Your Home Sold Guaranteed Realty - Reeds Real Estate

2023 Chesapeake Housing Market Report: Is Chesapeake a Buyer’s or Seller’s Market?

When you are buying or selling a home in Chesapeake one critical piece of information you must consider is the state of the Chesapeake housing market. The real estate market conditions will affect every aspect of your transaction, from how long it takes to the final price. And, since the market fluctuates, having access to the most up-to-date Chesapeake housing market information is crucial. 

Below we explore what you can expect from the Chesapeake housing market in 2023 and give you all the information you need to make the best possible decision about buying or selling your home. 

What’s a Buyer’s Market Versus a Seller’s Market in the Chesapeake Housing Market?

Knowing whether you are buying or selling in a buyer’s market or a seller’s market is vital to the success of your real estate transaction. 

A buyer’s market favors the homebuyer. This means several things. There are an abundance of homes for sale, so much so that the supply of homes outweighs the demand. Homes sell less quickly in a buyer’s market and for lower prices. It also means that the homebuyer will have the upper hand in negotiating price and terms.

A seller’s market, on the other hand, favors the seller. The supply of homes for sale is low and demand is high. Homes sell faster and for higher prices in a seller’s market. Also, the home seller, not the homebuyer, has the advantage in negotiating price and terms.

Is Chesapeake a Buyer’s or Seller’s Market?

As of the end of 2022, the Chesapeake housing market is a buyer’s market. As 2023 begins, the market is firmly situated in a buyer’s market.

What does this mean for you? In a buyer’s market, it’s important for a home seller to market their home effectively since there is low demand for houses and a high supply. At Your Home Sold Guaranteed Realty - Reeds Real Estate, we know how to market a house effectively to garner the most attention for a home – and the more attention a home gets, the higher it sells for!

The homebuyer will be able to take their time finding a house and, once found, will have the upper hand negotiating price and terms. This means that as a home seller it’s important to have an expert realtor in your corner negotiating on your behalf.

Buying or Selling a House in Chesapeake

Working with an experienced realtor can save you time and money regardless of whether you are a homebuyer or home seller. And when you work with Your Home Sold Guaranteed Realty - Reeds Real Estate you can expect the best customer service and guaranteed results. We are so confident in our ability to buy or sell your house that we backup our results with Buyer and Seller Guarantees, so you can have peace of mind when you work with us. 

To get started buying or selling your home, simply pick up the phone and call (757) 799-4824 or fill out the form below. We can begin the process right away and you’ll see the Your Home Sold Guaranteed Realty - Reeds Real Estate difference immediately. Don’t wait for the market to fluctuate again – contact us today!

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(757) 799-4824