The Virginia housing market is stabilizing. The monthly ratio between homes put on the market and homes sold is good. Home price appreciation is slowing. Though home sales may decrease as interest rates rise slightly, the market is in the process of stabilizing. This news is good for buyers and sellers. So if you’re interested in buying a home in Virginia Beach, now is definitely not a bad time to do so.
Quick Virginia Beach Housing Facts
Percent of Homeowners in Virginia Beach: 68.1%
Percent of Renters in Virginia Beach: 31.9%
Median Virginia Beach Household Income: $46,677
Average Virginia Beach Credit Score: 691
Best Cities to Live in near Virginia Beach: Vienna, Yorktown, Midlothian, Charlottesville
Median Virginia Beach Home Value: $125,400
How Much Real Estate Can I Afford in Virginia Beach?
The first question on any prospective homebuyers lips is this: How much can I afford to spend on my house? Of course you want to get the maximum value for your money; purchasing a home is an important purchase that effects your financial and personal lives. Many people make such a decision only once or twice in a lifetime. But don’t let yourself be overwhelmed in stress; we have tools that can help you determine your financial situation in the home-buying market. We have a wide selection of mortgage calculators that can help determine the amount of money you can spend on a monthly mortgage rate, the current rates in the area you wish to purchase, and the payment plan that will work best for you.
Refinancing In Virginia Beach
Do you ever catch yourself saying any of the following things?
- All my friends are buying their homes right now, and they all have interest rates a lot lower than mine.
- I have an Adjustable Rate Mortgage, and I love the low interest rate I am paying right now. I want to lock in on this rate.
- I have a Balloon Mortgage, but I can’t afford the balloon payment that is coming up in a year.
If any of those sound like you, it may be time for you to refinance. Check with your mortgage broker for more details.
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