After two explosive years, the growth of the Virginia housing market is finally expected to slow down in 2022. What does that mean for you?
Whether you’re looking to buy or sell a house in Virginia, you’ve come to the right place. We’ve taken a look at the data, predictions, and current state of the Virginia housing market to deliver you some much-needed Virginia real estate advice.
Virginia is a great place to live. Its diverse ecology, job markets, and neighborhoods make it a welcome place for all. The question is, how do you find the right buyer or the right home to buy?
Read on for five real estate tips that will help you navigate the Virginia housing market.
1. The Housing Supply Is Declining
What do we mean when we say the market is slowing down in 2022? We’ve been in the midst of a seller’s market for years now, which tends to mean that supply (properties for sale) was on the low side. Real estate experts predict that the supply will drop even more in Virginia, in part because sellers who didn’t join in the frenzy already don’t seem to intend to.
2. Prices are Lowest in January
If you’re a buyer looking for the best deal possible, start your search in January. January sees the lowest turnover in the Virginia housing market, meaning that both sellers and buyers aren’t as active. As a result, sellers who are listing in January can’t benefit from the competition that leads to a rise in prices.
3. Inventory is Highest in April
Do you want to list when the market is hot or would you rather avoid the most popular time to sell a home in Virginia? Either way, keep an eye on April. April tends to see the largest inventory of houses for sale in Virginia.
4. A Longer Commute Equals More Affordable Housing
Northern Virginia is easily one of the most expensive regions in Virginia, in part because of its close proximity to Washington DC. If you’re willing to take on a long commute to work, you’ll find access to more affordable housing. Head to Manassas or lower to get out of the most expensive housing bubble in the DC area.
5. An Agent Will Help You Navigate Virginia Neighborhoods
One thing you should know about Virginia is that each city and neighborhood is completely unique. If you know where you want to live, work with an agent to find the best houses for sale in that region. Agents possess insider information that will help you find the houses that aren’t popping up in your online search.
Seal the Deal in the Virginia Housing Market
Virginia real estate is hot but the market is starting to slow. Use these tips to navigate the Virginia housing market whether you’re a buyer or a seller.
Wondering how you can finance your big move or your home purchase? Take a look at our finance section to learn more about loans, investments, and other financial resources.