If you’re starting your journey to buy a home, you might find yourself wondering what to expect. Maybe you’re looking to buy your first home, or perhaps you’ve been in your current home for two decades and are ready to downsize. Regardless of where you are in your journey, you’re likely asking the same question: what kind of market are we in right now?
When I purchased my first home in 2006, my wonderful Realtor Mary Bryant guided me through the process. Back then, I knew very little about buying a home, and online real estate resources were still in their infancy. I remember attending my first open house, where Mary patiently explained the ins and outs of homebuying and set up a time to help me dive into my search.
Fast forward almost 20 years, and we’re seeing a market that feels oddly familiar. Interest rates are hovering between 6% and 8%, homes are staying on the market for a few weeks on average, and we’re heading toward a balanced market. It’s a welcome change after the whirlwind of the past four years. When COVID-19 hit, I, like many Realtors, wondered if i’d need to dust off my resume. No one could have predicted the real estate surge that followed. Interest rates dropped below 3%, homes sold in mere hours and buyers flocked to our area for its beauty, friendly community and affordable housing. This frenzy pushed our average sales price from $352,000 at its peak in July of last year.
Now, as the market begins to normalize, it’s time to adjust expectations. The real estate market today isn’t the same as it was two years ago, five years ago or when you bought your last home. Markets evolve, and so should your understanding of them. That’s where a trusted Realtor comes in.
As real estate professionals, it’s our job to stay informed, adapt to changes and guide you through buying or selling your home. Whether it’s helping you find your next home or preparing your current one for sale, we’re here to make the process smooth and successful. So don’t rely on outdated knowledge – rely on your Realtor. This is what we do, and we’re pretty good at it.
Billy Morris
2025 president of the Lynchburg Association of Realtors and
Associate Broker at John Stewart Walker, Inc.