2020 was an unprecedented year with respect to just about everything, including its impact on the real estate market. Maybe last year you were thinking about buying a home, but you decided to wait—or perhaps you planned to shop for a home in 2021 all along. Either way, you are probably wondering whether this is a good time to be shopping for a home in Blacksburg or elsewhere in VA.
2021 will bring a combination of challenges and opportunities to Virginia homebuyers. Let’s take a look at each in turn.
Challenges of Shopping for a Home in 2021
The most daunting challenge facing homebuyers in Virginia right now is inventory. The availability of homes for sale is suppressed not just in VA, but nationwide right now.
The good news is that even though that is the case, there are still some beautiful homes throughout Southwest VA.
A lot of real estate experts also are predicting that a lot more homes will become available later in 2021. People who were thinking about selling their homes before but delayed will finally put their inventory on the market.
Construction projects that were put off last year may also commence this year, leading to even more availability of real estate.
Opportunities While Shopping for a Home in 2021
There are a few exciting things to look forward to with respect to shopping for a home this year in Virginia.
The first is that we should continue to see low interest rates throughout the year. So, if you were concerned you missed out on your chance last year to lock in low rates, you still have a chance to do so in 2021.
Plus, another opportunity for homebuyers this year is to enjoy a smooth, easy process. Last year, virtual tours and online conferencing with real estate agents and mortgage companies was all pretty new, but now, it is established.
In fact, it is arguably now more convenient to shop for a home than it was prior to 2020, since you can do so much of it from the comfort of where you are right now. You can take a lot more virtual home tours in a lot less time than you can traditional tours.
Take Advantage of Low Interest Rates and Buy a Home in VA Now
While low inventory through the early part of 2021 will pose some challenges for homebuyers, low interest rates and a convenient home buying process should make for some great opportunities to save time and money.
First Residential Mortgage can help you to lock in a low interest rate on a new home in Southwest Virginia. Not only that, but we can close fast, which can be essential when you are trying to get in ahead of a competing buyer in a high-demand market. To schedule your consultation, please give us a call at (540) 838-5868. We look forward to helping you achieve your homeownership goals in 2021.