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It’s no secret that the housing market looks a lot different than it did just three years ago. Interest rates are up compared to where they were during the height of the pandemic, but the new homes in Richmond VA housing market has slowed down. So, you may be wondering if you should purchase a home in Richmond. Here’s what you should consider when deciding if now is a good time to buy.

  1. How’s your credit? – The higher your credit score is the better your interest rate may be. Buyers with very good to excellent credit are usually low risk borrowers who will qualify for a lower interest rate.
  2. Do you have enough for a down payment? – The less money you need to borrow the better. You should have enough cash saved up to cover your down payment and closing costs.
  3. Will you stay in your home for a while? – It’s a good time to buy if you plan on staying in your home for at least five years. You’ll want to be able to recoup initial costs such as mortgage interest and closing costs before selling your home. Plus, you may encounter a capital gain penalty for selling your home too early.
  4. There may be less competition – The holiday season usually means there are less people buying a home. With fewer people house hunting, you may encounter less competition when searching for your dream home.
  5. You can always refinance – You won’t be able to negotiate the price of a new construction home. However, you may be able to refinance when the interest rate drops.

 

Whether now is a good time to purchase a new home is totally up to you. It’s a case-by-case decision that should be determined by what’s best for you. But if you’re financially able to purchase a new home now, then three’s no better time to start your home buying journey than now. We have a couple of quick move-in homes available. Visit our Sales Center at 10401 Dakins Drive or give us a call at 804-409-2069 to learn about our single-family new homes in Richmond VA at Wyntrebrooke Village.

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