Should we buy a house now or wait? In the state of Virginia, it depends. In general, Summer is the best time to buy and sell a home. However, it doesn’t mean the prices won’t go up, either. In fact, interest rates are near historic lows. That means that if you are considering buying a home in the Fairfax area, now may be the best time to buy.
Summer is the best time to buy a home in Virginia
There are a number of details why summer is the best time to buy a home. Demand for homes is higher during this season, and homes sell for more money than during other seasons. Summer also makes moving easier than winter, as temperatures are warmer and transportation is easier. However, the best time to buy a home in Virginia will depend on a number of factors, including local market conditions, job growth, mortgage rates, and tax benefits.
The real estate market in Virginia warms up in the spring and summer, and many people try to gauge when the best time to purchase a home is. In Virginia, the spring selling season typically begins in March and lasts through the first half of May. This is the best time to buy a home during this season, as prices are lower, and buyers can save thousands of dollars. If you’re moving to the state, summer is the best time to purchase a home.
Spring is the best time to sell a home in Virginia
Whether or not spring is the best time to sell your home in Virginia depends on the situation and goals of the seller. For most sellers, selling high and fast are priorities. However, there are also regional differences. Spring is the most popular month to sell a home in Virginia, and the months that are not as favorable. Below, you can find out which months to list your property. Keep in mind that real estate activity is cyclical, reaching its peak in late spring and declining during the late summer.
Demand for homes increases in spring, resulting in more offers for sellers and faster sales. Additionally, homes sell for more money during this time, which means that the median statewide house sales price will be higher in 2021 than in 2020. Since demand fluctuates across cities, timing is critical. Traditionally, spring and summer are the best months to sell a home in Virginia. However, this may change in 2021 due to the pandemic COVID 19 outbreak.
Interest rates are at historic lows
While mortgage rates are still historically low, you’ll likely find that the rates are beginning to rise soon. This has slowed down the market and made it more difficult to find a new home. Still, it’s important to know that interest rates are subject to macro factors, like economic data, and could change. This could make it a good time to buy a new house if you’ve been holding off on the purchase.
Home values in We buy houses Fast Fairfax Va, rose by 8% in the past year, according to Zillow Group Inc. Despite these gains, home prices will continue to increase. This means that a house that was worth $250,000 last year will likely rise by another $240,000 in the near future. That means a home that was worth $270,000 in January will likely increase in value again in the coming year. But the uncertainty of the housing market is affecting the middle class.
Home prices will continue to rise in Virginia
According to the latest figures from the Virginia Realtors association, home prices will increase by 9.2% in 2020 and 4.1% in 2022. During that time, nearly 37,000 new housing units will be built, but there is no risk that prices will fall. The current 30-year fixed-rate mortgage rate is 3.1%, but that will increase to 4% by the end of 2022. Those figures are not indicative of future price growth, but they are indicative of what to expect for the next several years.
There is no shortage of concerns about rising home prices in Virginia, but the state’s scarcity is worsening the disparity between whites and minorities in home ownership. According to federal statistics, Black Virginians are less likely to own a home and to be approved for a mortgage loan. As a result, homeownership disparities are worse than they’ve ever been. In Virginia, the supply-demand imbalance in home prices is only likely to continue to widen, despite the low cost of living in the state.
Del Aria Investments & Holdings
11166 Fairfax Blvd Suite 500, Fairfax, VA 22030
(703) 936-4331
delariainvestments.com
