Your Guide To Richmond Real Estate If You Are Buying Your First Home!

As someone who has been a full time Realtor for quite a while and has had the pleasure of assisting numerous first time home buyers, I totally get that the journey to buy your first home can feel very overwhelming!  And let's face it, 2023 has brought some extra challenges for first time home buyers!

So last week, I attended a great seminar hosted by a local lender in Richmond and, for me, it was truly an eye opener!  There were some awesome presenters, including a woman from Freddie Mac, a woman from Housing Opportunities Made Equal and a woman from the City of Richmond, in addition to the lender themselves - all talking about the programs available to help first time home buyers move from renting to owning!  

I discovered that there were a lot of down payment assistance programs - or grants - that are out there, that will help buyers transition from renting to owning!  A lot of these programs I was not aware of.  That started me doing a lot of research to help my home buyer clients get with the right lender to get that extra help they may need!  There are lender programs, as well as city, state and county programs.  But if I, as a full time Realtor who has worked with many buyers over the years, was not aware of some of these programs, I can imagine how hard it must be for a first time home buyer who is just starting this journey to find out about them.  So I am working on putting together a list of resources that I can use when talking to anyone looking to make the move from renting to owning!

You've probably been hearing that in 2023 first time home buyers are priced out of the market!  But guess what?  You are not!

But it really does depend on what you are looking for!  If you are trying to buy a house in the $200,000 to $300,000 price range, in Short Pump - then, yes, you may be priced out of the market there!  But Richmond is a big area and there are lots of other areas you could be looking in that could get you into that first home!  With a little flexibility you may be able to get a good deal on a house in your budget!  It could be in a different area, or it could be a condo or townhome!  You may also be able to get a fully renovated home, maybe a tad bit smaller than you hoped for!  

Options abound, but it may mean compromising a bit on size, style or location!  And there are lots of down payment assistance programs that can help you get into that first home!

Now you might be wondering, "Are there really homes in the Richmond area priced between $200,000 and $300,000 that are in good shape?"  YES - they do exist.  I took a look at our MLS today and here is what I found---

CITY OF RICHMOND

Area 10 (the Fan, Church Hill, etc) - there are 26 homes for sale - 18 of these have had some or complete renovations done - 7 of these were condos!

Area 20 (Near West End) - there are no homes available for sale!

Area 30 (northside of City) - there are only 3 homes for sale - all need work!

Area 50 (southside of City) - there are 25 homes for sale - 16 have had some or complete renovations done.  None were condos!

Area 60 (south western side of City) - there are 10 homes for sale - 9 have have some or complete renovations done - 3 of these were condos or townhomes!

HENRICO COUNTY

Area 22 (Far West End) - there are 4 homes for sale - all are condos or townhomes - 3 were in good condition or had been totally renovated!

Area 32 (northside of Henrico County) - there are 7 homes for sale - 1 is a to be built and 5 homes have either had updates or been totally renovated or in good move in ready condition!

Area 34 (Glen Allen) - there are 6 homes for sale - 5 are in good condition - they are all townhomes or condoos!

Area 40 (Varina area) - there are 18 homes for sale - 11 are in good condition or totally renovated and 3 are to be built.  1 of these homes is also a condo in Rocketts Landing!

Area 42 (Sandston/eastern side of Henrico) - there are 10 homes for sale - 4 are in good condition or have been renovated, 2 are to be built - 3 of these homes are condos or townhomes!

CHESTERFIELD COUNTY

Area 52 (south Chesterfield, including Chester) - there are 14 homes for sale - 13 are in good condition or totally renovated - and there are no condos or townhomes!

Area 54 (Chesterfield County south of Hull St.)  - there are 18 homes for sale - 10 are in good condition or totally renovated - another 3 are to be built condos!

Area 62 (Chesterfield County including Midlothian and Moseley) - there are 9 homes for sale - all in good condition or renovated - 6 of these are condos or townhomes!

Area 64 (northside of Chesterfield County, near the James River) - there are 4 homes for sale - 2 of these are to be built condos and 2 need a lot of work!

As you can see, there are a number of homes, including condos and townhomes, that are available for sale, many of which have been totally renovated!  A first time home buyer, if you use the right lender and right Realtor, may be able to get a home in good condition, with downpayment assistance programs, possibly some seller paid closing costs and a low down payment loan!  

There are options available - a little creativity could allow you to say goodbye to your landlord in 2024.  So when you hear that a first time home buyer is completely priced out of the market - don't despair.  Give me a call and let me know how I can help you with a home!  Let's talk about your options!