VIRGINIA BEACH, Va. – In the new year, some who are considering buying or selling their home may be wondering if it’s a good time.
Realtor Drew Little says housing prices continue to rise including within Hampton Roads. But he added that now is an ideal time for both sides.
In a housing forecast, his team wrote, “Buyers who are able, should buy now. For sellers, it does not make sense to wait for a higher market before selling.”
While showing a house on Monday, he talked about sellers, stating, “If they wait for the price to go up, they actually lose money to inflation.”
Little added, “We’re not seeing the big price cuts that some people thought we would, but we are seeing an end to bidding wars and we are seeing concessions come back.”
For example, Little says buyers may be asking sellers to make repairs to the house.
As for timing, Fall is often the best time for buyers, but he believes this Winter is a great time, partly because there are less buyers looking right now.
Three weeks is the average selling time, he stated. “When you do find a house you want and you qualify, move on it quickly, because if you don’t, someone else will.”
For anyone trying to sell, it’s recommended you make necessary repairs, keep it updated and clean, and if it’s vacant, have it staged. Little added that entry level homes should continue to sell quickly, and that higher end homes will likely be on the market for a longer period of time.
