Navigating the Housing Market in 2024: Trends Buyers and Sellers Need to Know

The housing market in Virginia continues to evolve, presenting both challenges and opportunities for buyers and sellers alike. While it is important to consider the housing market predictions for Virginia in 2025, understanding the current 2024 landscape is crucial. Whether you're a first-time homebuyer, a seasoned homebuyer, or considering selling your property, this guide will help you navigate the market with confidence.

Market Trends in Virginia

Steady Growth and Competitive Rates

The Virginia housing market has shown resilience and steady growth. With competitive mortgage rates available, now might be an opportune time for potential buyers to enter the market. Member One offers a variety of mortgage options, including conventional loans with down payments as low as 3%, making homeownership more accessible for many.

Rising Home Values

Home values in Virginia have been on an upward trajectory, which is good news for sellers. In fact, the median home price in the Roanoke area has seen a notable increase, reaching approximately $359,912 as of September 2024, marking a 5.2% rise from the previous year. However, this trend also means that buyers need to be prepared for potentially higher prices. It's essential to work with a knowledgeable lender who can help you understand your financing options and get pre-qualified, allowing you to act quickly when you find your dream home.

Tips for Buyers

1. Get Pre-Qualified: Before you start house hunting, get pre-qualified for a mortgage. This process will give you a clear idea of your budget and demonstrate to sellers that you're a serious buyer. Member One offers a simple online application, making it convenient to take this crucial first step.

2. Understand Your Loan Options: Explore various mortgage types, from conventional loans to special programs for veterans or rural buyers. Mortgage experts can help you find the best fit for your situation.

3. Consider the Long-Term: When buying a home, think beyond the purchase price. Consider factors like potential appreciation, neighborhood development, and your long-term financial goals. A home is not just a place to live; it's also an investment in your future.

Tips for Sellers

1. Price Strategically: With rising home values, it's tempting to price your home high. However, working with a real estate professional to set a competitive price based on recent comparable sales in your area can help attract serious buyers and potentially lead to a quicker sale.

2. Prepare Your Home: First impressions matter. Invest in minor repairs, declutter, and consider staging your home to make it as appealing as possible to potential buyers. A well-presented home can command a better price and sell faster.

3. Plan Your Next Move: Before listing your home, have a plan for your next steps. In a fast-moving market, you may need to act quickly once you receive an offer. Consider the best place to put money after selling a house whether in another property, retirement accounts, or other financial vehicles for stability and growth.

Navigating the housing market can be overwhelming, but the mortgage experts at Member One are here to help. Our mortgage services are designed to guide you through every step of the process, offering competitive rates and flexible terms. Whether you’re looking to purchase your first home, upgrade, downsize for a simpler lifestyle, or seek a second home for weekends or retirement, we provide expert advice to ensure you find the best financing solutions tailored to your needs.