Prices rise, homes selling quickly: Homebuyers and sellers face mixed signs of current market

Pending Home Sales
Posted at 4:39 AM, Jul 21, 2021
and last updated 2021-07-21 07:09:44-04

NORFOLK, Va. - Buying and selling a home in Hampton Roads is a game of chance right now, as realtors suggested to News 3 - competition is high, and inventory is low. That is giving some potential buyers, like Kara Grindstaff and her fiancé, pause.

"I just felt like renting was kind of getting old - just paying for something that you don't really own - so I wanted something that I could call my own,” Grindstaff said.

The couple turned to a realtor who assisted them in the home-buying process. After circumstances with the current housing market, Grindstaff and her fiancé decided to stop shopping around.

"It was a lot of seeing houses that I loved, and it wasn't available 20 minutes later,” Grindstaff said. “It was a lot of craziness."

Local realtors like Jeremy Allen with the Real Estate Group and Jedd Smith with Lonnie Bush Real Estate said these are some of the facets of what is going on with the current market and what buyers are seeing. These facets also translate for home sellers.

“Any desirable product right now is still seeing a lot of offers come in right now and a lot of competition,” Allen said.

"The houses that are generally of better condition, have been renovated recently, they do go very quickly,” Smith added.

Both realtors also tell us people are paying tens of thousands of dollars above the asking price because supply is dwindling. They added there is a decreasing supply of homes on the market.

"Depending on if the house is priced properly on the market, is how long it's going to last on the market,” Smith said. "But everything is going pretty strong right now."

While homes may be selling quickly for some, the realtors said it could take longer for others. That is because of factors such as the desirability of the area where the home is located and any renovations or features the home may have.

Although prices may have gone up, both said now is the time to buy.

Related: Virginia housing market seeing huge demand

"Waiting longer could be a bad mistake,” Allen said. “I don't see interest rates going down, and I don't see the prices going down."

The ultimate takeaway – decide how much you are willing to pay for a property in a competitive market, and seek the professional advice of a licensed realtor.