Virginia Beach & Hampton Roads

Deciding whether to rent or buy a home is a major choice that can have significant financial implications. Each option comes with its own set of advantages and challenges, making it essential to weigh your options carefully. Renting offers flexibility and typically requires lower upfront costs. Monthly rent payments can vary, and while they provide a place to live, renters do not build equity in the property. This means that, over time, the money spent on rent does not contribute to ownership or investment in an asset. On the flip side, buying a home usually involves a down payment and ongoing mortgage payments. However, homeownership can lead to substantial equity growth, particularly in appreciating housing markets. As homeowners pay down their mortgage, they build equity, which can be a valuable financial asset. Additionally, homeowners may benefit from tax deductions related to mortgage interest and property taxes, further enhancing the financial advantages of owning a home. Cost Comparison Analysis To illustrate the financial implications of renting versus buying, let’s look at a cost comparison over a 7-year period.  Renting: A renter starts out paying $800 per month, with annual increases of 5%. This means that by the end of the 7 years, the monthly rent will have significantly increased, impacting the total cost of renting. Buying: A homeowner purchases a home for $110,000 and pays a monthly mortgage of $1,000. After 3 years, thanks to tax savings associated with homeownership, the homeowner's effective payment becomes lower than the renter's monthly payment. By the 6th year, the homeowner's payment is consistently lower than the renter's monthly payment. This analysis highlights that while renting may seem more affordable initially, the long-term costs can add up, making homeownership a more financially sound choice over time. Ultimately, the decision between renting and buying hinges on individual financial situations, lifestyle preferences, and long-term goals. It’s crucial to assess your readiness for homeownership and consider how each option aligns with your future plans. Whether you prioritize flexibility or investment potential, understanding the financial implications of each choice will help you make an informed decision. If you’re thinking about buying or selling a home in the Virginia Beach or Hampton Roads area, don’t hesitate to reach out! We’re here to help you every step of the way! 🤝 📱: text/call me at 757-703-1590📧: megan@lukerativegroup.comMegan Luker is a licensed Realtor in the Commonwealth of VA at ΓEA⅃ Broker, LLC. 757 703 1590 (direct), 855 450 0442 (office), 1765 Greensboro Station Place, 900 McLean, VA 22102  

Great news for homebuyers! Mortgage rates have plummeted to their lowest point in over a year and a half, making this an exciting time for anyone who has been waiting on the sidelines to dive into the housing market.This recent decline is more than just a small dip; it represents a significant opportunity for potential homeowners. As Sam Khater, Chief Economist at Freddie Mac, notes, “Mortgage rates have fallen more than half a percent... and are at their lowest level since February 2023.”The Impact on Your Monthly PaymentsTo truly understand the benefits of this rate drop, let’s look at the numbers. Consider a $400,000 home loan. If you had purchased a home back in April when mortgage rates were around 7.5%, your monthly payment would have been considerably higher. Fast forward to today, with rates now in the low 6% range, and you could see your monthly payment decrease by over $370! That’s hundreds of dollars saved each month that could be put towards other financial goals or home improvements.Bottom LineWith mortgage rates at their lowest in nearly two years, your purchasing power is stronger than ever. Now is the perfect time to connect with a local real estate agent to explore your options and make the most of this golden opportunity in the housing market. Don’t wait—your dream home may be just around the corner! If you’re thinking about buying or selling a home in the Virginia Beach area, don’t hesitate to reach out! We’re here to help you every step of the way! 🤝✨ 📱: text/call me at 757-703-1590📧: megan@lukerativegroup.com Megan Luker is a licensed Realtor in the Commonwealth of VA at ΓEA⅃ Broker, LLC. 757 703 1590 (direct), 855 450 0442 (office), 1765 Greensboro Station Place, 900 McLean, VA 22102  

June is a busy month in the housing market because many people buy and sell this time of year. So, if you’ve got a move on your mind and are looking to make it happen this month, here’s a snapshot of what you need to know to ensure you’re ready. If You’re Buying This JuneA lot of homebuyers with children like to move after one school year ends and before the next one begins. That’s one reason why late spring into summer is a popular time for homes to change hands. Whether that’s a motivator for you or not, it’s important to realize more buyers are going to be looking right now – and that means you’ll want to be ready for a bit more competition. But there is a silver lining to a move this time of year. This is also when more sellers will list – so you should find you have more options. As an article from Bankrate says: “Late spring and early summer are the busiest and most competitive time of year for the real estate market. There’s usually more inventory listed for sale than other times of year . . . This is a double-edged sword for a buyer, as you will be met with more opportunities but [also] much more competition.” During this busy season, it’s extra important to work with a trusted real estate agent. Your agent will help you stay on top of the latest listings, share expertise on how to make a strong offer in a competitive market, and give you insight into things like what the home is worth so you can make an informed decision when you buy. As Forbes says: “Approaching the market confidently, armed with good information and grounded expectations will take you far. Don’t let the hustle of the market convince you to buy something that’s not in your budget, or not right for your lifestyle.” If You’re Selling This JuneBecause there are more buyers this time of year, you’re in a great spot as a seller. Many of those buyers are highly motivated to make their move happen before the next school year kicks off – so they’ll likely put in strong offers to try to make that possible. That means, if your house shows well and is listed at market value, you could see your house sell faster or for a higher price. According to the National Association of Realtors (NAR): “Warmer weather and the end of the school year encourage more people to buy and sell, respectively. Buyers are looking to move and settle before the new school year begins, contributing to increased competition and, consequently, higher prices.” You want to be sure you’ve got a great agent on your side to help you with the contingencies on those offers and any negotiations that take place so you can pick the best offer. Make sure you go over closing dates with your agent. Buyers trying to time their move with the school year may need to delay a bit or move faster. This can depend on the school calendar where you live. As U.S. News Real Estate explains: “ . . if your house goes under contract in early summer, the buyer may ask for a delay in closing or move-in until the school year finishes or their current home has sold. Alternatively, a buyer later in summer may be looking to close quickly and move in under a month. Remain flexible to keep the deal running smoothly, and your buyer may be willing to throw in concessions, like covering some of your closing costs or overlooking the old roof.” Bottom Line If you’re looking to make a move this June, chat with a real estate agent so you know what to expect and how to plan for current market conditions.

The Ultimate Guide to Buying a Home in Virginia Buying a home is an exciting and significant step in anyone's life. Whether you're a first-time buyer or an experienced homeowner, the process can be both thrilling and overwhelming. If you're considering purchasing a home in Virginia, you've chosen a state with a rich history, vibrant communities, and diverse real estate options. In this ultimate guide, we will explore various aspects of buying a home in Virginia, including tips for buyers, real estate news, and the importance of choosing the right neighborhood. For buyers, one of the most crucial steps in the home buying process is to assess your financial situation and determine your budget. Virginia offers a diverse range of real estate options, from quaint townhomes to sprawling estates, so it's essential to have a clear understanding of your financial capabilities. Calculate your monthly expenses, factor in the down payment, and consider getting pre-approved for a mortgage to strengthen your bargaining power. Staying up to date with real estate news is another vital aspect of the home buying process. Virginia's real estate market is continually evolving, with fluctuations in property values, mortgage rates, and housing inventory. Stay informed about the latest trends, market conditions, and changes in regulations to make well-informed decisions. Reading real estate blogs, subscribing to local newspapers, and consulting with experienced real estate agents are excellent ways to stay in the loop. Choosing the right neighborhood is crucial when buying a home in Virginia. The state offers a plethora of diverse communities, each with its unique charm and amenities. Consider your lifestyle preferences, such as proximity to schools, parks, shopping centers, and commuting distance to work. Research crime rates, quality of schools, and community activities to find a neighborhood that aligns with your needs and aspirations. Working with a knowledgeable local real estate agent can be immensely helpful in finding the perfect neighborhood that meets your criteria. Virginia is known for its rich history, beautiful landscapes, and vibrant cities. Whether you prefer the bustling urban life of Arlington or the serene countryside of Charlottesville, Virginia offers a wide range of options. The state is also home to top-notch universities, including the University of Virginia and Virginia Tech, making it an attractive destination for families and young professionals alike. Additionally, Virginia's proximity to Washington, D.C., provides ample career opportunities for those commuting to the capital. In conclusion, buying a home in Virginia can be an exciting and rewarding experience. Understanding your financial capabilities, staying informed about real estate news, and choosing the right neighborhood are essential steps in the process. Virginia's diverse real estate options and vibrant communities offer something for everyone, whether you're seeking a quaint suburban lifestyle or an energetic city ambiance. With the help of a knowledgeable real estate agent and thorough research, you'll find the perfect home that meets your needs and becomes a haven for your future endeavors in the beautiful state of Virginia.