NORFOLK, Va. — It's no secret that there's been a major shift in the real estate market lately.
According to the Real Estate Information Network, or "REIN", inventory is still low, and the uncertain economy is creating concern.
Virginia Beach realtor, military relocation professional and military spouse Kristen Sessions says the local buyer's market is not as bad as some others.
"Because we have the constant movement of our military," Sessions said. "And even Amazon here, it's busy here with people coming and going. "
Virginia Beach mortgage banker Robby Dobrinksy says rapidly increasing interest rates and inflation are creating challenges for buyers.
"It just prices them way out of the market, because homes that were $150,000 a year and a half ago are now $225,000 to $250,000, and that person who just graduated college wants to get their first starter home now and can't qualify for that anymore," Dobrinsky said.
So what's the "good news" for buyers? Sessions says that here in Hampton Roads, there's actually more opportunity in the current market.
"We have seen a little more inventory in the area, so you have a little more time to get out and see the homes before they're gone," she said.
Your credit score and financial situation don't have to keep you from getting into a new home. Buyers need to do their research and consult with a loan officer.
"There are programs out here that do help with closing costs and down payment assistance through Virginia Housing so having different things in place as far as financing is also a big help, too," Sessions said.
And if you decide to stay put in your current home and buy something else later? Dobrinksy says refinancing your loan may be the answer.
"The rates are gonna come back down and you'll be able to refinance and save your money that way, and you don't have to extend it out 30 years if you've paid into it for 3 or 4 years we can reduce the term of what it is at that particular time," Dobrinsky explained.
The experts say that when you're considering buying a new home, patience is the key. Make sure you find the right agent to work with you and your family and have your pre-approval offer ready.