Based on prices, mortgage rates and soaring rents, there may have never been a better time in real estate history to purchase a Virginia Beach or Hampton Roads home or condo than right now. Here are five major reasons purchasers should consider buying:
1. Supply Is Shrinking
With inventory declining in many regions, finding a home of your dreams may become more difficult going forward. There are buyers in more and more markets surprised that there is no longer a large assortment of houses to choose from.
The best homes in the best locations sell first. Don’t miss the opportunity to get that ‘once-in-a-lifetime’ buy. Inventory in Virginia Beach and Hampton Roads has fallen consistently in 2012.
2. Price Increases Are on the Horizon
Prices will bounce along the bottom this winter. However, projections call for appreciation after that. Several studies and surveys call for price increases over the next few years starting in 2013. One such survey shows that prices will increase over 10% by 2016.
3. Rents Are Skyrocketing
Rents historically increase by 3.2% on an annual basis. A study issued earlier this year projects rent increases of 4% for the next two years. Trulia recently reported that rents this year have actually shot up by 5.4%.
4. Interest Rates Are at Historic Lows
Federal Reserve Chairman Ben Bernanke has kept interest rates low in an effort to stimulate a lethargic economy. He understands that low rates will help housing and housing is a key to bringing back the economy. As the economy approves, the need to keep rates low will no longer exist. The 30-year-mortgage rate before the financial crisis was 6.57% (August 2007).
5. Buy Low, Sell High
We would all agree that, when investing, we want to buy at the lowest price possible and hope to sell at the highest price. Housing can create family wealth as long as we follow this simple principle. Today, real estate is selling ‘low’. It’s time to buy.
Contact Dennis Blackmore with Creed Realty Virginia Beach for your Dream Home or Condo. A few of your dream homes are shown below:
See all Just Listed Virginia Beach Zip 23456 Homes for Sale.
(all data current as of 3/8/2014)
$266,950 : 2213 Martlet Lane, Unit 402, Virginia Beach3 beds, 2 full, 1 part baths
$267,100 : 2219 Martlet Lane, Unit 405, Virginia Beach3 beds, 3 full baths
$289,000 : 2033 Grey Fox Ln, Virginia Beach4 beds, 2 full, 1 part baths
$369,900 : 3277 Sacramento Drive, Virginia Beach4 beds, 2 full, 1 part baths
$597,000 : 2533 Greystone St, Virginia Beach4 beds, 3 full baths
$639,500 : 2432 Mathews Green Rd, Virginia Beach5 beds, 3 full baths
$266,950 : 2215 Martlet Lane, Unit 403, Virginia Beach3 beds, 2 full, 1 part baths
$267,100 : 2223 Martlet Lane, Unit 501, Virginia Beach3 beds, 3 full baths
$325,000 : 2976 Einstein Dr, Virginia Beach3 beds, 2 full baths
$379,900 : 2628 Mulberry Loop, Virginia Beach4 beds, 2 full, 1 part baths
4 beds, 4 full baths
$134,900 : 3900 Lansing Ct, Virginia Beach2 beds, 2 full, 1 part baths
$343,000 : 3700 Sandpiper Rd, Unit 213A, Virginia Beach2 beds, 2 full baths
$285,000 : 3519 Winding Trail Cir, Virginia Beach3 beds, 2 full baths
$325,000 : 4412 Wellesley Ct, Virginia Beach5 beds, 2 full, 1 part baths
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