Buying a house today can be a legal steal. It’s the best time in a generation to buy a new home, not only in Roanoke and Richmond, Virginia, but across the United States. There are three reasons that make buying a new home now a smart decision that will pay dividends for years to come.
1) Mortgage interest rates are at historically low levels. During the week of June 7, rates for 15 and 30 year mortgages reached all time lows. After fluctuating above an annual rate of 5.0%, 30 year mortgage rates now are at 4.75%. Rates for 15 year mortgages are even closer to 4%! On a $250,000 loan, every half of a point decrease equates to an annual saving of almost $1,000! That’s powerful!
2) Housing is more affordable than it has been in a generation. The average home price in the United States is down more than 20% off the highs. In Roanoke and Richmond, Virginia, home prices have held their value better than the national average, but still offer outstanding values. Buy low; sell high!
3) It’s a buyers’ market! Inventory is plentiful! While the recent increase in home sales has absorbed many homes, the home of your dreams is still available now!