Where Experts Say Prices Will Go
While housing inventory is increasing and buyer demand is softening today, there’s still a shortage of homes available for sale. That’s why the market is seeing ongoing price appreciation. Mark Fleming, Chief Economist at First American, explains it like this:
“. . .we’re still well below normal levels of inventory and that’s why even with the pullback in demand, we still see house prices appreciating. While there is more inventory, it’s still not enough.”
As a result, experts are projecting a more moderate rate of home price appreciation this year, which means home prices will continue rising, but at a slower pace.
That doesn’t mean prices are going to fall. As Selma Hepp, Deputy Chief Economist at CoreLogic, says:
“The current home price growth rate is unsustainable, and higher mortgage rates coupled with more inventory will lead to slower home price growth but unlikely declines in ho; ...

Market Update
Friday Jul 15 2022
This week the median list price for Virginia Beach, VA is $420,000 with the market action index (MAI) hovering around 68 (indicating a strong seller's market).
However, this is less than last month's market action index of 74. Inventory has increased to 523, which is somewhat expected in this housing climate.
The market has been cooling over time and prices plateaued for a while. 
Watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.













Key Takeaways
Inventory is slightly rising, which means more options for buyers,  but it also remains a great time to sell. If your listing your home, you can expect a little more haggling from the buyers side, as people will try to take advantage of the press on the market starting to slow down nationwide.  ...

What Everyone Wants to Know 

Where is the market heading? Well, it depends on what your source is. We're seeing predictions across the board, from an impending market downturn and recession, to no threat of a crash, coming from multiple and usually somewhat reliable sources. 
 
The only problem we see so far is that it's truly anyone's guess, and that seems to be what everyone is doing...guessing.

Is it all bad news?

Certainly, there are a prevalence of positive tidbits scattered throughout the fears that we’re seeing in online publications. Almost every news article we have read about the economic impact of the federal rate hikes have been offset with indications that the market is still ripe for the picking…if you’re in the right position. 

“If you’re waiting for prices to suddenly plummet to what they were in the past, you’re making a mistake,” says Tabitha Mazzara, director of operations at Mortgage Ban ...

 
Around Town
Get out and enjoy the good life before things get REALLY crazy and summer is in full swing! 

Hampton Roads is full of things to do in the month of June, especially before the massive surge in tourism hits us as schools let out. 

Top 5 Cool Things to Do in Virginia Beach Right Now:
5 - Paddleboarding on the Chesapeake Bay
4 - Nature Walks in First Landing State Park
3 - Kayaking on Long Creek
2 - Biking Through False Cape State Park
1 - Hitting the Beach Before the Masses Arrive



Sellers or Buyers Market?
The market is still going strong in Hampton Roads! Inventory is up slightly from last month, as mortgage rates have continued to slowly rise nationwide. 
This means more options for home buyers, more showings to attend, and overall more opportunity to purchase a home in Virginia Beach. 


Yes, It's Still a Great Time to Buy!
You have to take into account many different factors when considering home affordability.  ...