It can be a frustrating time to be an Alexandria, VA Homebuyer, to be sure, particularly if you are a first time home buyer.
Prices are down from their peak a few years ago and interest rates are at an historic low.
It is cheaper to buy than to rent in the Alexandria, VA area – just ask any potential renter who has been surprised at just how hard it is to find a decent affordable rental.
It’s never been a better time to be a first time home Buyer – or at least, that’s what I keep hearing.
There is one thing, though, that is keeing it from being a total walk in the park – lack of inventory! Very few houses to buy. Well, at least, that’s what Buyers keep telling me.
Buyers today have certainly seemed to have done their homework; they know where they want to be and they know what they want.
It’s just hard to find, sometimes. And when that elusive house comes on the market that is just perfect for you? Well, there are plenty of other folks just like you for whom it seems perfect, too.
Why is the inventory so low?
Well, it’s simple, really. Many Sellers who do not have to sell right now are not motivated to do so because they believe prices will continue to rise, so they are waiting for that to happen.
Many Sellers would like very much to sell, but they bought their properties during the heady days of double digit appreciation and simply don’t have the equity to get out right now.
So, we are left with a lower inventory than any of us would like, but the best prices and best interest rates we have seen in a long time.
First time home buyers in Alexandria these days have a decision to make. Wait for more inventory – and possibly higher prices and increased competition or figure out what is really important and maybe rearrange some priorities.
Saavy first time home buyers are figuring out rent is a no-win proposition for them, while buying gives them not only home ownership but a tax deductible appreciating asset.
Sure, the house they buy may not have all the latest bells and whistles, but cosmetics can be changed and upgraded as time goes on. By buying when prices and interest rates are the lowest they ahve been in quite some while, it only makes sense to get on the buying bandwagon now and use those savings to update in the future.