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Where is the Real Estate Market Heading?

Sunday, June 26, 2022   /   by Anna Paduhovich

Where is the Real Estate Market Heading?

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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 Bank of California. “The Fed has promised another interest rate boost. If you’re ready to buy, don’t wait because prices aren’t headed dramatically downwards to what our parents paid. Things might dip a bit, but there’s no cliff dive that’s going to happen.” -Forbes.com

What we do know about the real estate market is that our local market, here in Hampton Roads, has traditionally been cushioned from the harshest impacts that the economy has had on the vast majority of the rest of the country, in some regards. 

What we can be thankful for

We can be thankful, more so than we already are, for the large military presence in our community that contributes daily to the strength of our real estate market. We can also be thankful for the higher-than-normal demand for such a beautiful natural environment, and the opportunity to live directly adjacent to the Atlantic Ocean.

What's next then?

While we will undoubtedly see the market slow down from the impact of national rate hikes, we can still be certain that our local market will keep moving. 

The uncertain factor in this whole debacle is the strength of the pipeline of buyers that lingers, awaiting their chance at snatching up a home in this madhouse of a housing market scenario we’ve been working through.

In our community, in particular, that pipeline is showing no signs of exhausting itself. 

- Anna Paduhovich Team

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  real estate market, real estate market recession, real estate market update

Anna Paduhovich Team
911 First Colonial Rd Suite 201
Virginia Beach, VA 23454
Keller Williams Coastal Virginia
1100 Volvo Parkway, Suite 200
Chesapeake, VA 23320

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