RICHMOND, Va. (WRIC) — Buying a home can be equal parts exciting and stressful — although for many, it might be more stressful than anything else. Luckily, if you are buying a home in Virginia this year, there is a lot to look forward to this year.
Recently, the Virginia Realtors Association made a blog post looking back on changes to the housing market in 2022 and predicting what 2023 could have in store for home buyers. According to the post, in 2022, interest rates were high and sales were slow. But surprisingly, that could be a good time for anyone looking to buy a home this year.
The blog lays out three major predictions that buyers — and sellers — will want to know, including prices and market trends. Here is what those predictions could mean for you:
It’s a good time to buy
According to the blog post, interest rates are high now, which might sound like buying a home isn’t a good idea. But because less people are buying, those that are actively looking for a home are in a great position. As the housing market slowed down in 2022, more properties became available and have stayed on the market, so buyers have plenty of options and time to think over their decisions.
Prices probably won’t change
Home prices rose across Virginia in 2022 even as sales slowed down. While these prices will probably not drop anytime soon, Virginia Realtors predict that the current prices will mostly be stable throughout the year.
Supply challenges will remain
Even with some promising trends on the horizon this year, there will still be supply challenges on the Virginia housing market. Listings continue to increase across the state, but at the same time, realtors say some communities are still not meeting local housing needs.
According to Virginia Realtors, there also appears to be a generational clashing of heads that could impact who is buying and selling. Many younger first-time buyers are ready to make their first home purchase, but existing homeowners are not ready to move and lose the low rate on their current property.
Unfortunately, realtors predict that these ongoing supply issues will likely not be resolved this year.