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

A knowledgeable real estate agent can give you current and accurate information about the state of the real estate market. There are lots of things to keep in mind when making the decision to buy or sell a home. And one of those factors is whether Virginia Beach is a buyer’s or seller’s market. 

Based on such contributing factors as the number of homes for sale on the market, prices for homes, interest rates, and the time spent on the real estate market, it could be more beneficial to home buyers or home sellers. Knowing what type of market you are currently experiencing in your area is critical. It will help you make a decision about entering the market at this time or not. 

Recently, we’ve seen a very competitive market. Home sellers in recent years were able to sell their homes very easily. There was limited supply, high prices, and home buyers regularly made offers that were well over asking price. Recently, the market has begun to cool in many parts of the country. In the last few months, according to the National Association of Real Estate Agents, pending home sales around the country dropped.

If you’re considering buying or selling a home in Virginia Beach, you need to know the facts on the ground.

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

First, 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 Virginia Beach a buyer’s or seller’s market?

Is Virginia Beach a Buyer’s or Seller’s Market?

All of the most recent data from home sales in Virginia Beach over the last 2 months show that the current market would be considered a seller’s market. The number of available homes for sale in the area has decreased since a very high number of houses have been sold already. In September 2022, 1244 homes were sold, an uptick of 238 homes from the same time last year. 

The homes which are active on the real estate market typically only remain on the market for 49 days or less, and the prices for homes sold continues to be quite high since demand remains high. Even with the Fed having pushed mortgage rates as high as 7%, home buyers are still actively looking for homes which are in short supply. 

Buying a House with Kelvin and April Reed!

Is it the right time for you and your family to buy a new home in Virginia Beach? Since the area is one of the top 15 local markets, you will have to act fast. That means you need to rely on the assistance and resources of an experienced real estate team. Kelvin and April Reed work hard to help 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 Virginia Beach area. We are excited to help you reach your real estate dreams! 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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