Buying A Home

Five Frequently Asked Questions About the Hampton Roads Real Estate Market

 

Today, we’ll discuss the current market in Hampton Roads. Since I’m often asked about it when I’m out and about, I want to share the five most frequently asked questions about the local real estate market.

1. Is this a buyer’s or seller’s market? This is so interesting. I’ve thought about this for the past five years. The Hampton Roads market is the most unique marketplace I’ve ever worked with. The rates are at an all-time low compared to the last several years. On top of that, there is not a lot of inventory available. In a way, it is a buyer’s and seller’s market. If a property is priced and marketed correctly, both sides win. Everyone gets a great, fair market value.

2. What does the current housing inventory look like? It’s a lot lower than you’d expect because of the low interest rates right now. Although there still is a selection of inventory out there, you have to be smart and wise. There’s different properties out there for different people. Ultimately, the inventory is becoming scarce.

3. How does the current inventory affect the values of the homes in the market? If there are less homes on the market, there will be more desire for them. Thus, they receive more value. When we talk about value, it’s not only the sales price, but a combination of factors. Less inventory means more demand, which drives the price up due to marketability.

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Consider This Before Making an Offer on a New Listing

Many home buyers carefully consider the timeliness of making an offer on a new listing. However, how long should you wait to make an initial offer? How long should you hold back before submitting a bid? Here's some tips to keep in mind.

  1. Use caution when making early offers. Timeliness matters! Don’t put in an offer too early or late. Listen to your agent.

  2. Make a fair proposal. If the listing has been active for less than three weeks, you don’t want to make a lowball offer. Don’t make it too high, either. The longer a listing sits, the less desirable it becomes.

    Demonstrate your appeal. Share your appeal with your agent. Your agent needs to know you like a property, so they can help you win it. Be honest!

  3. Understand your market. Although there are two separate markets for buyers and sellers, different markets exist for differently priced properties. For instance, properties under $250,000 can expect to sell quickly in today’s climate. Because there is a high demand for these homes, buyers will face more competition.

If you have any questions, please contact me by phone or email! I would love to talk.

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