Are you planning to buy or sell a home in Hampton Roads this year? Buying or selling a home is an exciting life event and we bet you’re anxious to get started. Before beginning this process it is essential to get an understanding of the market climate. RedefyFlatFee analyzes the market in Virginia Beach, Chesapeake, and Norfolk monthly as a resource for you. Below we have compiled these analyses for an overview of the first quarter of 2019 as well as our recommendations for buyers and sellers in the market.
Market Analysis January-March 2019
This analysis examines the housing market in 2018 in comparison to 2019 for Virginia Beach, Chesapeake, and Norfolk. Compared to the first quarter of 2018, the number of homes on the market has decreased in 2019. This is the result of people staying in their homes longer as well as the large number of rental properties available. Due to limited supply and high demand, homes are selling at a higher price, but the prices are being regulated by appraisers and mortgage companies. As expected, properties are appreciating, but at a lower rate because of the low inventory.
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As you may have guessed, because of the low inventory it is “seller’s market”. Though there is not a lot of competition it is still important to have a customized market analysis done for your neighborhood and to price your home accordingly. Your house is likely to go under contract fairly quick. Remember, if a bidding war ensues it will still be limited to the appraised value of the home.
All buyers have a list of ‘must-have’ features when searching for a home. Because of the low number of houses on the market, it is likely you will not be able to find a home with everything on your list so some compromises may be necessary. Know that for homes that do meet all of your ‘must-have’ requirements you will likely have to pay top dollar and a bidding war is probable. When you do find a home you are interested, you will need to act quickly and rethink your offer to make it stand out.
Our team at RedefyFlatFee creates these analyses in hopes to assist you in deciding if right now is the best time to buy or put your home on the market. Schedule a no-obligation consultation to learn how we can help you sell your house for top dollar or find the home of your dreams.