In a recent report from the U.S. Department of Housing and Urban Development, both the sales of home in Richmond and Virginia Beach as well as the prices of homes are on the rise. Here is an excerpt from the report:
According to CoreLogic, Inc., during the 12 months ending September 2012 (the most recent data available), new and existing home sales in the Virginia Beach and Richmond metropolitan areas increased 8 and 3 percent, to 21,450 and 15,650 homes, respectively. Average home sales prices increased 1 percent each in the Virginia Beach and Richmond metropolitan areas, to $220,200 and $210,100, respectively.
This is great news for the housing market as it shows stabilization in the region. However, if you are considering buying a home, now is a great time because prices haven’t risen dramatically – yet. Many forecasters are calling for this recovery to be slow, but when trying to build equity in a home, buying at the bottom of the market will give you the biggest opportunity.
If you have questions about funding your home purchase with a traditional mortgage or a specialty mortgage, give me a call. I’d love to help you explore your options. Click here to visit my contact page.