-9, 2022. The festival has become one of Virginia’s largest, drawing fans each year to downtown Richmond’s riverfront to celebrate the roots, richness, & variety of American culture through music, dance, traditional crafts, storytelling, and food. Featuring 6 stages & showcasing music & dance from more than 30 artists from around the nation and the world, the Richmond Folk Festival promises, as always, to return with a culturally diverse & impressive program. Visit https://www.richmondfolkfestival.org for more information!


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