HAMPTON ROADS, Va. - For homebuyers in Hampton Roads, there are several challenges in the current housing market.
“The inventory is low but the people coming in is high,” said realtor Lacey Whitaker.
Whitaker said homes are going up for sale and within days they're under contract. However, there is a positive for people looking to buy—falling mortgage rates.
Data shows the 30-year fixed-rate mortgage averaged 6.28% in the week ending April 6, trending down for four weeks in a row. By comparison, a year ago, the 30-year fixed rate was 4.72%.
“When the mortgage rates go down then their payments go down and we are able to find things more in their budget,” said Whitaker.
The Real Estate Information Network (REIN) shows that prices have gone up $20,000 in the last year. Right now, the median price of a home in Hampton Roads is $320,000.
“I think everybody is pricing their properties a little up even though it’s not worth that much," said first-time homebuyer Neil Martinez.
He said he and his wife, Cyrine, are feeling stressed by both the prices and the current inventory.
"It’s kind of frustrating for us because we can’t seem to find anywhere to look, even just to look at it,” said Martinez. “We can’t seem to get a foothold on a place because everything is snatched up or not available.”
