VIRGINIA BEACH, Va. — A new year could mean a new home for some families.
Realtors in Virginia Beach say that in 2022, inflation was at 9.1%. Currently, it’s 6.4%, meaning mortgage rates will go down. Susan Jenkins, a realtor with Better Homes and Gardens Real Estate Group, said 2023 is opening the door to new possibilities for homeowners looking to buy and sell.
In Virginia Beach, buyers and sellers saw a tough year in a profitable area, especially in terms of affordable housing.
"With the inflation, the cost of living and the increase of the interest rate did reduce buying power," Jenkins said. "So, when we look at our local area, there's not a lot of inventory for homes that are under 200,000 in specific areas that are very desirable."
Because of how bad inflation was in 2022, the federal government tried to curve it by bringing up mortgage rates.
Jenkins said leasing prices were also very costly.
"The apartments out here were an average of $1,400 per month which is higher than the national average," she said.
Veteran Kelsey Huertas who recently left the service said last year, renting a roof over her head wasn't an option. She felt the impact of inflation.
"My partner and I were so nervous," she said. "We were waiting, and waiting, and waiting for the listing agent to get back to us. We found out we didn't get the first house we were devasted. I didn't even have any motivation to look I didn't want to look anymore it was a real heartbreak."
This year, Jenkins said prices are starting to stabilize and sellers are contributing to closing costs.
But the best news for buyers and sellers is yet to come, according to realtors. Interest rates are expected to fall below 6%, according to the National Realtor Association.
Huertas says she'll always remember how she felt when she heard she was a homeowner.
"I'm not emotional, nor am I a crier, but I almost cried," she said. "It was very exciting. it was almost like a life-changing experience."
She is hoping 2023 can be life-changing for others, gifting them keys to a forever home.
