The increase in home prices may be a nightmare for some buyers looking to jump into the market right now. At the top of 2022, you may have decided to wait and see if the market would cool down, but to your horror, you’ve only seen it inch higher and higher month after month. While the pace of the market has had some potential buyers engaged in a dream killing thriller, there’s some hope ahead. Sellers seem to be swiftly reducing home prices.
In the first half of 2022, median list prices have halted at $349,900 since April. What homes are listed for, and what they are actually selling for, is seeing a significant contrast. July 2022 saw a 1% month-over-month dip in median sales price compared to June 2022. August 2022 saw an even greater decrease at 2.02% month-over-month dip making the end of our journey through 2022 seem promising. Compared to other cities in Hampton Roads, Virginia Beach and Suffolk have seen the most significant dips in median sales prices, with Virginia Beach seeing a 1.4% month-over-month dip and Suffolk seeing a 4.4% month-over-month dip – July 2022 compared to June 222.
Over the last couple of years, sellers were at an advantage. Having even a fairly decent home had buyers waiving inspections, dangling cash offers, and engaging in bidding wars. Now, sellers are having to realign their expectations back down to what’s more expected of a normal, balanced market. For buyers, this could mean more budget-friendly options hitting the market. For sellers, it could just mean more effort needing to be put into selling tactics of old, such as staging and making necessary repairs to make your home attractive to a buyer.
No matter what side you find yourself on in the real estate journey, REIN.com can put you in the best position to find the right home at the right price or sell your home at the right price. REIN.com is powered by REIN MLS, the Hampton Roads Multiple Listing Service, so you have access to the exact same information that real estate professionals use every day. Because REIN.com’s listing data comes from the local MLS, you’re getting the most accurate information from the most reliable source. Connect with one of more than 9,000 agents to help you navigate the market. Ready to buy, but you’re not sure what you can afford? Check out the mortgage calculator to help estimate possible monthly payments. Download the REIN.com app and put the power of fresh and accurate listing data in the palm of your hand. Available in the App Store and Google Play Store. For local listings you can trust, start with REIN.com.
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