The South Hampton Roads Real Estate Market is Rockin’!
Anyone who is in the market to buy a home in South Hampton Roads can tell you–the market is lively–the real estate market is rockin’! If you don’t get your offer in quickly and if it’s not competitive–you are not going to win the bid! If you are a seller it is a fantastic time to have your home on the market. It seems that people are trying to beat the inevitable interest rate hikes and increased prices that come with enhanced economic activity. Even though it is technically a seller’s market (average length of time on the market is less than six months) it is still a good time to buy a home: interest rates are still very low and home prices are still below their 2008 highs.
Lot’s of Homes on the Market
Don’t worry, there is still a lot of inventory (homes, I mean) on the market; homes are just moving a little more quickly than in the recent past. There are also still bargains out there–foreclosures, short sales, auction properties, and tax sales. Just remember that most of these properties are sold as-is, which means the seller will do no repairs. It is important in these cases to do your due diligence–get a home inspection, research the property, make sure you can get title insurance, make sure you can get out of the contract if you want to be able to without sacrificing your earnest money deposit.
If you want to search for homes in Hampton Roads, I suggest you go here .
Where Will the Market Go?
As I analyze my real estate crystal ball (yes, it’s made of wood, concrete, and dirt) I foresee the market continuing on this track for at least the next year or two. There’s a lot of construction going on; interest rates are still historically low, but rising; inflation is not too bad; jobs and wages are growing. At least that’s what -they- tell us, right? But, I do know from my own experience that houses are selling faster and that prices are higher. That’s why the South Hampton Roads real estate market is rockin’!
As always, thanks for visiting and I’ll see you out there!
Enjoy the day!