Buying Your First Home in Chesapeake, VA

If hoping to buy your first home in Chesapeake, VA – happy searching. In the past five years, home prices in the city have nearly doubled. This is great for old-timers with a tremendous amount of equity, and not so good for young adults and first time home buyers. With the average price of a 1,200 square foot townhouse at roughly $175,000, first time home buyers are forced to pay nearly $1,300 for a starter home. If searching for a townhouse or condo with a few bonus features, the price soars pass $200,000. Even with slightly higher mortgage rates, home prices continue to remain steady. As a result, many young adults are heading south to North Carolina. For the past 12 months, real estate analysts have been predicting a decline in home prices. However, with the new construction of several neighborhoods with homes priced $500,000 and higher, Chesapeake is slowly becoming an affluent, retirement community.

On a more positive note, many first time homebuyers have been able to buy a home in Chesapeake, VA. Granted, the odds of finding an affordable home in one weekend are slim. Yet, there are a handful of moderately priced homes on the market. The key is staying on top of home listings. Consider the following tips for buying a home is Chesapeake, VA.

1. Get Pre-Approved – Knowing how much house you can afford is critical to the buying process. Once plans have been made to purchase a home, contact a lender and get pre-approved. With a pre-approval letter in-hand, sellers are more apt to negotiate. Furthermore, you can quickly make an offer on an available home without worrying about securing financing.

2. Attend a VHDA Homeownership Workshop – There are several home loan options available. However, first time homeowners in Virginia will benefit from a VHDA home loan. VHDA loans offer down payment, closing costs assistance, and the lowest mortgage rates to first time homebuyers. To qualify, homebuyers must attend a two-day workshop. The workshop will discuss many aspects of homeownership, and includes segments on debt management.

3. HUD.gov – Unfortunately, the number of HUD homes in Chesapeake, VA are few. Yet, a property will occasionally surface within the city. Regularly visit HUD’s website and browse available properties. If a property becomes available, contact the listing agent immediately. Due to the bargain prices of homes on the HUD site, properties are quickly sold.

4. Put Off Buying a Home – Over the past few months, mortgage rates have begun to rise. Furthermore, many homes within Chesapeake have remained on the market for several months. With this said, homebuyers may benefit from delaying the buying process. Sooner or later, home prices will weaken. Consequently, you avoid paying too much for your home.