Home prices are on the rise since the 2008 housing crash, however they are still 20% off the mid-2006 peak. In markets that are still recovering, first time homebuyers will see appreciation over the next few years so now is the time to buy one of the Richmond, VA homes for sale.
Here are 3 reasons to buy one of the Richmond, VA homes for sale.
- Rising Interest Rates: Rates are slowly rising and are expected to continue to climb. Experts believe mortgage interest rates could reach 5% by the end of 2014, which means a jump in your monthly note.
- Rising Rental Rates: Depending on your situation buying may be the answer for you and your family. If you are looking to put down some roots then buying maybe a cheaper option for you and your family. Remember to consider the other built-in expenses: maintenance, insurance, taxes and utilities.
Buying Power: If you are working on reducing your debt load by paying off your student loans, credit cards and consumer debt, you will increase your credit score. The lower your debt to income ratio the higher you’re the more buying power you will achieve.