Good afternoon! I hope you are enjoying the great fall weather here in Coastal Virginia and if you don't yet live in CoVa, what are you waiting for! It's 65 degrees and sunny! 

In all seriousness, the market in Hampton Roads is still strong and buying or selling is still a good idea. The hike in interest rates has had an effect on buying power and I foresee this decreasing the price of some homes (note I said some, not all). However, with the military being in need of housing (new orders have gone out or are about to, prompting many folks to move into the area), & our many attractions (beach, jobs, good weather) our market is competitive. Inventory is still low and homes that are in great condition or are priced correctly, are attracting multiple offers. The country is in a period of adjustment, and I think we will see home prices stabilize a bit. 

So, what does this mean for Sellers? Or Buyers? 

For sellers it means you must price your home reasonably and select a good REALTOR. Every day I see home listings that expire and often it is easy to see why. The pictures are poor (or even upside down) and the descriptions are leaving out important details. Or the price is way off. Hiring someone inexperienced or unskilled to do an important job is risky. Get it right the first time by calling my team. We will give you the honest truth about what your home is worth in today's market and then make sure it is marketed correctly. 

For buyers, yes interest rates are up but they aren't that bad. Historically, they are fairly good! And also, what good is a super low interest rate on an overpriced home? Not much. Thankfully the days of skipping inspections and no closing cost assistance are just about over. You have more power than you did 6 months ago. Sellers have to be more reasonable about prices and the condition of the home and this is all to the advantage of the buyers.

I am optimistic about the housing market in CoVA and you should be too! Call or text to discuss your plans 757.289.5352

Blog Entry written by Basia Stansbury, partner and fellow REALTOR 

757.749.6035