Patel & Dalrymple, PLLC
Following the Trends in Virginia Real Estate Transactions
Virginia residents in the market for a new home may be keeping an eye on certain houses and desirable neighborhoods. Often, real estate transactions are a delicate balancing act where jumping too soon or waiting too long can result in big financial losses. However, experts in the market have made their predictions about the third quarter of the year, and it looks good for prospective buyers.
Mortgage rates continue to rise, and it is possible that more homeowners will hold off putting their homes on the market and instead access their home equity. Typically, the peak of the housing season is June, and sales slow as the year draws to an end. However, this opens the door for more aggressive buyers who are not afraid to shop for a home in the later weeks of summer.
For some, this means skipping vacation and focusing instead on homebuying. This time of year can become very competitive, and it is important to be ready to move quickly when the perfect home hits the market. For example, buyers should have a mortgage preapproved, the largest possible down payment in the bank and a legal advocate on their side to ensure the process goes smoothly.
For first-time buyers, there may be many questions and uncertainties about the best way to proceed. An experienced real estate attorney can guide one through the nuances of Virginia homebuying. However, even those who have gone through real estate transactions in the past can benefit from the assistance of a legal advocate.