What's Happening?
The real estate market in Roanoke, Virginia, is currently favoring sellers, with homes selling for an average of $420,000 as of July. This marks an increase of approximately $56,000 from the previous year, according to data from the Roanoke Valley Association of Realtors. Damon Gettier, Owner and CEO of Damon Gettier and Associates Realtors, notes that his company has about 55 homes under contract and nearly 60 sales last month. First-time buyers face challenges as they typically aim for properties around $275,000, which is significantly below the current market average. Programs like the USDA's no-money-down program and Virginia's VHDA program offer assistance to new homeowners. Gettier emphasizes the importance of working with local lenders for accurate pre-approval rather than relying on online estimates.
Why It's Important?
The current real estate market conditions in Roanoke highlight a broader trend affecting first-time homebuyers across the U.S. The rising home prices make it difficult for new buyers to enter the market, potentially impacting the overall housing economy. Sellers benefit from the increased prices, but the affordability gap for buyers could lead to decreased demand and longer-term economic implications. The availability of assistance programs is crucial for maintaining market balance and ensuring that potential buyers can still access homeownership opportunities despite financial barriers.
What's Next?
As the market continues to favor sellers, potential buyers may need to explore alternative financing options or wait for market conditions to shift. Sellers are advised to make their properties presentable to maximize sales opportunities. The ongoing economic conditions and interest rates will play a significant role in shaping the future of the housing market in Roanoke and similar regions.
