What’s Going on in Virginia Beach?
Here’s what you need to know about the Virginia Beach real estate market.
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I get asked by friends and clients all the time, “What’s our real estate market like?” Today I want to answer that question.
The truth is, the market is still very competitive. People have been talking about a slowdown and debating whether it’s seasonal or permanent. In my opinion, this is just a result of more homes entering the market.
Earlier in the spring, inventory was so low houses would have 20 or even 30 offers. You probably heard stories in the news about houses selling for $100,000 over list price. While you won’t get that many offers or that much over list price today, it’s still an extremely good seller’s market.
"Even if the rest of the market is slowing down, we probably won’t feel it in Virginia Beach."
For buyers, this means you’re still going to have to compete for homes. This probably includes raising your price, but there are creative ways to make your offer more attractive. I’ve seen a lot of buyers waive closing costs and inspections. I would never recommend you waive an inspection outright, but that should give you an idea of how competitive the market is.
The slowdown everyone’s talking about won’t be felt as strongly in Virginia Beach because of our high turnover. With one of the largest military bases in the world nearby, we have a near-constant stream of new people moving into our area. So even if the rest of the market is slowing down, we probably won’t feel it here.
If you are a buyer, don’t wait. Interest rates are only going up, and it doesn’t look like prices are coming down anytime soon. For sellers, it’s still a great time to get top dollar. If you are thinking of buying or selling a home, please reach out to me via phone or email. I am always willing to help!