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5 Things First-time RVA Home Buyers Need to Know
2018 will be a promising year for anyone who wants to buy one of the homes for sale in Richmond. Richmond is a desirable real estate market for both growing families and upwardly-mobile professionals, and there are plenty of opportunities to find amazing homes in our community.
While Richmond is still the same great area for home buying it has been for years, some aspects of the housing market are shifting. The more you know, the easier it'll be to navigate your options, make the best choices for you, and find the Richmond home you've been searching for.
Let's review some of the most important trends influencing area home buyers today:
- Qualifying for a Mortgage Loan is Getting Easier
Mortgage lenders have been making it easier for buyers – especially first-time home buyers – to qualify for a loan. Down payment expectations are dropping and buyers with a heavier debt load are being considered. Even the paperwork involved is more streamlined than ever. - Debt Limits Are Going Up, Not Down
Debt-to-income ratio has long been one of the most crucial factors in getting a favorable loan. Strict debt limits are being eased in Richmond and many other places: Potential buyers may now qualify for favorable mortgage terms even if their debts would consume up to 50 percent of their monthly income. - Home Prices are On a Slow Ascent
From coast to coast, the second half of 2017 saw fast-paced action in the home market. All the activity might usually accelerate home price growth, but prices have remained on a steady crawl. That means 2018 offers plenty of leeway for buyers – but, the sooner you get started, the better! - Mortgage Rates May Tick Upward
A tiny fraction of a percentage point can save (or lose) you thousands of dollars over the life of your mortgage loan. Conditions are right for rates to jump sometime in 2018, and it can happen with little warning – another good reason to make your move as soon as you can. - Down Payments Are Shrinking
It wasn't that long ago when a down payment of 20 percent was considered standard – and as much as 30 percent was advisable. These days, buyers have much more freedom to take action even if they haven't spent years saving up … but even a smaller down payment still makes a difference.
If you are a first-time home buyer with your eye on real estate for sale in the Richmond area, Napier ERA is the expert team that can help make your homeownership dreams come true. Contact Napier ERA today – our real estate agents are looking forward to helping you.
