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Real Estate Agent Analysis: Is Hampton a Buyer’s or Seller’s Market in 2022?

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

If you’re thinking of buying or selling, you need to know: is Hampton a buyer’s or seller’s market?

Maybe you’re moving for a new job, a bigger house, or even a smaller one. Whatever the reason, getting into the real estate market can be a challenging endeavor. It takes resources, research, and insider knowledge to be as successful. Especially if it’s your first time buying or selling.

For many people, that means hiring an experienced real estate agent to guide you through the process. A real estate agent can make sure everything goes to plan. With the help of skilled real estate agents like Kelvin and April Reed, you will never have to worry.

One of the most important aspects of getting into the real estate market as a home buyer or home seller is understanding whether it is a buyer’s market or a seller’s market. Knowing the difference between the two and figuring out the state of the current market is key. That could be the deciding factor when it comes to listing your home or buying a new home.

The last several years have seen the real estate market become very competitive with homes selling for well over asking price and listing only remaining on the market for a few days before they sell. Demand was very high and the supply of homes was quite low, so home sellers would generally have their choice of offers. Over the last few months, however, the market has begun to cool in some areas, and the National Association of Real Estate Agents reports that pending home sales around the country dropped.

Are you thinking about buying or selling a home in Hampton? Find out if you are dealing with a buyer’s or seller’s market before you make your decision.

What’s a Buyer’s Market Compared to a Seller’s Market?

Firstly, let’s 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 the most significant difference between the buyer’s and seller’s markets is the idea of supply and demand. It’s a simple economic concept. 

With supply higher than the demand, home buyers can be more picky. They can selectively choose 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

Conversly, 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 Hampton a buyer’s or seller’s market?

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

Although the recent data from September 2022 show that the current market in Hampton remains a seller’s market, as it has been for a while now, it is starting to trend toward the buyer’s benefit. According to Rocket Homes, the number of available homes on the market increased by 2.3% from August to September, and homes in Hampton sold for 7.2% less than they had in the previous month. 

While the current numbers still place the market in favor of home sellers, the trends are moving more toward a buyer’s market. This should give you a clear indication of whether now is the right time to get into the real estate market as a homebuyer or home seller. Our real estate agents, Kelvin and April Reed, can also help you make that decision with more information and resources.

It is important to keep in mind that mortgage rates have been pushed as high as 7%, so that may affect the overall price of your mortgage, should you be looking for a new home. As a home seller, you should be aware that home buyers may not be able to afford the asking price since the interest rate will be much higher. This is all essential information that must be taken into consideration when deciding whether or not to buy or sell a home right now.

Buying a House with Kelvin and April Reed!

Are you looking to buy a new home in Hampton? You should consider relying on the assistance and resources of an experienced real estate team. 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 Hampton 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.

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