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Buying A House In Virginia – Bankrate.com

Thinking about buying a house in Virginia right now? You might feel overwhelmed. Median prices across the state hit $397,000 in June 2022 — a 7 percent increase from the year before. But don’t let that number discourage you or m…….

Thinking about buying a house in Virginia right now? You might feel overwhelmed. Median prices across the state hit $397,000 in June 2022 — a 7 percent increase from the year before. But don’t let that number discourage you or make you wonder whether you should wait to buy a house: Virginia is big, and the median sale price is heavily impacted by those buying at the northern border, near high-priced Washington, D.C. You don’t need lobbyist-level cash to afford life in the rest of the state. In Roanoke, for example, the median sale price is an affordable $190,500, according to Redfin data. Even oceanfront living is getting more manageable: Median prices in Virginia Beach have dropped by $15,000 to $340,000 since April.

No matter where in Virginia you’re thinking about buying, you’ll need some help dealing with the current seller’s market in the commonwealth. Read on to avoid any stumbles along the way to buying a house in Virginia.

How to buy a house in Virginia

Decide where to live in Virginia

While you focus on buying a house in Virginia, you also need to think about how much it will cost to live there. Gas prices, doctor visits, electric bills, grocery runs: The cost of living can be quite different across the state. For example, Bankrate’s cost of living calculator shows that living in Richmond is around 40 percent cheaper than in the Beltway towns of Arlington or Alexandria.

In addition to thinking about the immediate benefits of a home in Virginia — the bustle of a college town like Blacksburg, for example, or the ocean views of Virginia Beach — make sure you factor in considerations about your long-term plans. Buying a home comes with a lot of one-time transactional costs, so you should aim to find a home where you and your family can grow.

Tips for buying a house in Virginia

All counties in Virginia are different — especially when it comes to figuring out the kind of loan you’ll need to buy a home there. Conforming loan limits vary by county here, and they are higher based on the local market. If you’re trying to buy a home near D.C., you’ll be able to borrow more money before crossing the threshold into the jumbo loan landscape — up to $970,800 in Arlington, for example. In lower-priced areas, $647,200 is the cutoff. If you do think you’ll be in the market for a jumbo loan, know that you’re going to need excellent credit and a bigger down payment to qualify.

Things to know about buying a house in Virginia

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