Is the Richmond Real Estate Market Picking Up?

[NOTE:  I just figured out this is my 100th post!  Can I get a shout-out?]

Well, if my last two weeks are any indication, I'd say yes.  The basis of my conclusion is absolutely non-scientific, and purely based on my level of activity over the last few weeks.  Here's a brief (and incomplete, because I'm doing this off the top of my head) overview of what I've been doing.

1. Meeting with a new potential buyer client;
2. Re-activating two existing buyer clients, who have been in the "holding" period, where they aren't looking seriously;
3. Following up with several strong prospects from several different Open Houses;
4. Showing two different investor clients multi-family properties;
5. Writing a contract for one investor on one of those multi-family properties (which wasn't accepted, d*mmit);
6. Showing a different investor client a new foreclosure listing, and then writing an offer on that property, which required several rounds of negotiations with the bank (we didn't get that property either, the bank got five offers on the first day);
7. Picking up a new listing, which required (i) a preliminary listing meeting, (ii) preparing a Comparative Market Analysis ("CMA") to provide a list price range; (iii) holding a staging meeting; (iv) coordinating a professional photo and video shoot; (v) ordering and placing the signs ; (vi) drafting the brochures and the MLS listing; and (vii) holding the first Open House; and
8. Covering showings for existing listings.

Phew!  It's been B-U-S-Y!  Nothing has turned into an accepted contract as yet - although we did get another reservation on the Windsor Court Condominiums, woo hoo! - but the pace of activity has completely changed.  Another example:  My colleague held open 2109 Stuart this past Sunday, February 22, 2009, and had thirty people come through in two hours.  That's almost unheard of.  And the weather wasn't even nice - it was alternately raining, snow flurrying, and overcast.

So, what does this mean?  What is causing the uptick in activity?  I have a couple of theories.  In no particular order, they are:

1. This is the beginning of the Spring selling season anyway. People who want to buy tend to come out this time of year.
2. The prices of houses have gotten so good, "value buyers," those people who are just looking for the rock star deal, are getting off the fence also. 
3. The interest rates are still crazy low.  That's making houses more affordable.
4. Investors are out looking to pick up strong income-producing properties at reasonable prices.
5. The $8,000 first time home buyer credit may have been enough to push some potential buyers, into the market. 

[ASIDE:  I personally think the $8,000 tax credit is inadequate, and it's too bad it is limited to first-time home buyers AND has income restrictions. I don't think it will make enough difference.  The $15,000 credit available to ANYONE would have.  But that is a post for another day.]

Now, this is what I have personally observed happening in the Fan and Museum District specifically.  But it has also been true that these areas have been more insulated from the downturn in the local and regional real estate market. I'm not sure if this increase in activity is happening in other Greater Richmond neighborhoods at the same rate or even at all.

BUT....it could be a good sign.  I'm preferring to be an optimist, and see the glass as half full.  If we pull out of this real estate slump sooner rather than later, it will be good for everyone.

Oh, and something totally cool that I learned - this blog was directly responsible for getting me the new listing and the new buyer.  How awesome is that?