As a reflection back to the busy summer, here is the August market snapshot for real estate on the Virginia Peninsula:
To summarize this data from REIN, it’s a different real estate market today than it was a year ago. The number of listings have increased as compared to last August, and the number of sales have also increased a significant amount. We are in a changing market and straying away from our plateau of a buyer’s market. In reality, the real estate market is balanced. It’s neither a buyer nor seller’s market.
What does this mean for buyers?
Competition is high! Although there are an adequate number of homes available, homes in good condition and priced well are selling extremely quickly. Don’t be surprised to find yourself in a multiple offer situation or writing an offer for list price (or higher!). Buyers need to be prepared when they find “the one” and act quickly. As interest rates continue to rise, it’s becoming more and more important to present a strong offer when finding the right home.
What does this mean for sellers?
The market has significantly improved over last August. More buyers are becoming confident with the economy’s position and taking the initial leap either to upgrade or purchase their first home. They’re looking for move-in ready homes priced to sell, so talk to a professional Realtor about how your home compares to others like it. You want to be the best deal in your category to catch buyers’ attention for a quick sale. The higher interest rates rise, the fewer buyers there will be in your price point.
So whether you’re looking to buy or sell, be sure to contact a Realtor that’s familiar with local market trends. Don’t miss out on an opportunity!
Hampton Roads Real-e-statement is written by Alyssa Godwin, a Realtor with Liz Moore and Associates. For questions regarding buying or selling contact Alyssa at 757-329-6161 or firstname.lastname@example.org. You can also find Alyssa on Facebook or on the web at www.lizmoore.com/alyssagodwin.