SALEM, Va. – If you’re looking to sell your home in the Roanoke area, now is the time to do that, according to Damon Gettier and Associates, Realtors.
Homes are selling for an average of $420,000 as of July, marking an increase of about $56,000 from the previous year, according to recent data from the Roanoke Valley Association of Realtors.
“It’s a good time to sell homes,” said Owner and CEO of Damion Gettier and Associates Realtors Damon Gettier. His company currently has about 55 homes under contract, with nearly 60 sales last month.
For those looking to sell, Gettier recommends finding a qualified real estate agent and making properties presentable through basic improvements, such as painting, cleaning and maintaining your garden.
While the market is favorable for sellers, first-time buyers face significant challenges. With the median household income in Virginia at approximately $90,000 in 2023, the average home price may seem daunting for many potential buyers.
First-time buyers typically aim for properties around $275,000, significantly below the current market average, according to Gettier. However, several programs exist to assist new homeowners, like the USDA’s down payment program.
“It has to be rural, which rural is not technically rural. It just can’t be inside of Roanoke City, and it can’t be inside of a town or a city, but you can be in Roanoke County, just out a little bit from the city. You have USDA, which is a no-money-down program, and then Virginia has a program that’s called VHDA. And it’s a blend between FHA and a Virginia program, where it’s no money for that also,” said Gettier.
Gettier emphasizes the importance of working with local lenders rather than relying solely on online estimates.
“Good local, you know, Virginia mortgage company. Get pre-approved so that when you go shopping, you’ll know what you’re looking for. Unfortunately, everybody looks at realtor.com and Zillow. And they go off those payments, and those payments are based on an 840 credit score and 20% down, which most first-time home buyers don’t have 20% now,” said Gettier.