A lot of people have been asking me how the local market is doing. Are we in a buyer’s market or seller’s market? What can we expect to see going forward?
It really depends on what area you are in. Areas with better school districts such as Chesapeake, Virginia Beach, and Suffolk are all in strong seller’s markets. Multiple offer situations are common and home prices are up. Houses are selling for top dollar in a matter of days.
On the other hand, parts of Portsmouth, Norfolk, and other outlying areas are in more of a neutral market. Some areas are even leaning towards a buyer’s market.
Overall, inventory is much lower than it has been in the past five years. In fact, we’re on track for a record number of sales. So far, this year mirrors 2007, the highest year on record for our area. 2016 might actually break that record. The good news is that buyers still have options; inventory is low, but things haven’t gotten to the point where you can't find a home.
The good news for buyers is that interest rates are at an all-time low. I expect we will continue to have low interest rates for the next six months, maybe even for the next year. There are no real signs that interest rates will change anytime soon. Even as our area moves more into a seller’s market, interest rates will remain low.
Interest rates are still at historic lows!
If you have been thinking of buying a home, now is the time to get serious about it. Don’t wait and get priced out of the market. If you’ve been thinking about selling your home, make sure you stage it and get everything in good condition before you put it on the market. That way, you can set yourself up for a successful sale.
If you have any other questions about the real estate market, just give me a call or send me an email. I would be happy to help you!
