Yes, it’s still a buyer’s market today in Chesapeake. As experts in the Chesapeake real estate buy/sell market, this topic comes up often.
The answer isn’t as simple sometimes.
The State of the Market for Buyers in Chesapeake Virginia
As often the case, a lot depends on the property type and location.
Single-family homes in great locations, especially in Virginia Beach, Chesapeake, and Norfolk that are priced well have been flying off the shelves. There’s a lot of demand in the market for certain areas, while others can seem like a little like ghost towns.
Buyers are often looking for the same thing – good neighborhoods, access to transportation or a highway, shopping, school ratings, close to work, etc. Properties that deliver all these are definitely a hot-hot commodity. Sellers with a highly desirable property are in control of the market (and price).
But for condos and townhouses – especially those a little off the beaten path, or with some weird features – it can be a different story. Prices were a little down in certain areas of Chesapeake, but are rebounding as the rental market increases.
Investment properties are in demand. There are large amounts of foreign and domestic cash flooding in to invest in US real estate, which have impacted the Virginia Beach market in unique ways.
Overall, the people in a position to pay cash for properties have been picking up the good deals in the housing marketplace.
Lots of sellers are trying out speculative prices just to see if anyone bites, especially private home owners who are not experienced in real estate, but most investors are walking away from deals that don’t make sense based on their pricing models.
Financing is still an obstacle for buyers. Banks are being very strict, requiring lots of money down and even changing their terms at the last minute, if necessary. It’s not uncommon for approved buyers to get their loans pulled right before closing escrow, although it’s getting better than it was just several years ago.
Overall, the markets remain polarized – there is a lot of action at the very top and the very bottom, with some challenges in the middle.
Sound confusing? It is. But We Can Help. We like helping People. That’s The Business We Are In!
There’s a lot of shakeup in the US economy taking place now, and the markets are moving fast in lots of directions at once. 2020 was a strange year for many reasons, but it actually made the state of the market hotter.
We’re investing in Chesapeake, because we believe in the community and the people here and our future here together. We make business with people in our area and we also live here. So, we can’t look people in the eye if we were doing anything that’s not good for the people we do business with and see every day.
If you need to sell a property in or near Chesapeake, we can help you.
We buy properties like yours from people who need to sell fast, anywhere in the Hampton Roads area.