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The Hampton Roads Real Estate market has seen it's share of struggles over the past few months. The biggest issue we are facing is a lack of inventory in move up markets. Rising interest rates have put a lot of pressure on buyers and have helped stabilize prices in many parts of Hampton Roads. Particularly in the lower priced areas where the buyers have less purchasing flexibility. Interest rates going up a point when you're a $600,000 buyer is a lot easier to handle, usually, than when you're a $200,000 buyer. But that still hasn't stopped the market, overall, from remaining a strong seller's market. Two major indicators of that are Days on Market and Months of Inventory Supply. Both remain extremely low. Currently, days on market is sitting at just 20. While there are some people who are really pushing their list price beyond reason, and are sitting, the properly priced and presented homes are selling extremely fast. Multiple offers are still the norm in many areas. Months of inventory sits at just 1.24 months for the whole region. James City County is at just 1.01 months of supply, while Newport News is right at 1.24. This means that in just 30 days we'd sell through all the active inventory in James City County. If you're moving to Williamsburg, the options are slim. And the more specific your home needs are, the more difficult it will be, and longer it will take to find the right home. A balanced market will have 4-6 months of supply, so 1 month extremely low. So even though inventory is a bit from last year, and sales are down about 20%, in the top markets the lack of inventory is causing homes to sell extremely fast, making it difficult for anyone relocating to the area. Whether you're PCSing to Langley Air Force Base, or downsizing to a 55+ Community, the challenges of the market can be overcome with the right guidance and strategy. My team and I are here to help you navigate through it all!

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00:00 Introduction
01:00 Inventory
02:17 Pending Sale
03:16 Months of Inventory
05:39 Out of Town Buyers
08:46 Outro