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Real Estate Agent Analysis: Is Portsmouth 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 Portsmouth a buyer’s or seller’s market? There is a good time to enter the real estate market and a not-so-good time. But it’s not always easy to identify those times.

When the market favors sellers and you are a buyer, it may be better to wait. The market may change directions before you make your investment (unless you absolutely must buy now). If the market favors buyers, sellers have more work to do.

Markets have been hot in recent years, however, trends have started to change over the last few months. And the National Association of Real Estate Agents has even reported that pending home sales around the country dropped. This is good news for home buyers in those locations.

Armed with this information, you can make a decision about whether to buy or sell a home in Portsmouth. The best way to do so is by finding out if Portsmouth is a buyer’s or seller’s market.

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

But first, what’s 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. The 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 Portsmouth a buyer’s or seller’s market?

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

According to current market information in Portsmouth, the supply of homes for sale is quite low and demand continues to be high. Homes have been selling for about 10.2% more than this time last year, and they only remain on the market for about 25 days, once listed. The market continues to be highly competitive, so the average home buyer must act quickly if they want their offer to be considered by the home seller. Overall, this is still very much a seller’s market.

Even though many of the statistics for home sales and availability in September 2022 are lower than those of the same time last year, the market is still leaning in favor of the seller. List price for most homes in Portsmouth have increased marginally by 1.5% since August 2022. It is important to keep these numbers in mind if you are considering buying a home in Portsmouth.

If you are in need of a new home – no matter the reason – our real estate agents, Kelvin and April Reed, can help you make the decision of which home to go after and when by giving you more information and resources. You should also keep in mind that mortgage rates have been pushed by the Fed to as high as 7%, so that may affect the overall price of your mortgage. 

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!

Interested in buying a new home in Portsmouth? 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 Portsmouth 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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