Virginia Beach home sale trends

Virginia Beach homes sales are down from last year. But only slightly!

Homes sales in Virginia beach are holding steady, currently 6,488 have been sold in Virginia Beach, and this is year to date. During the same period last year January to October, home sales in Virginia Beach were at 7,303.

This is a marginal drop, in over sales for the city. However sale prices of existing homes are 3% higher than the year before.

Buyers if you are interested in purchasing a home in Virginia Beach, sellers are providing great incentives such as closing cost assistance and rate buy downs. But as the inventory starts to decline, sellers will be under less presure to provide you with closing cost assistants or rate buy downs, and the sellers will become less willing to reduce their asking price. If the current 3% sales price trend holds steady, and supply begins to get smaller due to listings expiring the sellers may gain a stronger position.

My point to anyone looking to purchase a home in Virginia beach is this, act now while rates are still low, and sellers are willing to provide you with great incentives. If you wait too long, you just might miss the boat.