You have decided to move to Virginia with your family after ample thought. A state with a robust economy, quality healthcare, and great locations. You plan on finding the right home in Virginia. To live in the center of where America began.
Let’s take a look at what factors to consider when choosing your ideal home.
1- The Ingredients of The Right Home
The ingredients to find the right home consist of internal and external factors. Location, taxes, nearby schools, parks, and stores are a few external issues. Whereas, price, home style, property size, and house inspection are internal factors. You need to consider your needs and wants. Weigh your priorities against each factor. Then decide what YOUR definition of the right home is.
The Right Home in Virginia
Finding the right home in Virginia can be competitive. Buyer demand exceeds the homes listed. Houses are going off the market quickly. Houses in Virginia are expected to appreciate 4.1% in 2022, according to Virginia Realtors. However, mortgage rates are low. They range between 2.79% to 4.15% depending on the timeline of the mortgage as of 2022.
2- Select The Proper Location
The first factor that comes into play is the location you choose for your house. The location plays a role in the price of your property and the quality of the neighborhood. Make sure you keep all the locations in perspective when deciding on the right home in Virginia. Nearby walking tracks, schools, gas stations, and grocery stores are all a few examples to keep in consideration.
3- Consider The Costs
Keep your financial situation in mind. Compared to other states, the cost of living in Virginia is higher. Naturally, housing costs will be higher than the national average. The national median house cost is $231,200 whereas, Virginia’s median house cost is $258,400.
4- Financial Requirements in Virginia
Most conventional lenders in Virginia require a credit score of 620. The down payment needed for a mortgage will be around 20%. Maintenance costs occur on an annual basis depending on the house. Homeowners pay $2200-$2500 on home maintenance on average.
5- The Right Timing
Timing plays a lot of roles in determining the price of the house. Current market conditions and peak seasons are all related to timing. 2021 was the year of the seller’s market. High prices were recorded. As more purchasers raced into the market, inventories fell to a four-decade low. Home prices are estimated to increase by 5.7% but growth rates will slow down overall.
Time to Buy the Right Home in Virginia
Spring is the finest time for buying homes in Virginia. Inventory is at an all-time high, and you’ll be able to take advantage of the extra supplies. On the other hand, it’s also the time of year when prices tend to rise. It’s advisable until summer to make a purchase if you want to save money. By then, the supply surge experienced in the spring had subsided. Most of the houses had already been bought by then. Sellers then sell at a lower price as compared to spring. However, this can also lead you to miss out on nice homes as most of them have already been sold.
6- Places Offering Fine Homes in Virginia
Virginia offers a strong real estate market for its buyers and sellers. In 2020, Virginia’s real estate market recovered. Most sectors overcame the first two-quarters of the post-COVID depression. Little loan rates, low inventory, and less unemployment contribute to the strong real estate market in Virginia. The following cities are good for buying homes to settle in.
i- Richmond
Richmond’s houses are mostly priced below the state’s median value, even though it is the capital. Depending on which area of the city you choose to call home, you have a wide range of housing options.
ii- Leesburg
Leesburg is not only one of the most beautiful towns in the country, but it’s one of the cheapest. There’s a reason it’s ranked as one of the greatest cities for families.
iii- Suffolk
Suffolk is one of Virginia’s largest cities, but it retains a small-town atmosphere. The city’s median property price is $229,900, while the area’s median income is rather high.
iv- Portsmouth
Portsmouth has a low median house price of $147,900. In a city famed for its many historic landmarks and institutions, it provides an affordable living.
v- Alexandria
Alexandria has been ranked as one of Virginia’s fastest developing cities. The economy continues to increase through population expansion. It makes it a fantastic place to call home.
7- Finding The Right Real Estate Agent
Finding the right home can be a hassle if you are a first-time homebuyer. Purchasing a home entail making numerous significant financial decisions. They include complex concerns and substantial amounts of paperwork. When making such a major investment, having an expert on your side is beneficial.
Finding the Right Home in Virginia with Regentology
Finding a home on your own can be a tedious process. Regentology.com is on the mission to simplify the complexity of selling your house. We have a professional network of agents that can assist you in landing the most suitable offer. We use technology to connect consumers with the best real estate professionals out there. Simply fill out our form to get a free consultation.