One year ago when we were working on our annual real estate issue, the experts we talked to were nervous about the effect the pandemic would have on the housing market. After a strong first quarter, momentum had slowed by the end of April 2020 as unemployment spiked, lenders made it harder to borrow money, and it was difficult for buyers to see properties in person due to social distancing and safety requirements. It seemed as if the market was headed into a period of decline.
But the opposite happened, with the only thing declining being the number of houses available for sale.
This spring, the real estate market is red hot — at least for sellers. Buyers are faced with a challenging situation, as historically low inventory and never-before-seen interest rates combine with sky-high demand for properties.
While working from home, people saw their surroundings through a new lens. Home offices and ample outdoor space took on new importance. Many people now want to move, but there’s nowhere to go. Those who are lucky enough to win a contract often are paying well over asking price. Many homebuyers are foregoing inspections and making other concessions that would have been unthinkable in previous markets.
In this year’s real estate feature, we look at the variables that have created these ultra-competitive conditions, examine the challenges faced in new construction, and meet Damon and Tarah Harris of Teal House Co., a couple committed to equality and inclusion in real estate. We also present our second annual Referred Realtors list, a directory of 101 local agents recommended by real estate professionals and subscribers we polled.
Also in this issue, staff writer Rodrigo Arriaza takes a look at last year’s social justice protests and what has changed as a result — and what has not. Last summer, the city acted quickly to remove Confederate statues along Monument Avenue, but other changes such as reducing the police department budget to spend more money on social services or establishing a civilian review board to investigate claims of police overreach and misconduct have been slow-going.
“We listened, we learned, and we’ve improved,” Richmond Mayor Levar Stoney says. “The improvement isn’t over, and it may not come as rapidly as some will want it to, but it’s happening, and that’s progress. Sometimes progress can be slow, but it’s progress just the same.” Take a look at our feature to judge for yourself.
And finally, freelance writer Stephanie Ganz takes us to some of Richmond’s farmers markets. With two dozen weekly markets in the region — there’s at least one happening somewhere nearly every day of the week — we’ve come a long way from the late 1990s, when a scrappy Thursday-morning farmers market at 17th Street Market kicked off the movement locally. A visit to my local farmers market is often the highlight of my weekend. If you haven’t been, check out our listing to find a market near you. Happy shopping!
