8 Real Estate Buying Tips in Virginia Beach, Chesapeake, and Hampton Roads, VA

Are you doing your homework before considering buying real estate in Virginia Beach, Chesapeake, or Hampton Roads?

With hundreds of condos and homes to view in your price range within Virginia Beach and surrounding areas it is in your best interest to be an educated real estate buyer.  The bargains are out there and so are the “dogs” that we need to avoid.

Consider these real estate tips that might assist you in the local buyer’s  market :

1.  Interest rates are at a 35 year low. If you decide to wait to buy real estate, calculate what the cost may be if rates increase a half or one percent.   Over a 30 year period, that can be quite substantial.
At some point, the market is going to rebound and rates may increase.  Consult a Mortgage Officer to get your preapproval.   You need to know what you can afford before looking at homes. Also, the amount you are preapproved for does not necessarily mean you can afford such.

Use the mortgage calculator located  on the right side of this homepage to do hypotheticals. (consult a mortgage or loan officer for exact figures and required Truth in Lending Laws).

2.   Learn the local Virginia Beach, Chesapeake, and Hampton Roads market using the search for real estate tool.  Do you know where you want to purchase real estate or are you new to the area?  If new to the area, do not be afraid to ask questions of your REALTOR®.  Have some idea of the type of home, condo, or townhome you are searching for.  What is important?  (schools, bedrooms, garage, etc.).  All of this information will better help your REALTOR(R) find homes that appeal to you.

3.  Know the comparable prices of homes and condos you may be considering.   Once again, refer to your REALTOR® for advice and data to help you with an informed decision.  In this market, recent comparables of “solds” and “pendings” are a must to give you a competitive advantage when submitting a real estate purchase contract.

4.   Get a home inspection.  If your potential Virginia Beach home or condo may need some work, do not be afraid to ask for concessions to cover those costs.   Outdated kitchens or baths should not dictate the same price as real estate that has been updated to meet today’s buyer’s needs and desires.   Remember, you are most likely going to have out of pocket (read about closing costs) money at closing.

5.   Avoid scam artists you hear on the radio offering you “deals too good to be true”.  If they were that great of a deal someone would have bought them already.   You get what you pay for.  Also, auctions can sometimes drive the price higher than deserved with fees, etc.

6.  There are still good lender programs available.   Obviously FHA and VA programs are very much in demand.    Other conventional programs exists.  The government has enacted laws to help Virginia Beach,  Chesapeake, and Hampton Roads real estate buyers.

7.  With patience, you can buy low.   Plan on staying in your new purchased real estate at least three years to recover fees, etc.  This could be different depending on your circumstances and other factors with the real estate purchase.

8.   Use a professional REALTOR® (like me) to make sure you are represented in any real estate transaction and to receive “straight talk”.

Search this site for many articles to help you be an informed real estate buyer.

Read about it – It’s a great place to live!!

Best wishes for home ownership in Virginia Beach, Chesapeake, or Hampton Roads.

Other Useful tips:

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Do You Have an Ugly Credit Score? (Improve it and Save More Money on Your Mortgage)

Are Smart Are You About a Home? – Take the Quiz

Tagged as: Buyers, Tips