RICHMOND, Va. (WRIC) — Making the decision to buy or sell a home can be a tough one, especially with the ever-changing status of the housing market.
8News caught up with a local realtor to find out what you need to know.
Whether you are buying or selling a home in Central Virginia, Clayton Gits, the owner of Mission Realty said location makes a big difference.
“The closer you are to the city basically those are the hot pockets for the most part,” Gits said.
He said for the first time in years, Central Virginia is in what’s called a ‘sellers’ market.’
“There’s not enough inventory and there’s so much pent up demand so that’s creating the perfect storm for this sellers’ market that is increasing property values,” Gits said.
If you are considering placing that for sale sign in your front yard, now is the time to do so.
Gits also has some tips for potential home sellers.
“If a buyer can walk into a home and they feel like they don’t have to lift a finger, in this market, they will pay exponentially more for that product,” Gits said.
For those wanting to move, you are still in luck because interest rates are extremely low.
“Money is really cheap,” Gits said. “So if you are thinking about buying it’s not a bad time, just understand what the environment is.”
This means high competition, so make sure you know exactly how much you can afford and how far you are willing to move.
“The further you are willing to go out from the city and have more of a commute, you’re going to find that you are just going to get a better deal,” Gits said.
Whether you are buying or selling, talk to your neighborhood realtor. They can point you in the right direction.