Should I Buy a House Now? | Virginia Beach Real Estate
- Scott Westfall
- Feb 2
- 8 min read
Updated: Feb 9
Is 2026 a good year to buy a house? Should you buy now or wait until house prices drop? Read on for all the factors to consider when deciding whether you should purchase a house in Virginia Beach in 2026.
Virginia Beach is a great area to invest in, though homebuyers in Hampton Roads continue to feel some of the challenges of the housing market in 2026. Many potential buyers have been wondering, “Should I even buy a house right now?”
If you’re doubtful about finding house-buying success in today's market, you’re not alone. In 2026, it’s estimated that middle-income buyers can only afford 21% of the available housing market inventory. Yet at the same time, inventory is growing: active listings were up 17.56% in 2025 over the previous year.
Remember: real estate factors are hyper-local. If you want or need to buy a house in Hampton Roads in 2026, don’t let the competitive market fill you with dread. Read on to prepare yourself for success in today’s housing market and avoid buyer’s remorse.
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Is it a good time to buy a house in Virginia Beach?
Let's be clear: housing affordability is still an issue in 2026. After housing inventory hit rock bottom over the last few years, the slow but steady increase in listings is increasing buyer optimism – but financial barriers remain high.
If you’re wondering if you should buy a house in Hampton Roads this year, it depends which city you’re targeting.
Inventory in Virginia Beach is seeing a slow comeback, with unique market activity by neighborhood. Areas north of I-264 are seeing properties sell quickly if they are priced right, while the south side is moving a bit slower. Chesapeake and Suffolk saw the largest gains in inventory last year.
If you have been saving up for the past several years, 2026 might be the year to buy a house. There will be more opportunities and flexibility for buyers who have been diligently waiting – though make sure to take the tips at the end of this post to heart.
Answering the question “is now a good time to buy a house?” on a national scale is a bit complicated. Inventory has finally been rising from historical lows over the past two years. However, 40% of homes are owned by owners with interest rates lower than 4%, so many are hesitant to sell and obtain a new (higher) rate.
Our experts believe 2026 is a good time to buy a house if you're able to do so in areas like Virginia Beach and greater Hampton Roads. Let’s take a look at why.
Is 2026 still a seller’s market?
Compared to recent years, we’re seeing a more balanced housing market in Virginia Beach and many places in the U.S. Sellers do still have an advantage in 2026 if their property is priced right for its condition and location, but not like a few years ago.
The last three years have seen the lowest housing demand on record. Now that inventory is increasing again and buyers have been saving up, buyers are less interested in major compromises and bidding wars. If a house isn’t priced right, buyers have more leverage.
Why is the cost of homes still going up? Supply is still quite low, both in resale homes and new construction. In fact, the US housing market is estimated to be undersupplied by over 2 million units.
If you’re hesitant about selling your home right now, you can still get top dollar in 2026 with the right strategy. While we see fewer multiple-offer situations, sellers who focus on the three keys to selling your house quickly will generally get close to what they want from the sale.
If you need to sell your house quickly in Hampton Roads, get a free cash offer today.
When will house prices go down?
Again, it’s complicated.
While the market isn't moving as fast as in previous years, the continued deficit in available inventory has meant that sellers don't need to drop their prices. In fact, we anticipate prices will moderately increase again this year.
Also, Hampton Roads doesn’t physically have much room to add to its housing market’s inventory through new construction. This constrains the available supply, putting inflationary pressure on home prices. Home values continue to appreciate.
So, should I buy a house now?
While navigating the housing market remains challenging for both buyers and sellers, buying a house now could be a good investment choice if you are in the financial position to do so. Virginia Beach and Hampton Roads are likely to see house prices continue to increase for a while – which helps your investment appreciate.
2026 began with the lowest year-start interest rates since 2023, so locking in a decent mortgage could help combat recent affordability challenges.
Things to know before buying a house in 2026
Though the market will remain competitive, many people will benefit from buying a house this year. However, homebuyers in Virginia Beach and across the country should be prepared for:
Increased Closing Costs
Closing costs, specifically mortgage closing costs, have been on the rise for years. Lenders charge different fees to home buyers at closing. From 2021 to 2023, the median total loan costs for a house mortgage increased by 36%. Be prepared to bring more cash than you might expect on top of your down payment before closing.
Fast Market Times
On average, listings are only on the market for around a month before going under contract. (For perspective, the average market time was 50-something days in 2019 before the pandemic.) When a listing catches your eye, be prepared to view it as soon as possible. Have your finances in order so you can make an offer quickly.
Multiple Offer Situations
While bidding wars are calming down nationwide, properties well-priced for their condition and in competitive locations like Virginia Beach may still see multiple offers in 2026. Be prepared to craft a strong offer on a home you love.
Get the best tips on how to win a house that has multiple offers on it here!
Compromising
With supply still at a minimum, there simply aren’t that many options available to homebuyers right now (especially single-family homes). With less inventory, you may need to compromise on something—price, house size, location, features. Determine your negotiables vs. non-negotiables before you start looking.
Cash is King
Sellers will often opt for a cash offer over those with financing to avoid risking a loan complicating the transaction. While this is a bigger deal when bidding wars are common, paying more cash out of pocket even in this slower market can entice the seller to accept your terms.
To recap, if you feel you should buy a house in 2026, get a top real estate agent to help you find listings, keep your expectations and demands realistic, and understand that being a buyer in a hot market may be hard work.
How can I buy a house in 2026 and avoid buyer’s remorse?
Buying a house isn’t something that should fill you with regret. At CGP, we’re all about homebuyers investing with confidence. So here are some tips we give our clients to prevent buyer’s remorse:
Be in the right headspace
Fast market times and limited inventory make buying a home challenging. Understand that it may be difficult to secure your dream property. Research your local market before diving in. With a professional you can trust, ask all of your questions about the process ahead of time, and be prepared to act when the perfect house pops up.
Work with a local expert
Working with a real estate professional who truly knows Virginia Beach (or whatever area you are moving to) is essential this year. They may have access to off-market deals. They know which houses are worth a higher price based on location and condition. They know which ones are not worth pursuing.
Beware: Not all agents are created equally, or are equally concerned about potential buyer remorse. Work with a top Realtor or agent who has your best interests in mind.
Make your wish list with current inventory in mind
To avoid regretting your house purchase, have a realistic idea of what houses are available when making your wish list. There simply may not be any 5-bedroom houses with a pool available in your price range in your ideal Virginia Beach school district right now.
Draw red lines
Buying a house is an emotional process. Hard-and-fast guidelines for your search will help you avoid buyer’s remorse in two ways: you won’t waste time and risk temptation looking at houses you would regret purchasing, and you won’t fill your brain with luxurious homes you really can’t afford or wouldn’t suit you in the end.
You may be tempted to be flexible in a fast market, but certain compromises often lead to regret. Here are some examples of “red lines” you can draw for yourself when deciding if you should buy a house now:
What is your absolute maximum monthly mortgage payment?
How much cash are you able to pay out of pocket?
Are there features you absolutely must have? (e.g. a second bathroom)
Do you need to be in a specific school district?
Can you and your family really live through a kitchen renovation?
Do you really want to commute 45+ minutes each day through HRBT tunnel traffic?
Patience is key
If your circumstances allow, have patience. It’s better to lose out on five properties and to get the sixth at a price and location that makes sense to you than to wake up five years from now regretting a bad financial decision you felt pressured into. Maybe your situation is more time-sensitive, and that’s ok. Pay extra attention to these steps to make the process work for you.
Don't skip the home inspection
As tempting as it may be to sweeten your offer by skipping the home inspection, it can be a recipe for disaster. There are better ways to entice the seller without foregoing your due diligence.
Have your financing in order
Have a clear idea of what mortgage rates you can get and what type of financing will be available to you. Try to put 20% down on a house to avoid having to pay private mortgage insurance (PMI). Don’t forget to budget for home insurance and closing costs. In the end, you don’t want to be suffering from payments you can’t afford.
Use a network of trusted contractors
Whether you are getting a property inspected or updating a sewage line before moving in, having access to expert-recommended contractors is crucial. If you work with real estate experts like CGP, they will advise you on the best electricians, carpenters, plumbers, and more.
Know when you can back out
Just because a seller accepts your offer doesn’t mean you can’t still terminate a contract if a major issue comes up. Talk to your trusted real estate professional to understand the entire process so you have no regrets.
Unsubscribe from new listings
You’ll want to take advantage of customized local MLS alerts while you’re searching, but once you’re closing on a house, unsubscribe. Staring at those carefully crafted photos of new listings on the market can easily cause “the grass is always greener” syndrome.
The Bottom Line
When debating if you should buy a house right now, our experts believe it is a good time to buy a house in places like Virginia Beach if you’ve been preparing financially and find a well-priced property. With inventory growth and increasing market times, buyers have more leverage in the housing market than we’ve seen in years.
If you’re outside of Virginia and wondering, “Should I buy a house in 2026 or should I wait?”— You can still get expert guidance affordably. Contact our flat-fee real estate consultant team to strategize from anywhere in the United States.
