First Time Home Buyers: Here's What You Need To Know About RVA

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Dianne Long

REALTOR®, GRI

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5 Things First-time RVA Home Buyers Need to Know

January 3rd, 2018 by Napier ERA

First-time Home Buyers RVA

2018 will be a promising year for anyone who wants to buy one of the homes for sale in Richmond. Richmond is a desirable real estate market for both growing families and upwardly-mobile professionals, and there are plenty of opportunities to find amazing homes in our community.

While Richmond is still the same great area for home buying it has been for years, some aspects of the housing market are shifting. The more you know, the easier it'll be to navigate your options, make the best choices for you, and find the Richmond home you've been searching for.

Let's review some of the most important trends influencing area home buyers today:

Qualifying for a Mortgage Loan is Getting Easier
Mortgage lenders have been making it easier for buyers – especially first-time home buyers – to qualify for a loan. Down payment expectations are dropping and buyers with a heavier debt load are being considered. Even the paperwork involved is more streamlined than ever.
Debt Limits Are Going Up, Not Down
Debt-to-income ratio has long been one of the most crucial factors in getting a favorable loan. Strict debt limits are being eased in Richmond and many other places: Potential buyers may now qualify for favorable mortgage terms even if their debts would consume up to 50 percent of their monthly income.
Home Prices are On a Slow Ascent
From coast to coast, the second half of 2017 saw fast-paced action in the home market. All the activity might usually accelerate home price growth, but prices have remained on a steady crawl. That means 2018 offers plenty of leeway for buyers – but, the sooner you get started, the better!
Mortgage Rates May Tick Upward
A tiny fraction of a percentage point can save (or lose) you thousands of dollars over the life of your mortgage loan. Conditions are right for rates to jump sometime in 2018, and it can happen with little warning – another good reason to make your move as soon as you can.
Down Payments Are Shrinking
It wasn't that long ago when a down payment of 20 percent was considered standard – and as much as 30 percent was advisable. These days, buyers have much more freedom to take action even if they haven't spent years saving up … but even a smaller down payment still makes a difference.

If you are a first-time home buyer with your eye on real estate for sale in the Richmond area, Napier ERA is the expert team that can help make your homeownership dreams come true. Contact Napier ERA today – our real estate agents are looking forward to helping you.

Categories: Buy a House

Tags: Richmond VA, Napier ERA, Buying a house, Richmond Real Estate, Area Information, First-time Buyers, Millennial Buyers

Related Markets: Richmond

Dianne Long Office: (804) 334-3041 Cell: (804) 334-3041 Fax: (804) 897-3060 Voice Mail: (804) 897-3041 Email Me

Midlothian Office Main Phone: (804) 794-4531
14361 Sommerville Court, Suite 200
Midlothian, VA 23113

Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 03/05/2026. The listing information on this page last changed on 03/05/2026. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of Delta Media Group MLS (last updated Thu 03/05/2026 2:35:20 AM EST) or CAAR MLS (last updated Wed 03/04/2026 11:10:44 PM EST) or CVRMLS (last updated Thu 03/05/2026 1:08:27 AM EST) or Williamsburg MLS (last updated Wed 03/04/2026 10:54:34 PM EST) or NNAR MLS (last updated Wed 03/04/2026 10:26:37 PM EST) or Chesapeake Bay & Rivers (last updated Wed 03/04/2026 8:50:27 PM EST). Real estate listings held by brokerage firms other than Napier Realtors ERA may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved.

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5 Things First-time RVA Home Buyers Need to Know

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