Just like in many places throughout the country, finding affordable housing in Virginia as a home buyer is difficult. Many potential buyers are starting to realize that renting is the more affordable option, while homeowners are reluctant to sell due to the fact they’ll be forced to assume a higher interest rate on their next home.
However, there’s still plenty of opportunity in the Virginia housing market. Whether you’re a potential buyer or seller, you’ll need to have a comprehensive understanding of the Virginia housing market before proceeding in the real estate market this year.
This article provides an update on the Virginia housing market for both buyers and sellers in 2024. We’ll also discuss how Capable Home Buyers is the number one Virginia house buyer for homeowners looking to sell their house fast this year.
Is Now a Good Time to Buy in Virginia?
Potential home buyers often wonder whether or not now is a good time to buy in Virginia. Unfortunately, there isn’t much good news when it comes to buying a home in Virginia, as Redfin estimates median sale prices for homes in Virginia at $420,000, marking a 9.3% increase from this time last year. Additionally, affordability in Virginia isn’t getting much better. Homes in Virginia frequently sell for above listing price (about 35% of the time) and bidding wars are common among buyers.
On the flip side, housing inventory in Virginia is starting to trend in the right direction. There are currently 22,728 homes on the market in Virginia, which is up almost 5% since this time last year. Newly listed homes are also up 14% and reached 9,389 as of April 2024.
Nonetheless, potential buyers in Virginia should be optimistic. The increase in housing inventory and the fact that 19% of homes experienced a price drop could be an indicator that more buyers will be able to enter the market later this year.
Is Now a Good Time to Sell in Virginia?
Record-high home prices and buyer demand make it a great time to sell your home in Virginia. Whether you opt to sell your home with a traditional real estate agent or work with a “we buy houses” company like Capable Home Buyers, you’ll experience the benefits of selling your home in a seller’s market.
However, homeowners selling with a real estate agent should keep in mind the drawbacks that come with the traditional sales process. First, sellers are responsible for paying real estate commissions to both the listing agent and the buyers agent in some cases, although real estate commission laws are currently experiencing a shift in structure.
Additionally, selling with a real estate agent provides less control over the sale compared to working with a “we buy houses” company. Sellers typically have less control over pricing the home and the marketing tactics used to attract buyers.
Market Outlook for Virginia Real Estate
Now that you understand the current state of the housing market in Virginia, let’s talk about what experts believe is coming in the near future for Virginians.
The consensus prediction for the Virginia housing market in 2024 is that sellers will start to come back on the market. Those who sat on the sidelines in 2023 may want to start moving to a cheaper new place or relocate due to the increased job growth we’ve seen since the pandemic. Additionally, experts believe baby boomers who want to downsize will add up to 20 million housing units throughout the state of Virginia.
Experts also believe that mortgage rates will begin to decrease by the fall of 2024. While inflation data came in higher than expected and halted interest rate decreases earlier this month, many experts are still optimistic that interest rates will stabilize this year.
Finally, experts predict home prices in Virginia to continue rising. Top metro areas like Richmond, Virginia Beach, and Portsmouth saw rising home prices and will likely continue increasing until more homes come on the market and the demand for housing evens out.
Why Work with a “We Buy Houses” Company?
Virginia homeowners are at a huge advantage when it comes to selling in today’s market. However, selling with a real estate agent in a traditional sale isn’t always the best option. Here’s why you should consider selling your Virginia home with a cash home buyer like Capable Home Buyers:
- Fast Closing: One of the primary benefits of selling your house fast with a professional home buyer is a quick closing. Cash buyers have liquid funds and don’t require a mortgage approval like a traditional home buyer. This means they can often close on the house in a matter of days or weeks, compared to months with a traditional buyer.
- Sell Your House As-Is: A “we buy houses” company typically conducts an assessment of the property and makes an offer in 24 hours or less. This means cash buyers won’t require the homeowner to make extensive repairs or renovations before selling the property like a traditional sale requires.
- Lower Closing Costs: Like we mentioned, the traditional real estate process comes with thousands of dollars in closing costs for both the buyer and seller. When you work with a “we buy houses” company, you won’t have to pay closing costs like lender fees and appraisal costs.
- Privacy and Convenience: Selling to a “we buy houses” company can be a private and convenient process. Sellers can often complete the sale without having to stage their home for showings or deal with the inconvenience of multiple property viewings.
Are you ready to sell your house fast and for cash? Capable Home Buyers is a “we buy houses” company that buys Virginia properties and closes on the sale in as little as 11 days. Visit our website or give us a call at (757) 699-1201 to get started!