What First-Time Home Buyers Need to Know
The growth of the U.S. housing market, about 6% over the last year, has resulted in a Virginia real estate boom. In most Virginia towns and cities, owning a home is less expensive than renting, leading to a steady decline in short sales and foreclosures since August of 2012. Virginia homes have also seen a 21.34% decrease in the number of days they're on the market since August 2012. All of these factors, combined with the low average mortgage interest rate for a 30-year fixed mortgage of only 4.34% have created a perfect storm for those interested in buying a new home in Virginia. Realtors in Virginia see far too many instances of first-time home buyers rushing into buying a new house because of the favorable circumstances (more…)