Home prices are on the rise, according to Standard & Poor’s Case-Shiller index report. U.S. home prices rose in September at their quickest rate since February 2006. In Virginia, home prices rose to 6.8 percent and there was a 5.6 percent increase in the Richmond area. Even though home prices are increasing at a rather slow rate economists expect the housing recovery to continue.
If you are a renter, now is the time to buy a new home in Richmond. It is 37 percent cheaper to buy than to rent. If you are a seller, guess what? It is becoming a seller’s market so now is the time to put your house on the market.
Although, mortgage rates have risen they are still moderately low. Rates on the popular 30-year fixed loan have ranged from a low 3.34 percent in January to 4.46 percent in August. The average rate on a 30-year fixed loan has fallen to 4.1 percent which is down from a nearly 4.6 percent over the summer. The average on the 15-year fixed loan increased to 3.47 percent from 3.30 percent. With home prices on the rise and mortgage rates still relatively low now is the time to sell your old home and move forward with purchasing a new home in Richmond!