If you have been flipping through the real estate section of your local newspaper, you may have seen houses listed and sold in the snap of a finger. The price home buyers and investors are willing to pay seems to be getting higher and higher, including in the red hot Hampton Roads housing market.

From Virginia Beach to Newport News, homes seem to be an even hotter commodity than usual these days. The housing market is so hot around the country, people are even buying homes without a proper home inspection, or without ever laying eyes on the home! In this blog, we will discuss the state of the housing market in Hampton Roads, what that means for you, and how this impacts the real estate business.

House Supply at New Lows

According to the Hampton Roads Realtors Association, the local housing supply is at historic lows. Compared to the last year, the supply of homes in the Tidewater area is down 10%. The homes available are selling at rates nearly 6% higher than last year. Furthermore, the amount of time a listed house is on the market is down significantly since the same time the previous year. Once houses are on the market, they are snatched up, and often for more money than the asking price. 

This is reflected in the rising median purchase price across Hampton Roads. Norfolk, Suffolk, and Virginia Beach specifically have seen median price increases of nearly 10% relative to the year prior. Compared to four years ago, there has been a decrease in housing inventory of nearly 70%. Unless there is a large inventory of homes built somewhere in Hampton Roads, this is the way the housing market will look for the foreseeable future. 

Essentially, it is a tough time to be a buyer and a great time to be a seller (for now).

Why is the Hampton Roads Housing Market so Hot?

You may be thinking about your own home buying or selling experiences and wondering, “Why is it so easy to sell now?” 

There is no one exact answer, but rather a combination of variables that have put sellers in an advantageous market. Dr. Robert McNabb, an economist at Old Dominion University in Norfolk, hypothesizes that the market is a result of tight supply and inflation. Dr. McNabb says, “That means there are people out there upscaling, refinancing, buying, who might not have bought in the past because it was cheaper than renting.” 

Will real estate prices continue to grow? Interest rates are projected to continue rising this year, and Dr. McNabb believes that will slow the trend. The interest rate hike will be in response to the record-breaking inflation the American consumer is currently facing. 

“That will cool the market somewhat,” says Dr. McNabb, “but we are still not building enough housing for the population growth in Hampton Roads, and in Virginia, and in the United States.” The reality in our region is that there is a small supply of homes, and they are gone before the blink of an eye. Barring a drastic change in development, there simply will not be enough houses for the people who want to buy them.

How Does the Real Estate Market Impact You?

Whether you are a buyer or seller, you are being impacted by this unusual market environment, either for the better or the worse. If you are selling your home right now, it is possible you can get above asking price. On the flip side, if you are a buyer, things may feel impossible. First-time home buyers facing rising mortgage rates may get hit hardest and sales of lower-priced homes might decline. 

As a buyer, you may have been to countless open houses, spent your waking hours refreshing brokerage websites and Zillow, stressed about the difficulties of buying a home. Hopefully, this will change soon, and the market will correct itself to a more natural balance. Unfortunately, so long as the housing supply in Hampton Roads is not increased, buying a home here will take time, effort, and a little luck. 

Fortunately, there are a few things you can do to start preparing for the homebuying process. 

What You Can Do to Buy a Home

The absolute most important thing you can do while buying a home in a market as competitive as Hampton Roads, is enlisting the service of a great real estate agent, like the team at ProActive Real Estate Services. A good agent will be in the know on local markets, be knowledgeable about different neighborhoods and cities, and be able to counsel you through the journey of buying a home. 

The agents at ProActive have decades of experience buying, selling, listing, and investing in the Hampton Roads housing market. They will be able to help you select a desired city or neighborhood, walk you through the buying process, and most importantly, help you find your dream home in Coastal Virginia.

You will then want to know what mortgage you are prequalified for and how much you can spend. In a competitive market, it is important to be ready to throw your hat in the ring if you are serious about a house. Sometimes, waiting a few days means you lose your opportunity. To be ready, ensure you know what you can afford to offer a seller for their home.

Lastly, you will need to prepare yourself to be patient. In a hot housing market, the process may not be easy, and you do not want to force any real estate deal too soon. Rest assured, somewhere in Hampton Roads your dream home is waiting for you. 

If you are ready to find it, be sure to contact the team at ProActive Real Estate Services if you are interested in buying a home in Hampton Roads. Thanks for reading our blog and happy house hunting!

Kandy FulliloveKandy Fullilove

REALTOR® and Military Relocation Professional

Kandy has lived in Norfolk since 1991 where she received her first orders as a Navy Seaman.  A proud military spouse of 30 years with 2 boys who graduated from the U.S. Naval Academy and now serving, Kandy can tell you a few things about the Hampton Roads area and military life.  Her own experiences as a home buyer and investor for over 20 years gives expertise to educating a buyer or seller on their many options in selecting the right home, building their wealth portfolio, and knowing when to sell to maximize their investment.  She has been in real estate since 2015.  She joined ProActive Real Estate to have the benefits of a full-service brokerage.  She always prides herself on integrity throughout the transaction and is here to help with all your real estate needs.

 

Karen DanielKaren Daniel

Associate Broker/Office Manager

Licensed in Virginia, Karen is our Office Manager and holds an Associate Broker designation.  Karen oversees all transactional operations and communications over our team of real estate agents, leasing specialists and maintenance crews. Karen has been a resident of Hampton Roads for over 40 years. Karen is also a seasoned real estate professional and is well versed in all the intricacies of the buying and selling process.

 

Joe LeeJoseph “Joe” Lee

Real Estate Agent

Joe Lee joined the ProActive Team in 2022 as a Real Estate Agent. Prior to joining the team, he was an Associate Real Estate Broker and Real Estate Appraiser, practicing residential and commercial real estate in the Tidewater, Virginia area for 45 years. His service areas include the South Side of Hampton Roads, the Peninsula, and Suffolk. In addition to his experience as an agent, Joe is a veteran of the United States Army and received his B.S. in Finance from Old Dominion University.

 

Bob JohnsonRobert “Bob” Johnson

Maintenance Coordinator

Bob Johnson has been with ProActive since 2019. A seasoned client relationship executive, he troubleshoots and manages tenants’ maintenance needs. He has spent several years painting, managing small electric projects, troubleshooting HVAC, and plumbing, as well as providing a detailed eye for general property aesthetics. He enjoys getting to know the ProActive tenants and strives to build long term success for both the valued tenants and property owners.

 

Hal DunkelHarold "Hal" Dunkel

Commercial Real Estate Agent

Hal Dunkel joined the ProActive Team in 2022 as a Real Estate Agent. Prior to ProActive, Hal was a Senior Associate for Statewide Commercial, Hal was responsible for representing office and industrial clients of all types, from tenants, landlords, purchasers and sellers, as well as multi-family developers, sellers and investors.

Chris OslanderChris Olander

Real Estate Agent and Maintenance Manager

A proud Texas native and graduate of the University of Texas at Austin, Chris became a Naval Aviator in 2012. Over the next nine years, he accumulated over 1,700 hours as a helicopter pilot and instructor pilot. In 2017, following the birth of his daughter, Chris became a licensed Realtor to help his wife, Nina, with her business anytime he wasn't flying. He worked behind the scenes becoming an expert in business finance while managing his family's personal investment properties. Chris considers his experience with managing his personal investments as the spark that launched him into full time property management for his clients. He cares for each of his owner's properties as if it were his own which has led to his exponential growth. When not at work, you’ll probably find Chris out on his mountain bike, praying for snow in the mountains so he can get out his snowboard, or at the rock climbing gym with his daughter.

Fouad Mohit

Sr. Business Broker/Commercial Real Estate Agent

For the past 35 plus years, Fouad Mohit has invested his time in the ownership and sale of business and commercial real estate in the greater Hampton Roads area. Through his personal experiences in a wide breadth of industries, including gas stations, convenient stores, grocery stores, both franchise and non-franchise restaurants, Mr. Mohit has honed his expertise in Main street business operations. With the divestiture of his business obligations in 2002, Mr. Mohit joined the Sunbelt team to supplement the global Network of Brokers with his know how and insights in the local market. Over years Mr. Mohit has helped Sunbelt transfer restaurants, retail stores, fitness centers, electrical companies, educational establishments, publishers, medical practices, production companies, and much more. His fundamental understanding of the main street structure gives Mr. Mohit the tools to, confidentially and with keen attention to detail, take the business and commercial real estate to close giving the highest yield and security to his clients. It is of the utmost importance that the longevity of the business and the stability of the community remain intact by allowing a new owner in the market with the business and the real estate. His experience in commercial real estate brings much knowledge to the ProActive Team.

Kingna Scott

Transaction Coordinator

Kingna “Scottie” Scott, a native of Farmville, VA, has always loved to assist people. She began her formal education at her alma mater, Norfolk State University, while also attending Old Dominion University, as well as TCC, to receive her Bachelor of Arts in 2009. Scottie has always been driven by an autonomous, enthusiastic passion to do her best, whenever and wherever. She is down to earth and has the gift of communication; relating with people from all walks of life. On her downtime she’s either creating music, studying, or spending time with her pets outdoors.

Laura Bazemore

Bookkeeper

Owner of Chesapeake Bay Bookkeeping & Accounting Services, LLC and a graduate of Old Dominion University with a bachelor’s degree in Accounting and a minor in Information Systems Technology, Laura has many years of experience as a staff accountant in various fields such as restaurants, retail, healthcare and contracting. Because of her vast experience, she has a broad knowledge base to meet the needs of many different clients.  In her spare time, she enjoys country music, going to concerts with her friends and loves taking care of her rescue puppies!  Working with ProActive Real Estate Services has opened her eyes in all aspects of real estate transactions.

Gary Layne

Owner/Realtor ®(Residential/Commercial)

In today's competitive market, you need a passionate, local advisor that can help you navigate the residential/commercial selling and buying process. As a valued client, you'll receive:

  • Local market knowledge
  • Access to industry-leading real estate tools to determine your property value or customize your real estate search
  • A proven negotiator who will be with you every step of the way
  • A trusted and knowledgeable partner through closing and beyond

 

A resident of the Hampton Roads area for many years, and graduate of Old Dominion University, I have been engaged with this real estate market as a homeowner, business owner and investor for over 35 years. Presently residing in Norfolk, VA, and part owner of ProActive Real Estate Services, I specialize in residential & commercial real estate along with property management.  I am also associated with Sunbelt Business Brokers which allows me to assist business owners in listing their business for sale or assist those looking to purchase a business.  As a business owner and real estate agent, my goal is to provide strong customer service with open communication to obtain the goals of sellers and buyers in this market.

Direct: (757) 652-1225
Office: (757) 383-9510
eMail: Gary@CallProActive.com

Billy Wilson

Owner/Broker/Realtor®

A serial entrepreneur, Billy has launched and sold multiple successful businesses over the course of his career, but real estate has always been his passion. A lifelong Norfolk resident and graduate of Old Dominion University, Billy brings a wealth of valuable experience to the ProActive Team. From property management and flipping, to traditional listings and sales, Billy relies on years of experience to advise his clients in making the right buying or selling decisions. Billy loves to play tennis, “Old Boys” rugby, and spend time with his wife of 26 years, Anna. Billy’s daughter, Elise, is a teacher in Washington State, and his son, Will, attends Hampden Sydney College.

Direct: (757) 724-1793
Office: (757) 383-9510
eMail: Billy@callproactive.com