Is It Better to Buy or Sell in the Current Real Estate Market?

Maybe you’re thinking of buying or selling but: is Chesapeake a buyer’s or seller’s market?

Before you make the leap into the real estate market, it is important to have all of your ducks in a row, so to speak. The first thing you really need to find out is whether the current real estate market is a buyer’s or seller’s market. There is a major difference between the two, and the outcome of your research could be the reason that you continue to wait or jump in with both feet. 

If you have been keeping up with the real estate market over the last few years, you would know that the market was quite hot. Inventory was very difficult to come by because it was selling very quickly. Home sellers were ecstatic because they did not have to worry about their home lingering on the market for months or losing value. Home buyers were competing to give the best, most attractive offer, and it was a challenge to buy your dream home. 

This year, however, things have begun to change in some parts of the country. In certain areas, the market is softening, but it is not true for all locations. The National Association of Real Estate Agents reported that pending home sales around the country dropped in the last few months, so that may make you wonder about the state of the market in Chesapeake. 

What’s a Buyer’s Market Versus a Seller’s Market?

Before we get into the specifics of the real estate market for Chesapeake, specifically, we should first discuss the difference between a buyer’s market and a seller’s market. Here’s a quick breakdown of the two:

Buyer’s Market

In a buyer’s market, as the name would suggest, the conditions are most favorable for buyers. That means, usually, that the supply of homes is greater than the demand. Keep in mind that the most significant difference between the buyer’s and seller’s markets is the idea of supply and demand – a simple economic concept. 

With supply higher than the demand, home buyers can be more picky about the homes they make offers on, and home sellers need to do everything they can to attract the attention of the home buyers.

Seller’s Market

Contrastly, a seller’s market simply indicates that conditions are more favorable for sellers. In general, supply (or inventory) is low but the demand remains high. This is quite beneficial for home sellers, especially during negotiations, because they will have the upper hand and can be much pickier about the home offers they consider.

With this information in mind, you can see why it is important for you to know what type of market your city is in. Will you have the advantage or will you need to work extra hard during the real estate process? So, is Chesapeake a buyer’s or seller’s market?

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

As of 2022, Chesapeake remains a seller’s market because there are more home buyers looking for their perfect house than there are homes on the market. In fact, in September 2022, the number of homes available for sale on the real estate market in Chesapeake dropped by 3.4% while prices in the area increased by 1.5% since August. 

Even though homes remain on the market a few days longer on average than they did the month before, the market is still very much in favor of the seller at this time. Interest rates have increased thanks to the Fed having pushed mortgage rates as high as 7%, but homes are still selling and remain in short supply. 

We Can Help You Buy a House in Chesapeake

Are you looking to buy a home in Chesapeake, VA? Well, good news! Kelvin and April Reed are dedicated to helping you find the home of your dreams for a great price, even in a seller’s market. We have access to exclusive, off-market deals that you won’t find on the MLS, and our team is committed to making sure you are 100% satisfied with your home.

Give us a call or check out our deals that are coming soon in the Chesapeake area. We are excited to help you get started in your home buying journey! For even more information, fill out the form below with the requested information and you will receive a detailed response from one of our experienced real estate agents.