ROANOKE, Va. – Peak homebuying season is here. In fact, spring is the peak season to buy or sell your home.
If you are thinking of selling your home, there is some good news. Realtors said Southwest Virginia is in a seller’s market.
Five Stone Realty Group said the average sales price for a single-family home in Roanoke is around $300,000 to $350,000.
One of the first steps you should take if you are thinking of placing your home on the market is speaking with a professional real estate agent.
“You wanna know what should we price this at? What should we do before we put it on the market just to make sure that it’s show ready and that it’s gonna appeal to the most amount of buyers as possible,” said Owner Landon Johnson of Five Stone Realty Group.
Realtors also said you want to be careful not to overprice your home.
“You want to be careful not to overprice because then it’s gonna exclude so many buyers,” said Realtor Cara Brown with Five Stone Realty Group.
While Southwest Virginia is experiencing a seller’s market, realtors said it will soon balance out between buyers and sellers.
Realtors said interest rates are a little more than 7%. However, they think interest rates will go down by summer.
Five Stone Realty Group said there are not as many buyers right now. So, that gives anyone shopping a little bit of an advantage.
If you are thinking of putting an offer in, the first thing you should do is figure out your budget.
“They need to know what they can afford. They need to make sure that they can make those monthly payments. You might be approved for something that you might not be comfortable with making those payments. So that might be where you really need to have that customized plan, and you really need to feel comfortable about what you’re going to be paying monthly and be secure with that,” said Brown.
Meanwhile, TAP and VHDA are hosting free homebuyer classes for anyone interested in buying their first home. The event is this Saturday, Feb. 24, at the Dumas Center. There is another event scheduled for March 2. Both events start at 8:30 a.m.