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Today we’re going to talk about whether we’re seeing a buyer’s or seller’s market here in Virginia. We’ve had a lot of questions about this lately, and we are going to give you a rundown of exactly what you can expect in this market.
Truthfully, both buyers and sellers are in a great position. Our current inventory has dropped by 9.2% compared to last year, and this low inventory can bump sale prices up for sellers as more and more buyers are bidding on fewer homes. This can lead to multiple offers and bidding wars, which sellers love to see.
As far as buyers are concerned, interest rates are still historically low, in the 3-4% range for 30-year fixed loans. The lower the interest rates, the higher purchase prices buyers can qualify for. We are anticipating a strong market for both buyers and sellers this year and if interest rates continue to stay low, sellers are going to continue to be in a great position as well. An interest rate hike would take some buyers off the fence to purchase, which would lead to a lot more activity on seller listings.
If you have any questions, or are thinking about buying or selling, give us a call or send us an email. We would love to hear from you!
