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Real Estate Agent Analysis: Is Newport News 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 Newport News a buyer’s or seller’s market?

There are plenty of factors to consider when you decide if it is the right time to buy or sell a home. You need to get your financial situation in order, get information about the real estate market, and make sure you understand the steps involved in the whole process. 

One of the most important factors to consider is the current state of the market. More specifically, you have to know if it is a buyer’s or a seller’s market before you make the choice to leap head-first into the process. Usually, the market trends one way or the other, unless it becomes neutral. However, a neutral market tends not to last very long.

Whatever your particular interests and needs are will be the deciding factor as to whether or not you actually list your home for sale or purchase a home.

Over the last few years, the market has been quite competitive and definitely in favor of home sellers. Homes have been selling quickly and for well above asking price. Home buyers will have to carefully craft their offers to be more attractive than other competing home buyers, and the home sellers will have a variety of offers to consider. 

Current trends, though, have begun to move the needle closer to the favor of home buyers. In fact, the National Association of Real Estate Agents has even reported that pending home sales around the country dropped. Obviously, this is good news for home buyers. So, now you need to make the decision as to whether now is a good time to buy or sell a home in Newport News.

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

Before we start to discuss the specifics of the real estate market for Newport News, 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 Newport News a buyer’s or seller’s market?

Is Newport News a Buyer’s or Seller’s Market?

As we have said, the state of the real estate market has been in favor of home buyers recently. According to new market information, it is still in favor of the home seller, but things are beginning to change. The number of homes for sale, according to Rocket Homes, has increased by about 2.1%, and selling prices have reduced by about 7.7%. Although it is not completely on the side of the home buyer just yet, it is clearly trending in that direction.

As a home buyer, you may want to consider waiting a bit longer for the market to continue changing in your favor, but your real estate agent should be the one to help you make that decision. Likewise, keep in mind that interest rates have spiked and the Fed has increased mortgage rates as high as 7%, so that may affect the overall price of your mortgage.

Buying a House with Kelvin and April Reed!

If you are ready to buy a new home in Newport News, VA, be sure to contact a skilled real estate team and rely on the assistance and resources of that experienced real estate agent. 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 Newport News 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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