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Richmond, Virginia July 2023 Luxury Home Marketing Report

Monday, July 17, 2023   /   by Andrew Depcrynski

Richmond, Virginia July 2023 Luxury Home Marketing Report


The latest news from The Chris Small Group...
Click the link above to read this month's Luxury Market Report.

July's Highlights for Luxury Market Report:

  • The report is a guide to the luxury real estate market in North American.  It provides an overall analysis with trends and highlights comparative data on the top-residential markets throughout Canada and the United States.
     
  • This month’s report displays the market statistics for North America month over month as well as the 13-month trend.
     
  • Six months into 2023 and we review both the North American and global luxury real estate markets to understand the status and major trends at play.
     
  • The most significant trend, and one that seems contrary despite the continuous reports of lower sale volumes compared to 2022, is that for the most part in the North American luxury real estate it remains a seller’s market.
     
  • We review why, despite a comparative decrease in sales volume in both the single-family and attached markets, that many markets continue to remain favorable to sellers.
     
  • We look at the sales volume, inventory levels – both existing and new – as well as price to ascertain how the market has shifted during the last six months.
     
  • We ask if the resilience shown in the luxury market over the last six months is to indicative of the North American market entering into a period of stability and sustainability.
     
  • Looking further afield into the global market we connected with several experts to review their predictions for the luxury real estate market on a global basis.
     
  • We review the type of markets that luxury buyers have been investing and why diversifying their portfolio into markets outside their native market could well become a significant trend.
     
  • In the long-term, the reasons for purchasing luxury real estate may change to satisfy immediate wants and requirements, but the reality is that real estate will continue to be a long-term asset and a significant part of the affluent’s investment portfolio.
     
  • It is important to understand that the art of selling and buying should always include an analytical approach to truly appreciate the realities, rather than just listening to the market rhetoric.
     
  • For homeowners looking to sell or buy their luxury home in today’s market we recommend working with a realtor who can provide you with critical knowledge about your local market, maintain a high level of security during the transaction and knows how to leverage technology to provide maximum exposure and assistance.  

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It is my responsibility as your REALTOR® to ensure that when others around you are lowering their expectations, that this becomes the time for us to switch gears and discover how to leverage the market effectively to achieve your goals.

If you would like to know more about the Luxury Market, or if you have any general real estate questions, call or text me on my cell phone at 804-350-0879 or you can email me at chris@smallre.net.

If you are looking to begin a home search, visit my website to get started!

ACTIVE! 
2412 Kensington Avenue
Fan District
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UNDER CONTRACT!  
2223 Grove Avenue

Fan District
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Additional resources
 
We are select partners with REALM and Leverage Global Partners. What does this mean for you as our client? If you are looking to relocate or buy a second home in an entirely different city (or on a different continent!), Small and Associates has you covered. As a member of these exclusive networks, we work with other like-minded agents and to put you in touch with the right REALTOR® outside of the Central Virginia area. If you or someone you know has been considering a unique move, let us be your guide.
 
To learn more, click the links below:
 
In addition to being a partner to two exclusive global networks, I am a proud member of the Institute for Luxury Home Marketing and am a Certified Luxury Home Marketing Specialist. This means that I will market your property to the highest standards with access to the latest trends in the industry.
Are you interested in buying a second home but, aren't ready to fully commit to another property? As a part of our partnership with REALM, we can direct you to properties all over the world with Pacaso. Pacaso is Luxury Co-Ownership where you have the ability to  own a second house for 1/8 of the cost. Click here to learn more and to start shopping!
Are you looking for your own slice of "La Dolce Vita"? Small and Associates has the connections to make it happen. We have personal contacts with firms in Italy and would be happy to help with your home search and make an introduction!
Client Testimonial: Click the link below to hear from Nathan and Laura Kottkamp, clients of Chris Small. Thank you for your kind words! It's always been an honor to help the two of you with your Real Estate goals.
Client testimonial from Nathan and Laura Kottkamp.
The Chris Small Group at Small and Associates
At The Chris Small Group, we embrace today's dynamic Real Estate market with fresh and strategic approaches to deliver optimal results. Our mission is to craft customized marketing plans that align precisely with the current market landscape. We commit to delivering exceptional outcomes that resonate with trends and buyer preferences. With our unmatched understanding of market dynamics, we ensure our clients' homes stand out and captivate potential buyers. Trust our expertise to maximize your property's exposure and generate genuine interest. Choose The Chris Small Group and experience the transformative power of our innovative and market-savvy approach in today's evolving real estate landscape.
A Story of a Sale: 3301 West Franklin Street
Chris Small, Broker | Owner
Luxury Real Estate Specialist

804-350-0879 | chris@smallre.net
chris.findahomerichmond.com
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Small & Associates Real Estate, Inc.
3103 Ellwood Ave.
Richmond, VA 23221
804-353-1250

Listings Last Updated: July 20, 2024 Feed Last Updated: July 20, 2024

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