NORFOLK, Va. — As concerns about a recession loom, the red-hot housing market is cooling off in most parts of the country.
Higher interest rates are changing the options for some buyers. Virginia Beach realtor Kristen Sessions said it's a balanced market in Hampton Roads.
"Maybe a little bit of both, because you still have your sellers who are getting what they want and you have buyers who are getting what they want," she said.
Virginia Beach senior mortgage banker Robby Dobrinsky said he's noticing a shift.
"You're not seeing a lot of people guaranteeing over asking price as you saw much before unless it's in a really desirable area with the best school districts," Dobrinsky explained.
Dobrinsky said rising interest rates are presenting a challenge for sellers and buyers.
"Right smack down there in summer 2020 when the pandemic started hot and heavy, we got down in the low to mid 2's, now we're at 6% on most stuff," Dobrinksy said. He added that he's seen a lot of price reductions in the Real Estate Information Network.
Sessions, who is also a military relocation professional and a military spouse, said sellers need to get creative and more strategic nowadays.
"You do want people to see your home, pricing is very important," Sessions said. "You have to know your numbers have their agents know their numbers... run their comps."
Sessions said it helps if sellers can be more flexible, especially for showings.
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