Timing your purchase just right can lead to thousands of dollars in savings on your Virginia home. Predicting the market can be hard, but it helps to have the guidance of a local real estate agent. We take a look at how home prices in Virginia fluctuate and how you can take advantage of the trends.
When buying a home, there are a lot of factors that play into getting a good deal. One of the more important variables to consider is timing. Real estate metrics vary significantly based on the time of year, and knowing how prices fluctuate in your city is essential to getting a great price.
There are a few trends that remain common across the country. For example, spring is an important period for buyers and sellers. It’s the time of year when the real estate market comes back to life after a lull in the winter. For the same reason, it can also be a time when prices shoot up due to the high competition for houses. So you’ll want to gauge the market on a case-by-case basis in spring.
The holidays are also considered a good time for buyers. Most people tend to be in good spirits and are more likely to cut you a good deal on their property. It’s also a time when most families are busy being convivial, so the competition for homes is lower.
Forecasting the real estate market across different times of year is not an easy science to master. Hiring an experienced real estate agent in your city is a good way to figure out the ebbs and flows in the prices of homes in your city. Let’s take a look at how to time the purchase of your Virginia home just right.
Best Time of Year to Buy in Virginia
As already mentioned, spring is when things begin to warm up in real estate markets across the country. That is also true in Virginia. March is when you start seeing the ‘For Sale’ signs start showing up in many parts of the state. That period lasts until the first half of May.
In terms of the range of choices, spring is the best time for buyers in Virginia. Inventory is at its highest and you get to take advantage of the increased supply. By the same token, it’s also the time when prices tend to go up.
If you’re looking for the most affordable purchase, it’s best to wait until summer. The uptick in supply seen in spring has gone down by then. Most families are busy taking advantage of the summer holidays and pleasant weather during that period. It’s a good time to make the most of a drop in competition for homes for first-time buyers in Virginia.
Waiting until after summer to buy a house in Virginia is a bit of a gamble. Sellers have had their houses remain on the market for too long by this point and may drop prices as a result. So it’s a good time to pick up a house at under market value.
At the same time, most of the best houses have already been purchased by late summer in Virginia. So waiting until then could mean not having access to the best properties in your area.
The Best Places to Buy a Home in Virginia
It may be the capital, but Richmond’s houses are generally priced below the median value for properties in the state. There is a large variety of housing types to choose from depending on which part of the city you decide to call home.
Not only is Leesburg one of the most picturesque towns in the country, it’s also an affordable one. There’s a reason why it has been named among the best cities for families in the past.
Suffolk is one of the largest cities in Virginia, but still manages to radiate a small-town charm. The median price of a house in the city is $229,900 and median incomes in the area tend to be high.
The median price of a house in Portsmouth is just $147,900. That makes for very affordable living in a city that’s known for its many historic sites and wealth of educational institutions.
Alexandria is consistently among the fastest growing cities in the state of Virginia. The growth in population continues to fuel the economy, making it a great place to own a home in.
4 Ways to Get a Great Deal On a Home in Virginia
Here are a few things you can do to get a good price on a house in the state.
Find a Great Virginia Real Estate Agent
The best way to know what moves to make as a buyer is by hiring a highly-rated real estate agent. Agents are well-versed with the state of the local real estate market at different times of the year. In addition to that, they work with buyers to understand requirements, search listings, and oversee the closing process.
Assess Your Needs and Lay Out Your Goals
Understanding your own needs is imperative to finding the right home. The size of your family, your financial capabilities, and the duration of your stay will all come into play as you sift through local listings. This is another step during which an agent can help you align your personal goals with what’s available on the market.
Find a Lender and Secure Financing
Finding the right property is only part of the battle. Once you know what you want, it’s time to raise the funds required to acquire it. Buyers have a large range of choices at this stage: everything from national banks to smaller private lenders. Take into account the fact that closing a deal can take as long as a month, so remember to factor that in while applying for financing.
Negotiate for the Best Possible Price
Now it’s time to put on your businessman’s hat. It helps to have an understanding of the real estate market in the area in which you’re buying a home as you go into negotiations. Good negotiators are also able to point out shortcomings in properties, which can lead to a reduction in the eventual price.
A highly rated real estate agent can add value to every step of the buying process. A buyer’s agent provides assistance with everything from assessing your needs or negotiating a good price.
Clever Partner Agents consistently save buyers thousands of dollars on their homes. Our full-service agents come with at least 5 years of experience under their belt and an in-depth understanding of their local housing market.
If you’re ready to buy a Virginia home for the best price possible, start by filling out your details on this page. A Clever representative will get in touch to set up a free consultation call, after which we match you with one of the top real estate agents in your area.