What You Need to Know About Virginia’s Housing Market in 2023
Virginia is one of the most beautiful states in the nation, bringing all of the summer charms you could want, with endless industry and housing that can allow you to live the American dream. Whether you’re new to this state or you’ve lived here your whole life, one thing is clear: the housing market has been wild.
These last few years have been a rollercoaster of prices and buyers, and it’s been hard to keep up with if you’re not used to it. This is what the market is like in 2023 and what that means for you.
The Market Is Slowing Down
Regardless of where you are and how much you’ve heard about the housing market: it’s finally slowing down. In 2021 and 2022, it wasn’t uncommon for a home to be sold within a handful of days of being on the market due to the high demand. As of 2023, more homes are staying on the market for over two weeks, which means you have more wiggle room as a buyer to stop and bargain or get a better price.
This doesn’t necessarily mean that every seller is going to be willing to drop their prices and cover closing costs, but many are.
Properties Are Becoming More Affordable
Although all Arlington real estate is on the expensive side, it’s looking a lot better than it did just a year ago. This means that the prices we’ve seen rocketing sky-high for the last two years have finally stopped and are slowing down to the degree that makes it more possible for the average buyer to get home.
Remember to research every property you’re interested in. Don’t simply jump on one because it’s been available, and you think you can get a better deal.
Flippers and Landlords Are Offloading Properties
When you’re looking at properties, you may notice an overabundance of gray paint and flooring or windows and outlets that are painted over. This is generally referred to as the ‘landlord special’ because it’s a rushed attempt to make something look nice on the surface for someone who isn’t going to be living there for long.
Flippers and landlords are now starting to offload and sell properties that they were hoping to make a profit out of but were unsuccessful. That means you may find a lot of homes that are poorly maintained: be thorough during the inspection.
Job and Education Options Are Important
Look at what’s in the neighborhood. Are you seeing a lot of businesses you’d like to have access to? Are the local schools at a good enough rating that you’d feel comfortable taking them on?
Don’t be afraid to pay a little more if it means the property has every other perk you’re interested in.
Virginia’s Housing Market is Becoming More Approachable
Whether you’re trying to save money while buying a home or you’re eager to find a property that suits your needs while making a great investment: there are countless reasons to go house hunting in Virginia. Consider some of these points before you shop around in 2023.