Hello! Welcome back to #WorldWednesday. I am excited to share some great and optimistic news with all the buyers out there. It's been a struggle to find your new home, but the market is changing and becoming more favorable. Mid April, the housing markets started to reflect a changing landscape. Americans are beginning to look beyond the pandemic and are embracing a new normal. Businesses are reopening offices and real estate markets are beginning to welcome new inventory to the real estate supply. This brings refreshing changes to a complicated real estate market.
The amount of real estate listings has been steadily declining for the last couple of years. In fact, more inventory has been a missing element. The recent improvement in housing supply will go a long way to restore balance to accomodate buyers in the near future. It is important to be cautious and note that home prices are continuing to rise in the Hampton Roads real estate market place. Don't expect prices to decline just yet. According to REIN, Real Estate Information network, the median sales price reached $319,900.00 during the month of April, 2022. That is compared to the sales price in April, 2021, which was $285,000.00. The median sales price in April of 2020 was $255,000.00. Limited supply and demand will keep prices high, but rising interest rates will have an impact on demand in the near future.
Therefore, it's important to select a real estate agent that knows the local market and is keeping track of the statistics and local landscape, especially as it continues to shift. Here are the top 4 questions you should ask your agent right now:
1) What location should I focus on? This might seem to be a straightforward answer, but it is best to consider several factors. First, what does your work commute look like? And, if you are now working remotely, what area offers the best layout for a balanced work/live lifestyle? What is the distance to restaurants, shopping, schools, roads, and local shops? Where can I get the most value for my price point? Where should I concentrate my search?
2) What should I look for when touring homes? It can be tempting to look at cosmetic upgrades, but for practical reasons, what is the age of the roof, a/c and heating systems, appliances, etc.? Getting great advice can save you costly repairs in the future.
3) What concessions and contingencies should I prepare for in making an offer? There are many inspections you should talk through and financing details and programs that are becoming available in the mortgage sphere. Choosing an agent that keeps on top of these details could save you thousands of dollars.
4) What is the resale history of homes in this neighborhood? The best way to determine a home's value is to look at what the surrounding homes have sold for in the last six months. That will provide a realistic understanding of what you will need to pay to acquire the home of your dreams.
If you need help finding a home--sign up on our site and begin shopping today! Check back next Wednesday for more tips and tricks. See you soon! Warmly, Susan