🏡 The $11,000 Mistake: Why Waiting to Buy a Home Could Cost You More Than You Think

💭 The Waiting Game That’s Costing Buyers Thousands

Many first-time buyers are playing the waiting game hoping that interest rates will drop before they make their move. But here’s the surprising truth: waiting could actually cost you thousands. At the end of August 2024, the median home price in Central Virginia was about $389,000. Fast forward just one year later, and that same home now sells for $400,000. Even with only a small rate increase from 6.25% to 6.55%, your monthly payment is now about $139 higher — and you’ve lost out on a full year of equity growth.

📈 The Real Cost of Waiting

Housing prices in Richmond and across Virginia continue to rise, even in a market with shifting mortgage rates. That means the longer you wait, the harder it can be to catch up. Homeownership isn’t just about buying a place to live. It’s about locking in your cost of living and building long-term wealth.

*Principal and interest only. Excludes taxes and insurance.

That’s an extra $1,600 a year — and more importantly, a full year of missed equity you could have been building.

🏠 Virginia Housing Makes It Possible

The good news? You don’t have to do it alone.  Virginia Housing offers programs designed to help first-time homebuyers overcome the biggest challenges of buying your first home:

• 💰 Down Payment Assistance Grant – Covers most or all of your down payment.
• 🏠 Closing Cost Assistance Grant – Helps reduce upfront expenses.
• 🔑 Plus Second Mortgage – Covers your entire down payment.
• 🌟 SPARC and FirstHome Dream Programs – Offer reduced interest rates for qualifying buyers.

These programs can dramatically lower your initial costs and make homeownership more attainable, especially in today’s market.

🔍 Why Buying Now Makes Sense

While mortgage rates move up and down, home prices have consistently moved in one direction — up. Buying now means:

• ✅ Locking in your housing costs before prices climb higher
• ✅ Starting to build equity immediately
• ✅ Taking advantage of Virginia Housing’s grants and reduced-rate programs

Even if rates dip slightly in the future, you can always refinance — but you can’t go back and buy a home at yesterday’s price.

🤝 Let’s Make It Happen

If you’re thinking about buying your first home in Richmond, Henrico, Chesterfield, Hanover, or anywhere across Central Virginia, I’d love to help guide you through your options.

📞 Call or text: (804) 212-4071
✉️ Email: chrisrouse@bhgbasecamp.com
🌐 Learn more: rva4sale.com

🎥 Watch the Video -> HERE

📚 Related Resources

• Download My Free Buyer’s Guide
• Schedule a Homebuyer Consultation