Changing the mindset

As the shift this year for me went from buyer to seller, I could not help but be faced with the challenges that brought my buyers to disappearing acts. I for one am no stranger to the difficulties everyone has faced these past few years in achieving home ownership. You’d think a winning lottery ticket had better odds than purchasing a home.If you’ve scrolled through headlines lately, you’d think buying a home right now requires a lottery win, a miracle, and maybe a time machine.

One of the hardest things about my job is —people’s opinions. The truth is, there really isn’t a “right” or a “wrong” time to buy a home. That is all dependent on the needs and ability of the buyer. Now, how we buy homes vs when we buy homes is a different story.

The Shift in Thinking

Buying was such an easy thing to do in the recent past. It was a free for all and the biggest question was “how much more am I going to bid on this home”. Where once the list was number of bedrooms, baths, and square footage has now been replaced with shifts in the mindset. what was once $350K affordability is now $475-500K. It’s no longer about the “forever” home, but the home that will take you to the next chapter.

We have to stop seeing homeownership as a one-time checkpoint. You might not love taking 2,500 square feet and compromising to 1,800, but it’s doable. Buyers need to change the mindset of perfection to progression. The question should be: What can I live in right now that will help me build the equity I need to obtain the home of my dreams?

Facts

• Rates are temporary. Roots are not.
  You can refinance a rate. You can’t refinance time lost waiting for perfection.

• Equity still happens in imperfect markets.
  Richmond and the surrounding areas continue to grow. It’s slow and steady, but also people that come here, stay here. Every payment is a small deposit into your future wealth. Think of it as the long game.

• A home is more than numbers.
  It’s stability. It’s security. It’s not paying someone else’s mortgage. It’s knowing that even when the world feels uncertain, you have a place that’s yours.

• Flexibility is power.
  Maybe you buy smaller. Maybe you choose a neighborhood on the rise. The mindset includes creative planning. It’s about the investment whether you decide to rent a room or refresh the components, and if you can just stretch it out a bit, you as a buyer can thrive.

Rewriting the Narrative

Instead of asking, “Is it a good time to buy?” Ask, “Is it a good time for me?” Your goals, your finances, your phase of life, that matters more than someone else’s opinion.

This market rewards clarity. It rewards the buyers who come in informed, grounded, and guided by more than fear. If you can get pre-approved, understand your budget, and stay open to possibilities, you’re already ahead of half the crowd waiting for perfect conditions that may never come.

The Real(T)

Home buying isn’t just a financial decision; it’s an emotional one. You can choose to go out on the pitch or stay on the bench, but sacrificing some square footage at square one will leave you in a better place for the future. Don’t box yourself in and keep telling yourself you can’t because of this and that. The key is to plan, be creative, and think of your future. You define your path—consider possibilities rather than perfections.

Let’s Talk About Gentrification — Because Pretending It Isn’t Happening Helps No One

Photo by: Jian Xhin

“I’m all for people becoming a part of our city, but I’m not a fan of people homogenizing it. If you’re going to move to an “up and coming” neighborhood, then contribute to it and respect what was in place.”

— John M.

Richmond has always been a city of contrasts. Old soul, new blood. Brick and bourbon. Corner stores turned coffee shops. You can stand on a block that’s been the same for fifty years and, two doors down, find a new restaurant bar glowing with Edison bulbs pouring $15 cocktails with a bar full of…non-Richmonders.

That’s the thing about this city — it keeps changing its outfit. And lately, the change feels faster than ever.

“Gentrification” is the word everyone whispers like it’s a curse. And depending on where you stand, maybe it feels like one. Rising home values, safer streets, fresh paint — sure. But also: rent hikes, relocation, and the slow fading of long-held bar stools.

The truth? Gentrification is coming whether we sign off on it or not. The question isn’t if it happens — it’s how we handle it.

Let’s Start With Some Honesty

Richmond’s popularity didn’t happen by accident. People are moving here because it still feels authentic. It’s creative, gritty, soulful — and (for now) a bit more affordable than the bigger metros circling us. But all that love and investment comes with a cost if we’re not paying attention.

When neighborhoods get “discovered,” the ripple isn’t just economic — it’s emotional. The same front porch where someone’s grandma watched the block grow up might now overlook something that doesn’t look like her anymore. I for one can speak to it when I sit on mine and am no longer receiving the Hello’s or Good (insert time of day) by passerby.

So What Can We Do Differently?

Change is inevitable as I say, and although I cherish the nostalgic moments of the Richmond I grew up in, we can’t very well freeze time. But we can grow with intention.

Honor what was already here.
Every street has a story. Know it. Tell it. Whether you’re selling a home or moving into one, carry the history with you instead of deleting it. Tell people about your neighbors. Hell! Get to know the neighbors! You’d be surprised at how much you can learn from them especially in historic areas.

Work with the community, not around it.
Support the locals. If there is anything I cannot stand is watching people move into neighborhoods that don’t contribute or support it. Be a part of it by joining neighborhood organizations, clean-up days, and attend events happening in your area. Love Thy Neighbor people!

Push for fair growth.
Advocate for policies that keep housing mixed — incomes, ages, backgrounds. We need both the dreamers moving in and the folks who’ve been holding down the block for decades. This is essential. Diversity contributes to the thrive of a neighborhood and a good way to learn the history of it. You’re not moving into a hot spot, you’re becoming part of it.

Here’s the Heart of It

Change is natural. Erasure isn’t.

Richmond’s magic has always come from its layers — We are a rich and culturally diverse city. Having transplants isn’t always comfortable, but it does breathe new energy that contributes to old familiar ways. There is a place for everyone, and although gentrification might be inevitable, it doesn’t have to be a force of displacement. I’d like to see it be a movement of renewal with respect to what has been long established.

Before Skynet Takes Over...

via GIPHY

With all the talk surrounding the future of AI, this has become a subject of discussion amongst my peers and my clients. Will AI take over the way we do real estate? And the answer is a resounding “no”, with a sprinkle of “yes”.

First and foremost the role of the realtor is to represent and advocate for their clients. We come with a particular set of tools that go beyond the data analysis and statistics AI can provide. We are licensed professionals that need to be well-versed in the legality of contracts in addition to carrying a vast knowledge of all things real estate related, from nuts to bolts. We are also humans that can handle the emotional rollercoaster of buying and selling homes. So let’s get into the “no” part.

• Negotiation Skills: Real estate transactions often involve complex negotiations, and the ability to fight for your clients as well as to effectively get what everyone wants out of the deal is crucial.

• Legal Expertise: Realtors need to be informed in local real estate laws and regulations, which can vary significantly from one location to another.

• Local Knowledge: Understanding the environment of local neighborhoods and communities, including schools, features, and quality of life, is something AI struggles to replicate.

• Emotional Considerations: Homebuying and selling can be highly emotional experiences, and human realtors often provide guidance and support during these times especially during death and divorces.

• Creative Problem Solving: Unforeseen issues and challenges can arise during real estate transactions, requiring creativity and problem-solving skills that AI currently lacks.

My first client I ever sold a house to had a huge lender fail as she made her way to the closing table. The amount of stress she was under and the fear of losing the home at the very end created a very tense atmosphere for all of us involved. She was dumbfounded by the lack of communication and knowledge her chosen lender wasn’t giving her. I fortunately work with trusted professionals and called one of my lenders who acted efficiently and easily. She worked diligently to not only get my client a better program, but also a better rate. my client was able to close easily and successfully. I don’t believe AI could have known the people I trust to make things happen.

The amount of work that goes into selling a home can be daunting. From assessing the value of the home through researching comparable markets to helping you increase the curb appeal to the marketing and access to a wide network of internet sites to the paperwork, we do it all for you. A good agent does that is. Just as you pay a lawyer to represent you, you hire us to protect you and your investments through the transaction process. Some of us give you added services like cleanings and staging costs.

I think AI will be good to help those who can’t market, market. I think it will be good at creating reports for us and perhaps showing specific numbers and profitability, but AI will never replace the human touch. AI isn’t going to support you through selling your house through a messy divorce or be the one to hand you keys to your very first home. Do I think we will do real estate differently in the future? With VR gaining ground, I’d have to say it is probably. Because our business is relationship based and relies on empathy, I don’t believe we will be calling on T-800—just yet.

Market Report RVA

Yes, I have seen the rise of the interest rates. Yes, I have acknowledged the low inventory of housing here in Richmond. And yes, I cannot be uber positive about you FHA’ers. This is a strange market, as there was a significant lull up until the beginning of the month and although that change has been in the financing realm, I’m starting to see the past frenzy of over askings and inflated prices happening again.

I am also starting to see the Inspection returning, which in my opinion and as a Buyer’s Specialist, is a comfort. More people are moving here whether it’s for the jobs, for diversity, affordability or just how cool we are. The mixed use constructions around the city are becoming a stamp on the growth we are seeing and I wonder, just how fast are we growing? Traffic at 3:44pm is telling a story!

So, here’s a look at the overall tri-city picture. I’m always happy to sit with you and explain these stats or talk to you about your plans and how this all affects your home selling or buying plans.

Real Estate Predictions for 2022

Well here we are in a hurry for the end of another weird and wacky year. I’ve answered the “So, how’s the market doing?” question a bazillion times this year and always with the same answers:

• “Yes, Margaret the market is still hot and remains a seller’s one!”

• ”Yes, John lots of buyers, but scarce inventory.”

• ”I’m sorry, Paige, but you did just lose your 11th offer in a week, you wanna try for 12?”

• ”Yes, Bill, New Yorkers and Californians are richer than you and have a wad of cash in their vests.”

• “Yes, Trina, if you want this house you have to bid xyz over and waive all inspections.”

From Keeping Current Matters

It’s been brutal to say the least. I’m not complaining, I mean I did very well during Covid considering and my buyers did find their dream homes, but I do feel for all my first time home buyers. That’s why I advise to start planning ahead if you want to find home.

What does it look like in 2022? Pretty much the same. We are starting see the rise in mortgage rates and a competitive job market which will only lead to higher demand. Additionally, housing prices will increase by as much as 3%. I foresee an uptick in gentrification in metro areas and still more millenials moving to suburban areas. Rent prices are also continuing to rise making demand for home ownership more desirable amongst the younger generations. I generally think we’ll be seeing more of the same with demand high, inventory low, and more big city transplants.

2022 will see the slow rise of housing prices and even through the slower, cooler months we are seeing lots of activity. If you own land, I suggest getting the most out of it— build a smaller property to provide short term rental or sell a parcel you can spare. As I’ve preached before, Winter is a favorable month to buy due to a decrease in competition while having the ability to take your time while searching for a home. So no Karen, the housing market isn’t slowing down one bit.

If you’d like to know more about thriving areas or information on the value of your home, please feel free to contact me!

Broken Hearts and Opened Doors

You’ve lived in this home for over 20 years. Now you and your partner have decided to split ways. Maybe with children, maybe with the now joint-custodied pet, but definitely a situation that can be incredibly emotional and stressful, add selling a home and you’re dealing with a “more than I can handle” situation.

According to the VDH, in 2018 there were over 20,000 divorces in Virginia. We all want that happily ever after and we all want the house it came in! The last thing you want to deal with while splitting up is splitting property. Unless you are fighting for a prime piece of real estate, most couples will sell their home. In Virginia, courts are not required to split real estate 50/50 between both parties. Instead, Virginia divides assets equitably and fairly, depending on who acquired the assets and how much each spouse put in. Judges can rule depending on how each party contributed to the house’s worth or they can rule to transfer the property to the spouse who maintained and improved the property primarily. Yes, I know Mickey did all the landscaping but she bought all the appliances! Not fun. So, to sell it is!

Now comes the hard part. The one where you weep as you pack up your belongings or see an old photo album. The one where you are arguing over who actually owns the signed copy of Prince’s Purple Rain album or you’re both in the kitchen reminiscing about a wooden spoon tale involving their mom and your tail. While all of these things are taking place in your home, you will soon have to publicize it to the world with a For Sale sign. Don’t worry, this too shall pass.

When you decide to choose an agent to sell your home during this time, there are some things to consider. First and foremost, you want an agent who is going to listen to you, whether you are eye-bloated from tears or red with rage or exhausted from the drain of it all, to have a realtor go above and beyond during this time would make a world of difference. Sounds silly right? What do you care if your realtor is there to hold your hand or not? I dunno, I mean I go spill everything to my acupuncturist when I’m feeling overwhelmed, or the nearest bartender. The point being, empathy is not dismissed in real estate.

I recently had a client who had to sell her home because she was going through a sudden divorce. She had to sell it quickly with no fuss. There were good days and bad days for her and all I could do was to communicate with her frequently, give her solid and cost-effective suggestions, and be understanding with her adamant price choice. I had to watch her go through the “death” of her relationship, and as an agent I wanted her to get the best value out of her house and push where I need to, but as her empathizer I wanted to dig the thorn out and sell it as quickly as possible so she could move on.

That’s the thing about agents, we see it all. We see the collected dust on shelves, we see the family photos we ask you to remove, we feel the tension with couples trying to figure it out, and we understand having to give up what will soon be an artifact in your history together. It’s personal. It’s intimate. Our relationship. So although we are watching you close this chapter of your life, we are also trying to help you, well…close, with the potential for a whole new chapter.

My advice is, when you are going through something this life changing, make sure you choose someone who is not only going to give you the truth about what it will take to get you sold, but to also remind you that this is a transition, and you can provide a lighter touch. And yes, I will bring you pizza or a six pack to help you get through it all. You may have built memories there, but you can take this and file it away and move on to that low maintenance condo in the city or that Cape Cod you’ve always wanted. No one wants to be in this place, but sometimes we have to go through it to get to a better one.