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

Entering the real estate market as a buyer or seller is not a decision to be made without careful consideration. First, make sure all of your finances are in order. You also want to learn about the overall home buying or selling process. That will certainly help to make the coming months much easier on everyone involved.

Another important factor to consider is the real estate market. You should whether the current market in Suffolk, VA, is a buyer’s market or a seller’s market. The answer to this question can determine whether or not you feel confident embarking on the real estate endeavor. 

The difference between a buyer’s market and a seller’s market is quite stark, so it is essential that you find out which is the current state of the market before you jump into the real estate game. Over the last few years, the market has been quite hot, and housing inventory was difficult to come by and the available ones sold quickly. This obviously made home sellers very happy and stressed out home buyers. 

Throughout the course of this year, however, things have started to change in certain parts of the country. Some areas see a softening market, and the National Association of Real Estate Agents reported that pending home sales around the country dropped in the last few months. So, what does the Suffolk real estate market look like?

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

Before we get into the specifics of the real estate market for Suffolk, 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 Suffolk a buyer’s or seller’s market?

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

Currently, Suffolk can be considered a buyer’s market because there are more homes on the market than there are buyers looking for homes. According to Rocket Homes, the number of available homes slightly increased from August to September (851 to 853, respectively). However, prices increased 3.3% since August. The numbers in the changes are minimal, but it still seems that the market favors the buyers.

As of late, homes are also remaining on the market slightly longer in September than in the previous month. It is important to note that interest rates have increased in the last few months thanks to the Fed having pushed mortgage rates as high as 7%, so that should be taken into consideration before you make the decision of entering the real estate market as a buyer or seller.

Buying a House in Suffolk Can Be Easy!

Ready to buy a home in Suffolk, VA? 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 Suffolk 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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