Report: Virginia real estate market gaining strength

Published: Jul. 30, 2017 at 7:11 PM EDT
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Housing sales in Virginia are strong and have increased more than ten percent since 2016, according to the latest report from Virginia Realtors.

The report also stated the number of days a home stays on the market has hit a multi-year low in 2017.

Amy Argenbright, a realtor serving Augusta County, Waynesboro and Staunton, said she's seen huge booms in the housing market over the last six months.

Despite home shortages and low inventory issues across the nation, Argenbright said there are plenty of homes available in the Central Shenandoah Valley.

"This is a great time to buy a home," said Argenbright. "It's a sellers market [as] long as their homes are ready to go, staged appropriately, and priced right. It's a buyers market because there is still plenty of inventory. [Plus], getting in before school starts and before the holidays."

Argenbright says more people will have the ability to buy homes in 2017 than any other recent years.

"The interest rates have been great this year. Right now, were seeing anywhere from 3.85 to 4.125, and those are phenomenal numbers. There's a lot of first time home buyer mortgages that are available and 100% loan options, so it's great for everybody," says Argenbright.

Argenbright also says the most competitive area will be people looking for homes under $180,000. The most popular homes on the market are ranch style and Cape Cod style.