There’s a rumor floating around Hampton Roads right now that the real estate market has flipped. That buyers are in control. That sellers missed their window.
But here’s the truth: we didn’t flip — we shifted. And there’s a big difference.
When most people hear “buyer’s market,” they picture homes sitting for months, major price drops and sellers accepting anything, just to get a deal done. That’s a true buyer’s market.
I have lived through one of those and we are not there in Newport News. Yet.
What we’re seeing instead is a market that’s more balanced — and more selective.
Well-priced homes are still selling, often within 30 days or less. Buyers are active, but they are taking their time. They are comparing options, looking closely at condition and making decisions with more intention.
Some homes may need a price adjustment, but we are not seeing the steep, repeated reductions that define a true buyer’s market. And yes — multiple offers still happen, just not on every listing.
So why does it feel different? Because the standard has changed.
A few years ago, buyers were waiving inspections, offering over-asking and doing whatever it took to win. From my experience, now they are asking better questions: “Is the home priced appropriately? Does it show well? Are there updates needed? And what are the costs of those updates for them to live comfortably.” This isn’t about buyers having all the power. It’s about buyers having options — and using them.
For sellers, that means opportunity is still very real — but the approach matters more than ever.
Pricing has to be strategic, not aspirational. The first impression — online and in person — needs to be strong. And marketing isn’t optional anymore; it’s what creates demand and drives results. The first two weeks on the market are critical. That’s when your home gets the most attention, the most traffic and the highest likelihood of strong offers.
Homes that are priced well, show well and are marketed effectively? They are still selling. Homes that miss the mark? They tend to sit — and often help sell the competition.
One of the biggest risks right now is believing the headlines without understanding the nuance. If sellers assume we’re in a buyer’s market, they may underprice their home, panic after a few days without activity or accept weaker terms too quickly. But this market doesn’t require panic — it requires positioning. And a knowledgeable local Realtor® who follows the market activity can help you position properly based on the data and their experience.
So, are we in a buyer’s market yet? No. We’re in a market where buyers are more thoughtful, sellers need to be more strategic and sellers that prepare with a game plan still win. So do not listen to the rumors. The advantage doesn’t belong to buyers or sellers anymore. It belongs to those who understand the market they’re in — and know how to move within it.
Kaéra Mims is a REALTOR® and supervising broker with Abbitt Realty Company, LLC in the Oyster Point corporate offices. She can be reached at 757-223-7478 or Kaera@abbitt.com and on social media @KaeraMimsRealtor.
