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Tips to buying a home in the current real-estate market

VIRGINIA BEACH, Va. (WAVY) — Weekly real-estate headlines paint a grim picture of the current real-estate market. Whether there are new record high-mortgage interest rates, or lack of houses for sale, those in search of a home could be discouraged. 

Angela Farber is a real-estate agent in Hampton Roads, and said the market fluctuates.

“You’re getting at least one to two offers on a home, values are still continuously going up,” Farber said.

Farber said now there is just over a month worth of inventory, but a balanced market will usually have four months worth of inventory. 

While the market is great for sellers, it’s a different story for those looking to buy a place to call home. Farber said homes are staying on the market a little longer than they did during the pandemic, and there are programs that can help qualified buyers.

“Buyers can ask for more assistance when it comes to closing costs,” Farber said. “They can also get help buying down their interest rate which is huge — before you weren’t seeing that. It wasn’t as common, it’s a big perk now.”

Farber also recommended the following tips for first-time buyers.

First, take a homebuying class. Many loan companies and banks offer free information on the homebuying process.

Second, create a budge with a loan officer.

Third, take time to improve credit score or increase savings.

Finally, find a licensed realtor that can understand your needs. Experts also share, even with the high-interest rates, homeowners can refinance in the future when the rates fall. 

Continue to check WAVY.com for updates.