Tom McConnell
- Aug 11, 2021
- 2 min read

Is Now a Good Time to Buy or Sell a Home in Virginia?

Updated: Jan 9

Are Homes Less Affordable Than They Were in Past Decades?

There are many headlines about how housing affordability is declining. The headlines are correct: it’s less affordable to purchase a home today than it was a year ago. However, it’s important to give this trend context. Is it less expensive to buy a house today than it was in 2005? What about 1995? What happens if we go all the way back to 1985? Or even 1975?

Obviously, the price of a home has appreciated dramatically over the last 45 years. So have the prices of milk, bread, and just about every other consumable. Prices rise over time – we know it as inflation.

We are currently experiencing historically low mortgage rates as a major factor driving many people to buy. When interest rates are low, more people can afford to buy homes and start flooding the housing market. Mortgages rates no doubt a huge factor in affordability of buying a home, 1% difference in interest rates can contribute thousands of dollars of savings annually in interest alone.

Whether you’re thinking about buying your first home or moving up to the home of your dreams, don’t let the false narrative about affordability prevent you from moving forward. From an affordability standpoint, this is one of the best times to buy in the last 30 years.

If you are personally looking to buy, sell, or invest in Real Estate here in Virginia I would love to help you. I service the Williamsburg area as well as up and down the peninsula including the Hampton Roads area!