We have found that the Fall 2022 Market has been a good one for those buyers using VA Loans.
I spoke with one of our go-to lenders and he described the experience of someone he has been working with for some time. He had a VA client that was looking in the $1,000,000 range in the spring market. Sellers who had multiple offers would not take her offer because it was a VA loan and they were worried about the appraisal. What you need to know about a VA loan is that you cannot waive the appraisal contingency. The buyer may say they will, but they cannot waive that right. For that reason, the lender’s buyer had a tough few months and she recently got back in the game and is now finding what she needs in the 8475-900k range with no issues of being a VA loan. She was locked into a rate for 90 days at 5.575% while current VA rates are in the 5.875% or higher range. The client is now picking the place best for her instead of the market dictating what she can buy. She has a below-market rate until mid-December with the ability to extend for an additional 30 days once she is under contract.
So if you are able to use a VA loan now is the time. While the spring market may give you more inventory to review, it will also bring out more buyers and thus more competition. If you are active duty or a veteran, now is the time to buy!