HAMPTON ROADS, Va. (WAVY) – After months and months of bidding wars for homes, a new chapter is unfolding in the real estate market.

Now, homebuyers are doing the opposite, instead of offering more than asking price to get back from offers left and right. 10 On Your Side asked an expert about the market freeze.

According to the National Association of Realtors, pending home sales are down 8.6% since May. High interest rates and home prices then affected potential buyers.

Better Homes & Gardens Real Estate Barry Jenkins has been in the real estate business for 24 years. With about a month’s worth of inventory currently in Hampton Roads, Jenkins said the market is stable but still a seller’s market.

“[With] We get 15, 20 or 25 offers on some houses because everyone wants to buy the same house,” Jenkins said. “Well, now you’re not competing against someone with such a high number. You are up against 3 or 4 people.

For those looking to buy a home now, he suggests focusing on the “why.”

Why do you want to buy a house?

“The data is very clear. When you look at real estate from a ten-year perspective, it always goes up. And that’s because we always need a roof over our heads,” Jenkins said.

This week, the Federal Reserve raised its key interest rate by three quarters of a percentage point to between 2.25% and 2.5%. A rise in prices increases the cost of borrowing money and increases costs.

“There’s a lot of change happening and because of that there’s a lot of innovation, different types of loans, different payment plans, different interest plans, all of these variations help you make the best decision for you. ”

For sellers, Jenkins recommends hiring an agent and selling the home at a reasonable price to get the money you need.

National Association of Realtors They are expecting a 13% decline in sales in 2022 with a rebound in 2023.