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 2/25/2015)
$285,000 : 2764 Browning Dr, Virginia Beach3 beds, 2 full baths
$409,000 : 3738 Sandpiper Rd, Unit 337, Virginia Beach3 beds, 2 full baths
$190,000 : 3952 Sunstream Pkwy, Virginia Beach4 beds, 2 full baths
$315,000 : 4524 Revere Dr, Virginia Beach5 beds, 2 full, 1 part baths
$669,900 : 905 Infanta Cir, Virginia Beach5 beds, 3 full baths
$259,900 : 3156 Polk Dr, Virginia Beach4 beds, 2 full, 1 part baths
$355,000 : 2492 Piney Bark Drive, Virginia Beach4 beds, 2 full, 1 part baths
$522,274 : 2805 Energy Drive, Virginia Beach4 beds, 3 full, 1 part baths
$835,000 : 325 Sea Scape Rd, Virginia Beach5 beds, 3 full baths
$275,000 : 968 Summerside Ct, Virginia Beach3 beds, 2 full, 1 part baths
$689,900 : 912 Esquiana Ct, Virginia Beach4 beds, 4 full, 1 part baths
3 beds, 2 full baths
4 beds, 4 full baths
$499,900 : 2636 Highland Drive, Virginia Beach5 beds, 3 full, 1 part baths
$649,900 : 2605 Sandfiddler Rd, Virginia Beach5 beds, 3 full baths
Listing information deemed reliable but not guaranteed. Read full disclaimer.