✅ F.A.Q. Frequently Asked Questions: Hampton Roads Real Estate
✅ Frequently Asked Questions from Buyers and Sellers in Virginia Beach and Surrounding Hampton Roads Cities
Welcome! These are the most common questions I receive from buyers and sellers in Hampton Roads and Virginia Beach. I’ve included clear, helpful answers—plus links to learn more. Every situation is unique, so if you’d like personalized guidance, schedule a free consultation with me today!
🏡 Home Buyer FAQs
🤔 What’s the market like for buyers in Hampton Roads?
Right now, the market is shifting for buyers! Home prices have come down from the lofty Covid highs and the market is shifting. We’re seeing more housing inventory than in recent years, giving you more choices and stronger negotiating power. 2025 Hampton Roads Real Estate Market Update
For the most recent data for detached single family homes in S. Hampton Roads (Virginia Beach, Chesapeake, Norfolk, Portsmouth and Suffolk) see below:
💰 How much do I need for a down payment?
You don’t need 20%! Many buyers qualify with just 3% down or less, and VA loans require zero down—especially relevant for our military community. Mastering the Art of Buying a Home with No Money Down and The Benefits of Using a VA Loan
🧾 What are closing costs?
Closings costs are costs outside of the sales price of a home. They covers inspections, appraisals, title insurance, and loan fees. Expect to budget 3.5–5% of your home’s purchase price. Ask lenders you are considering working with for their fee sheet to see a breakdown of costs.
🏦 What are the steps to buying a house?
Buying a home is one of the biggest financials decisions you'll make in your life so it's important to understand the process. In a nutshell, the process for best practices starts with the home buyer consultation to determine your needs and if you may be eligible for any special programs, then pre-approval, home search, offer and acceptance, closing. Steps to Buying a House from Consultation to Closing and the Top 10 Home Buying Mistakes to Avoid.
❓ Do I qualify as a first-time buyer?
According to the definition from HUD, a first-time buyer is someone who has never bought a home before or someone who may have bought a home before but it was over 3 yrs ago and they currently don't own one now. Advice for First Time Home Buyers and Can You Be a First Time Home Buyer Twice?
🔁 What are some popular programs available for first-time home buyers and repeat home buyers in Hampton Roads?
- The DPA (Down Payment Assistance Grant)-- This gives buyers between 2% to 2.5% down payment assistnce and works with FHA loans or 3% down conventional loans.
- The CCA (Closing Costs Assistance Grant)--This gives up to 2% closing costs assstance for active duty or retire miliary members.
- Frist Home Dream for first generation home buyers. --This gives a 2% rate reduction ove the life of your mortgage so if rates are 7%, then this programs will buy down the rate to5%.
- The Community Partners Program is for current and retired educators, medical workers, police and other first resonders as well as active duty and retired military and their surviving spouses. Eligible buyers can receive $20K for down payment or closing costs. This can be used by both first-time buyers and repeat home buyers.
- The Workforce Housing Plus Program is for higher income (up to 120% AMI) first time and repeat home buyers offering up to $15K to be used for down payment or closing costs.
🏠 Home Seller FAQs
📊 How do I know how to price my home for sale?
A Comparative Market Analysis (CMA) is the best way to price your home accurately. Online estimates can be misleading in our local market. You want to take into consideration the comparable sales, where the market is trending, and the condition of your home and how it compares others that have recently sold. For a free CMA and to see your home through a buyer's eyes schedule a Soft Home Inspection. How to Determine the Right Asking Price for Your Home
🧽 How should I prepare my home for sale?
Start with decluttering and deep cleaning. Then tackle small repairs, fresh paint, and curb appeal. These updates can increase your sale price significantly. Preparing Your Hampton RoadsHome for Sale: Essential Checklist
⏱️ How long does it take to sell a home right now?
Most well-priced homes in good condition get an offer within the first week or 2 of getting listed with closing occurring within 30–60 days. Take a look at the most recent stats for each of the 7 cities showing sold prices and median days on the market below
🤷♀️ I need to sell my home and buy another. What's the best way to do this?
Sellling your home and buying another can be tricky because you don't want to be in a situation where your home sells fast and you don't have one lined up to move into or where you haven't sold your current home yet and the one you are buying puts you in a situation of paying 2 mortgages. Everyone's situation is unique and it depends on structuring your offer to buy so avoid paying 2 mortgages and timing to the best of your ability so the buy and sale closings happen simultaneously or as close together as possible. I have helped several clients successfully navigate these back to back transactions and can do the same for you. How to Sell Your Home While Buying Another
🏦 General FAQs
🤝 What is an assumable loan?
An assumable loan lets buyers take over the seller’s mortgage—rate and all. Great when interest rates are high! Not all loans are assumable--generally VA and FHA are assumable whereas conventional loans are not. Assumable Loans in Hampton Roads
📉 What’s a short sale?
A short sale is a pre-foreclosure. It's when a home is sold for less than what’s owed, with lender approval. Since the home owner is selling it for less than what it owed, it is "short the mortgage amount" and hence the name "short sale." These are sold "AS IS" . Short sales can potentially offer a good deal to buyers and it helps owners avoid foreclosure. Understanding Short Sales in Virginia
💬 Still Have Questions?
I’m here to help. Whether you're buying your first home, preparing to sell, or exploring investment options like 1031 exchanges, let’s talk about your unique goals. 📅 Schedule a Free Consultation
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