Do You Know A Good Deal When You See it?

Hello Hampton Roads,

Do you know a good deal when you see it? 

Well in order to know what a good deal is, you have to first understand the market.  It's best to understand the market from a broad overview to what's happening in the local subdivisions.  This will put you head and shoulders above other buyers who walk into the market not knowing what to expect. Knowing if  you are in a buyers' market or a sellers' market will help you negotiate and position your offer for the best chance of sucess! 

When I talk about understanding the market, it's not purely where prices stand but also how quickly homes are selling, what sellers are getting compared to their list price, and how common are concessions. In a seller's market, concessions are rarely given while in a buyer's market, the opposite is true.

So to start, here's an overview of  the past-- where we were recently,  the present--where we are now and the future--where we could be headed. 

The good news is that inflation is down, home prices have come down from their peak and inventory is rising. However, mortgage rates have bounced around and risen this month from being just under 6% in early February climbing to 6.45% today and this definitely affects affordability.

 

In Hampton Roads we are starting to see the market tilt towards favoring buyers. Home are staying on the market longer and sellers are more amenable to concessions, especially in new construction! Here are the latest stats for January 2023 for each of the 7 cities:

Buyers should take note that DOM (days on market) is climbing and MSI (month's supply of inventory) is skyrocketing 🚀. I'm starting to see more and more price drops with sellers being more open to paying some closing costs. More prominantly, I'm seeing some generous builder concessions for new construction (2% , 3% and in one rare case, up to 4% concessions)!!

To specifically know if the house you want to buy is a good deal you want to get specific with the numbers by having a market analysis done so you can see what comparable homes are selling for and what they have sold for.  A home's condition, updates, days on market, buyer competition, and seller motivation all play a role in price and whether that home represents a good deal or not.

For many people 2023 is the year they will be buying a house and if this is you, I'd love to help! If you have any questions about the real estate market and/or would like help with buying or selling a home, let me know.  My goal is to help as many folks as possible with their real estate plans by providing free education and resources about the local market so when it comes time to buy and/or sell, you'll be able to make the best decisions for you and your family. By providing value upfront, I hope to earn your trust first and then hopefully your business when you are ready. 

Thanks for Reading,

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