From Contract to Closing: A Richmond VA Buyer Playbook
Buying your first home in Richmond is not just about finding the right house. It is about understanding what happens after you find it.
Mortgage rates eased to 6.43% the week of July 2, a seven week low, and the National Association of REALTORS reports first time buyers now make up roughly 35% of purchases nationally, the highest share since 2020. Locally, that shift is showing up across Richmond area submarkets. Richmond City homes average $371,213 and go to pending in about a week. Henrico County, especially Short Pump and Glen Allen, is seeing median prices between $450,000 and $750,000 with homes selling in 14 to 21 days. Hanover County values sit at $393,598, up 4.2% year over year, though days on market have stretched to around 30 as inventory grows. Chesterfield County carries a median list price of $569,000 with a slower 58 day pace. More inventory across the board means more breathing room for buyers who felt priced out in past years.
What Happens Between Contract and Closing
Once your offer is accepted, the real work begins. Your lender orders the appraisal and finalizes underwriting. Your inspector walks the crawl space, the roof, and the mechanicals. Your attorney reviews title. The other agent negotiates any repair requests. Contingency deadlines arrive fast, often within 10 to 14 days, and missing one can put your earnest money at risk.
Why Local Guidance Matters
Every submarket around Richmond, from Mechanicsville to the Fan to Glen Allen, has its own pace and its own quirks in contracts. A buyer agent who knows those differences can help you write an offer that protects you without waiving away every protection just to compete. First time buyers should also ask about Virginia Housing down payment grants, which can cover 2 to 2.5% of the purchase price and never have to be repaid, plus FHA financing options that open the door with as little as 3.5% down.
How Maison Works Differently
At Maison Real Estate Boutique, I do not hand you off to a transaction coordinator once your offer is accepted. I stay on the phone with your lender, your inspector, your attorney, and the other agent myself, all the way to the closing table. One person, one call, the entire way through.
If you are exploring first time home buyer programs in Virginia or just want a second set of eyes on any listing in RVA, visit brettbondarealestate.com or reach out directly.