Homebuyers who have been sitting on the fence, watching the rates and inventory are seeing signs that it’s time to buy. Mainly ones like: Off Market, SOLD, Under Contract! The message is clear and the numbers are out to prove it. Don’t wait any longer—Now is the time to buy your new home in Richmond VA!
Home prices really are rising. According to the 2012 Virginia Housing Market Report, Virginia’s median sales price (with ½ the homes selling for more) increased 7 percent year-over-year to $240,000. Every region in the state either held steady or increased their median sales price. Nationwide, Standard & Poor’s/Case Shiller 20-city index reported the fastest year-over-year rise in prices since June 2006 and U.S. home prices rose 8.1% in January. That’s the fastest rate since the peak of the housing boom!
Inventory is going! Home sales in Virginia increased nearly every month last year compared with the same month a year earlier. Central Virginia, including Richmond and the Tri-Cities, saw the biggest increase in the state in home sales at 11 percent year-over-year, according to the 2012 Virginia Housing Market report. With sales increasing and current home owners waiting for prices to keep rising, the number of homes for sale in Virginia dropped to the lowest levels in years.
It’s time to lock-in your mortgage rate. The first week in April saw mortgage rates at 3.25% again for FHA and 3.5% for 30 year fixed. Of course rates depend on a number of personal variables but these near historically low rates will only go up as the market and economy improve. Remember, weak economic news normally causes money to flow out of Stocks and into Bonds, helping Bonds and home loan rates improve, while strong economic news normally has the opposite result.
These conditions are bringing potential buyers who have been waiting back into the market ready to buy. Now is the time to get the new home in Richmond VA you’ve been waiting for. Visit Main Street Homes online to see homes available now or better yet come tour our model homes and find what’s waiting on you!