We’ve been in a strong seller’s market for a while in Virginia. But if you are thinking about purchasing a home in the near future, this could be an ideal time to make your move. Let’s take a look at the reasons.
Virginia REALTORS recently released its 2023 Economic & Housing Market Forecast. The organization says, “Virginia’s housing market cooled down in 2022 and is on track to have the sharpest annual drop in sales activity in more than a decade.”
The Best Time to Buy a Home in Virginia
According to Virginia REALTORS President Denise Ramey, “Even with the slower sales activity this year, prices continue to trend upward because of the limited supply. However, it’s likely that we will see price growth slow down in the coming year.”
Additionally, the rate for the 30-year fixed-rate mortgage should fall gradually over the course of 2023.
So, if you will buy a home next year, you can take advantage of both the potential drop in interest rates and home prices beginning to level off.
Some other steps you can take to position yourself for affordable home purchase in the next year include:
- Work on raising your credit score.
- Try and pay off some of your debts to improve your debt-to-income (DTI) ratio.
- Boost your income if you can.
- Build up a safety net of assets and document them.
- Save money toward a down payment.
Also, even though home prices are still in an uptrend currently, keep in mind that the cooling seller’s market does work in your favor. Sellers who want to move their houses quickly may be more willing to accept your offer if it means meeting their preferred timelines. So, that is something to keep in mind if you plan to purchase a home in the next few months.
Buy a Home in Blacksburg or Beyond
Whether you want to purchase a home this year or next, First Residential Mortgage can help you navigate changing rates and home prices, connecting you with affordable rates and flexible terms. To schedule your consult, please call (540) 838-5868.