Perfect Time to Buy a Home

Here are the top 5 reasons why it’s the PERFECT time to buy a home in Hampton Roads:

1. Houses are affordable; there are deals to be had by today’s buyer!
You don’t have to have years of real estate experience to know that the days of “run-away pricing” are over!  Thankfully, our team has seen a healthy stabilization of home values throughout our area.  This allows 1st time home buyers as well as “trade up” buyers to purchase homes with confidence.  Traditional market appreciation time frames are once again in place. Better yet, you don’t have to purchase a distressed property to capitalize on an amazing deal!
2. Plenty of options!
Unlike a clearance rack that is full of deals but never in a size that “fits”, the current inventory of starter, average-sized and larger homes in Hampton Roads is plentiful!  Gone are the days of everyone competing & “bidding”  on one appealing home in the most sought-after neighborhood!  Buyers can expect to find ample properties meeting their criteria and budget.  Naturally, this will allow for greater negotiation power when it comes to making an offer.
3. Motivated sellers with properties priced to sell & move-in ready!
Mr. and Mrs. Seller want you to purchase their home, not their neighbor’s home that is the same floor plan and for sale as well.  The majority of today’s sellers are prepared to assist reasonable buyers with closing costs, requested repairs and accommodate a desired closing date.
4. Fixed rate mortgages are historically low!
5. Buying a home today is a great way to combat inflation!

NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said some renters are looking to home ownership as a hedge against inflation. “The typical buyer today plans to stay in a home for 10 years, while rents are projected to rise at faster rates over the next few years,” he said. “As buyers gain more financial security, the advantages of home ownership become more obvious. Rents will continue to trend up, especially in comparison with a fixed-rate loan which provides financial stability and gradual accumulation of equity over time.”

Call us today so we can help you find your next home!  757-784-1358

This communication is provided to you for informational purposes only and should not be relied upon by you.  Erin Melton with RE/MAX Peninsula is not a mortgage lender and so you should contact the appropriate organization/company directly to learn more about its mortgage products and your eligibility for such products.