Homebuyers facing stiff competition, price increases

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Home prices have hit record highs in many parts of Virginia, and many homebuyers face stiff competition and significant price escalation. It is easy for a homebuyer to get caught up in the “FOMO” (fear of missing out) and wind up in a bidding war they did not expect. Homebuyers should be cautioned about pushing the limits of what they …

Asian population growing part of Va. real estate market

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May is Asian American and Pacific Islander Heritage Month, when we recognize the contributions and influence of Asian Americans and Pacific Islander Americans. The Asian Americans and Pacific Islander population is an important and growing part of the real estate market in Virginia. There are more than 700,000 Virginians who are Asian or Pacific Islander, including those who are Asian …

A look at what’s prohibited under the Fair Housing Act

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Fair Housing Month is recognized each April by the Association of Realtors to commemorate the landmark 1968 Fair Housing Act, which established a law prohibiting discrimination in housing. Housing discrimination in the United States refers to the historical and current barriers, policies, and biases that prevent equitable access to housing. Housing discrimination became more pronounced after the abolition of slavery, …

Don’t think you need a Realtor? Check the statistics

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Nationwide, only 2% of homes are sold by homeowners and 98% are sold by Realtors. Wouldn’t you want to choose to have the 98% advantage? The typical for sale by owner home sold for $217,900 compared to $295,000 for agent-assisted home sales. On average, homeowners sell their property for 21% less than the price a Realtor could obtain. Trying to …