The housing market in Virginia Beach has been on a rollercoaster ride throughout the year. Early this year, the market mirrored the trend nationally with the rising prices and hot demand. But the ride might not be over yet. Why? Ask a local real estate agent in VA Beach, VA, and they’ll tell you that the housing market has been up and down and it probably won’t stabilize until after the US Election. However, now is a good time to keep your eye on the real estate market.
Why Buy a Home in Virginia Beach?
You might have heard several financial influencers explain how the residential real estate market remains the best place to invest, and you might be asking yourself this question: Where should my house be located?
With its thriving industries, diverse population, top schools in the country, and desirable locations, Virginia Beach is primed for us to invest in the residential real estate market. Here are the reasons for that:
- Stability for housing costs
- Building equity with time
- Tax benefits
- Freedom of personalizing our space
- Appreciation of property values
- Sense of stability and community
- Investment diversification
- No landlord hassles
- Privacy
The Best Time to Buy a Home in VA
If you are looking to buy a home in VA as a low-on-cash buyer, spring remains the best season to do that. Sellers are much easier to negotiate with simply because there are many homes available for sale, not to mention a few buyers. Usually, the demand for homes increases in May, April, and March.
Summer is another peak season. It has active competitive buyers and the housing market. In addition, you will have a bigger inventory you may choose from in August, July, and June.
Fall is another good time to buy a house. Fall often has determined house sellers looking to settle elsewhere before the season of winter comes. This is why sellers are always open to negotiations. Plus, they might accept a lower asking price in November, October, and September.
Housing prices are also lower in winter, from December to February. The season minimizes housing market competition, giving us the capability to get our dream homes at reasonable and negotiable prices.
Factors Determining the Best Time
If you still plan to buy a house this year, timing your investment will greatly affect inventory availability and affordability. Here are insights to help us make the right decision:
1. Market Forecast
The housing market is still projected to see easing inventory constraints and home-price increases, which might improve buyers’ conditions compared to last year. Generally, the market is stabilizing, providing opportunities for every patient buyer.
2. Market Dynamics
Although the housing market heats up in the summer and spring, buyers who wait until fall can get better deals. During peak seasons, the costs increase by up to 20%, making fall a budget-friendly time for everyone looking to save money on the purchase.
3. Best Time for Home Buyers
Early winter and fall, especially October, are the best seasons to buy a home in Virginia. This is when we are more likely to get good deals because sellers are more motivated to close a deal before the year ends.
In conclusion, the beginning of this year was challenging for most homebuyers. The increase in demand has resulted in low housing inventory across VA. But generally, buying a home in Virginia Beach requires strategic planning and patience.