The Richmond real estate market is diverse with both buyers and sellers alike seeking a variety of different properties. As a prospective seller, you can find out the market value of your property with free home value report right here or if you're looking to purchase in the Richmond area click here for full MLS access. Always feel free to reach out to us for any questions regarding the current market conditions, or the value of your property at 804-410-3782
Today, we want to discuss some big news announced by the Federal Government.
Recently, the governmental body that insures home loans here in the US - the FHA - has decided to lower their mortgage insurance premium from 1.35% to .85%.
This is a move that will have a big impact on our market.
One thing most agents know is that buyers purchases are based on triggers. Whether it's a new job, a new addition to the family, or a new marriage, there are a handful of life events that influence a person's decision to purchase property.
We don't want to jump to conclusions, but we think this reduction will encourage buyers to act!
What kind of effect will lower insurance premiums have on the Richmond market? For one, monthly payments on FHA loans could be reduced by as much as $80! That's nearly $1,000 a year in savings! This change gives buyers more spending power, and, combined with incredibly low rates, makes it easier to purchase a home.
We're excited for this change, and can't wait to see how first-time home buyers react. If you have any questions about these lower insurance premiums, or would like real estate assistance of any kind, give us a call or shoot us an email. We would love to help you take advantage of these fantastic market conditions!
