Market Analysis April – June 2019
This data compares the changes in the Hampton Roads housing market between Q2 of 2018 and Q2 2019. In the second quarter of 2019, there was a decrease in houses for sale in Virginia Beach, Chesapeake and Norfolk resulting in a lack of inventory in all cities. Because of the limited number of houses, home prices experienced a slight increase of 3-4% in each city. With the high demand for homes for sale, the number of closed homes sales has increased in all cities.
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When starting your home search in Hampton Roads, it is important to remember that because of the limited number of available homes there will be fewer homes for you to tour. You will have to make compromises and understand you will not get everything on your must-have list. When you find a home you wish to put an offer on, be aware that you will pay top dollar and there will be a lot of competition. Get creative with your offer. Your realty agent can make recommendations on how to make you stand out against the competition.
This is your time! Listing your home now will likely result in a quick sale as long as it is priced appropriately. Remember, just because there is a high demand for your home does not mean you can drive up the price drastically. Lenders and appraisers will regulate your home sale anyway as a measure to prevent another market crash similar to the one that occurred 10 years ago.
Whether you are looking to buy or sell a home in Hampton Roads, understanding the climate of the market is key for making an informed decision. When you do decide it is the right time for you, your greatest asset throughout the process will be your agent. Partnering with an RedefyFlatFee agent during your home search ensures you will work with an agent that has your best interests at heart. Working with an RedefyFlatFee agent to sell your home you will receive a full service agent for a fixed rate of $5,500. This includes all the features of traditional realtors such as professional photos, posting your home on a MLS and personalized marketing plan, but allows you more easily retain the equity you earned. Learn more about our flat rate real estate service and contact us to get started now.