No Time Like Now for Buying Richmond VA Real Estate

Despite what you’ve heard and read and despite what others are telling you, now is one of the best times in history to be in the market for a home, especially if you’re interested in moving on up, or getting a more expensive home.  The other two purchase scenarios offering the best buys in recent history are for first-time home buyers and investment buyers.

Let’s start with first-time home buyers.

First-time home buyers are in the best possible situation because they don’t have to worry about selling a house in a down market.  They just need to buy one, which is a very good thing.

With prices down, deals are available that would have seemed impossible just a few year ago.  Really good deals, including substantially reduced prices and a bevy of incentives being offered by sellers and builders alike.

It’s pretty obvious to understand how those moving to a more expensive home can take advantage of today’s market.  Some simple math can show how, even if you take a loss on selling your home, you can actually make a net gain in equity if you buy a more expensive home.

Suppose you have a $100,000 house in an area that has, on average, lost 15% of value.  Your house is now worth about $85,000.  Now, suppose you are interested in a home that was worth $300,000 and now priced around $255,000 (assuming it’s also depreciated the same 15%).  On paper, you may lose $15,000 on your home when you sell, but you make $45,000 on the home you buy, so you actually net $30,000 in equity.  Not a bad deal!

Finally, real estate investors are in a good place today to spend less and get more than anytime in recent history.  If you have the cash reserves or resources to invest, now is the time to consider doing it.  Lower prices mean more property for the buck and those that can buy now and have renters to help them weather the storm until the market improves can do very well.  If you’re considering investing, do your homework on the area you’re interested in and you’ll have a good chance to get a great return on your investment dollars.

Opportunities to do well in today’s real estate market abound, especially for many purchase scenarios.  If you are a first-time home buyer, thinking about moving to a more expensive home, or interested in real estate investments, as the idiom goes "there is no time like the present."  Contact us to see how well you might fare in the Richmond VA real estate market right now.