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 Norfolk a buyer’s or seller’s market? You need to know the current state of the real estate market in Norfolk. This is critical prior to listing your home for sale or starting your search for a new home.

Let us consider this question: is Norfolk a buyer’s or seller’s market? Answering this question requires research to find out the number of available homes, prices of those houses, time on the real estate market once it has been listed, and the number of offers that sellers regularly get. The market is a big influencing factor in your choice to enter the market or not.

In the last few years, the real estate market has been very competitive. Many local markets have been quite hot, so it was very lucrative to be a home seller during that time. Housing inventory was low, so prices could be higher than normal. Home sellers could expect to receive multiple offers and have their choice of the best ones. Available homes sold quickly, and home buyers had to act fast.

Things have started to change over the last year. Shockingly so in certain parts of the country. And some areas are starting to see the market softening. According to the National Association of Real Estate Agents, pending home sales around the country dropped in the last few months.

With this information in mind, we can now discuss the state of the current real estate market in Norfolk, VA.

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

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 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 Norfolk a buyer’s or seller’s market?

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

As of September 2022, the real estate market continues to be very competitive, so it can be considered a seller’s market. Rocket Homes reports that the number of available homes for sale in the area has decreased 1% from August to September, and prices have increased 0.8% in the same time period. However, homes have been remaining on the market for an average of 70 days, an increase of 7.4% in that month’s time frame. 

This year, however, mortgage rates have increased thanks to the Fed having pushed rates as high as 7%. Potential home buyers should take that into consideration when determining whether or not now is a good time to actually buy a home in Norfolk.

Buying a House in Norfolk Can Be Easy!

If you are excited to buy a home in Norfolk, VA, you need to rely 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 Norfolk 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.