Read This If You Are Renting and Thinking of Buying in Hampton Roads

Hello Hampton Roads,

If you are currently renting and have been wanting to buy but aren't sure if it's the right decision for you, indecision may be costing you.  Maybe you're thinking that home prices have gone up so much that it might be better to wait, but you also need to consider what it is costing you to rent.  I am an advocate for home ownership and believe buying is a good decision for many people, but everyone's situation is different and sometimes it makes sense to rent.  Take a look at my earlier blog article for the pros and cons of each so you can make an informed decision for yourself.

A big part of the decision to rent or buy stems from housing affordability--is it cheaper to rent than pay a mortgage or can you own for what you pay in rent or less?  Exploring this viewpoint let's take a look at what's happening on a national level and compare it to what's happening locally.

Black Knight's latest Mortgage Monitor report stated that due to appreciation and rising rates, housing affordability is the the worst it's been since 2008.  Home price appreciation in Hampton Roads (Virginia Beach-Norfolk-Newport News Metropolitan Statistical Area (MSA) was about 14% for the past year.  In terms of rental prices, here's where we stand compared nationally and to other MSAs:

Rental Price Increase National Compared to Hampton Roads

Rental prices have increased the most in Hampton Roads.  Rental prices in our area have risen more than what is seen nationally and also more than in several highly populated metro areas like LA and New York!

If you'd like more information or to take your next step towards home ownership, feel free to schedule a free, no obligation call

Thanks for Reading,

Thinking of Selling Your Home? Check out the video below for what's  in store for the coming year and how to access your Free home selling score here:


Instant Home Value