Here are the main advantages to being a buyer and/or seller in our market.

Right now, the housing market is full of outstanding opportunities for both buyers and sellers. No matter what your situation is, there are perks that can help you make the best decision for your needs. Today I’m discussing the two biggest perks for buyers and sellers.

For buyers:

Low mortgage rates: This is the biggest one and the most compelling. 30-year fixed-rate mortgages are sitting at an average of just over 3%. As you can see at 1:08 in the video, that’s slightly up from the record lows we saw earlier this year, but it’s also way lower than the historic average. 

This is a huge advantage for buyers and helps make owning a home attainable for more people. Rates may rise as the year goes on, so if you think you may purchase a home in the near future, it's smart to start the process and lock in a rate now.

“It’s best to take advantage of these perks while you still can.”

For sellers: 

Low inventory: The fact is true—right now, there are simply not enough homes on the market to match the number of buyers looking to purchase. Nationally, inventory is down nearly 50% over the last year. In Virginia, we’ve seen a 51% decline in homes for sale. Homes are selling more quickly and for more money in this low-inventory market. The average listing is receiving over four offers and is on the market for 20 days or fewer. 

This low inventory has led to many multiple-offer situations and bidding wars. Competitive situations are keeping prices strong and giving sellers leverage. However, we’ve seen a slight increase in inventory here in Richmond, which will continue to build as the year goes on. It’s best to take advantage of these perks now so you can earn a higher profit and sell more quickly with favorable terms.

The bottom line is this: Whether you’re considering a home sale, purchase, or both, it’s best to take advantage of these perks while they last and while the market is most favorable. If you have any questions for me or want to know how our team can help you take advantage of these opportunities, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.