Introducing The Wilson Group, a locally-owned real estate team based in the heart of Richmond, VA, on a mission to make every step of buying, selling, or managing a property a magical journey for their clients. With a strong reputation built mostly on referrals from friends, family, and satisfied clients, The Wilson Group is dedicated to making your real estate dreams come true.
In this sponsored content, they answer some commonly asked questions about the real estate market in Richmond, including why rents have skyrocketed, what to expect with the interest rate, why it’s still a good time to buy a home, and what steps to take today to buy a home in the future.
Inside The Wilson Group offices
Who are you and what do you do?
Based and located in the heart of Richmond, VA, this locally-owned team is on a mission to spread their real estate expertise far and wide – from Hampton Roads to Northern VA, and even to the bustling streets of Washington, D.C. Their motto, “ALL ABOUT THE EXPERIENCE!”, reflects their commitment to ensuring that every step of buying, selling, or managing your property is a seamless and enjoyable process.
The Wilson Group’s business model is based on the principle that real estate should be an experience, and they go above and beyond to make this a reality for their clients. Their dedicated team is committed to turning your real estate dreams into reality and ensuring that all your expectations are exceeded.
But don’t just take our word for it! The Wilson Group has a strong reputation built mainly on referrals from satisfied clients, friends, and family. With The Wilson Group, you can trust that you’ll be in capable and safe hands. So, why wait? Join the real estate adventure today and make your next property move an unforgettable experience!
Why has the rent skyrocketed the last few years in Richmond?
That’s a great question. As part of our services, we offer property management. Just like the price of homes for sale, rents have seen an increase over the years due to limited available homes for rent and an influx of people to the area (who wouldn’t love RVA?). We are seeing a lot of rental property owners investing in new construction homes in the bustling Manchester District, which creates great demand not only for people wishing to live in this area but also for fair market rent. This trend is not limited to the Manchester District; across central Virginia, the price of single-family homes for rent has seen increases over the last two years. It truly is a matter of supply and demand. This situation also helps potential first-time homebuyers to consider and participate in their first purchase, as it’s cheaper to own a home than to rent in this market.
The interest rate is high right? What do you expect to happen with the interest rate?
In our opinion, this question is more about mindset than anything else. While the interest rates are “higher” compared to 2020/21/22, they are still comparable to the interest rates we saw at the end of 2019. During the pandemic, historically low interest rates were put in place to offset the economic downturn, promote homeownership, and stimulate the economy. While rates of 2%, 3%, and 4% were great for those who took advantage of them, the rates of 5% to 7% we are seeing now are still excellent rates. The pandemic rates were never meant to last and were unsustainable. While many people and the media reflect on the increasing rates, we make it our job to educate and inform our clients that “higher” does not necessarily mean “sky high.”
That being said, our closely affiliated lender partners anticipate rates to drop slightly, possibly around the summer, to be in the 5%-6% range. Homeowners will undoubtedly take advantage of these rates and choose to refinance should they desire.
Reed Wilson
Why is it still a good time to buy a home?
It is still a great time to buy a home because the market is shifting and homes are still selling despite multiple offers, although there are far fewer offers than the 20-30 we were seeing this time last year. Sellers have been brought back to reality and we can set the proper expectations for buyers.
Furthermore, with many buyers still needing a place to live and wanting to own a home, it’s a win-win market. Our office has helped many buyers across the area find it easier to get their offers accepted, and we’ve even seen buyers receive closing cost assistance from sellers, which would have been laughed at in the last 2-3 years. First-time buyers are also taking advantage of grant money available to help with their down payment.
Another reason why it’s a good time to buy a home is that we now have the time to ensure that buyers in this market are fully educated and informed. Unlike the hustle and bustle of the last couple of years when buyers were rushing to get an offer accepted, we can now take a slower pace, hold our clients’ hands, and walk them through the process, which is how we prefer to work.
If someone cannot buy a home right now, what steps can they take today to buy a home in like two years?
Future planners are our magic! We have had many conversations with buyers 1-2 years ago and love to help them along the way. The first step we recommend is to truly understand your budget, location preferences, and start saving. This may mean creating a savings account for a down payment and reducing small expenses, such as spending less on Starbucks.
Although we cannot predict the future market, it is safe to say that home prices will not crash. While interest rates may fluctuate, prices will likely remain stable. If you think credit may be a challenge, talk to a lender today. Our lenders are fantastic because they are honest and provide guidance on what to do and what not to do. This can help you plan a roadmap to ensure you are ready and able to buy when you are ready and on your terms.
Sara & Dexter Brown
You sell homes, but your entire team also gives to charity with each sale. Why is that important to you?
We have never been and never will be a transactional-style company, meaning we’re not only in it for the money. Our model is to provide a great experience and build lasting relationships, including those in the areas we serve.
As a locally owned business, it’s crucial for us and our team members to give back and support the community that supports us. Giving back is our way of maintaining a servant mindset for the charities that are personally important to us, which, in turn, allows us to support many great organizations through monetary donations or volunteer opportunities.
For example, I am an animal lover through and through (my 11-year-old golden retriever will confirm this… lol), so I support the Compassion Animal Project.
Richard Halenda supports R.A.C.C. (Richmond Animal Care & Control).
Sara & Dexter Brown also support R.A.C.C.
Rebecca Pace supports Richmond Friends of the Homeless.
Elizabeth Weis supports Children’s Hospital of the King’s Daughter as well as Autism Awareness.
Jessica Cousins supports FeedMore.
Chauntey Moore supports Autism Speaks & Autism Society of Central Virginia.
Mr. Wesley and Reed Wilson
What is the best part of your job?
ALL OF IT! I mean it! We get to help others every single day by guiding them through one of the largest purchases one can make – buying a home or selling their home. Homeownership is a powerful way to impact someone’s life and we have the privilege of doing that on a regular basis.
As the broker & owner of The Wilson Group, I am fortunate to partner with amazing team members in our office to constantly improve ourselves, build lasting relationships, help people become homeowners, support our local community, and raise the bar in the industry. We believe that business can be done in a great and fun way, and that’s the best part of it. It’s important for us to create a positive work culture that attracts team members who share our values and enjoy taking care of clients and our community while having fun.
Find out more information on The Wilson Group at thewilsongrouphomes.com
