The question I’m hearing most this month: rates dipped a little, so should I buy now or wait for them to drop more?
Here in Hampton Roads, the honest answer is that it depends on which city you’re shopping in.
Why your city changes the answer
Waiting is a race between two things: how fast prices rise and how much rates might fall. And prices aren’t rising at the same speed everywhere.
| City | Price change over the past year |
|---|---|
| Virginia Beach | +8.4% |
| Chesapeake | +2.5% |
| Norfolk | about +1.85% |
Source: REIN, our local MLS (September). Across the wider region, local price growth ranges from about −3% in Suffolk to about +8% in Virginia Beach.
Virginia Beach: waiting is a bet you’d likely lose
Prices in Virginia Beach are rising fast enough that a modest rate drop a year from now may not make up for a year of appreciation. You’d likely be paying a higher price, with a bigger down payment, for a similar payment or more.
Chesapeake and Norfolk: waiting can pay off, if rates cooperate
Price growth is slower here, so a meaningful rate drop could more than cover a year of appreciation. But that’s a big “if.”
The big “if”
Waiting only works if rates actually fall. Most buyers don’t expect that. In a national survey released this week by Veterans United, 57% of prospective buyers said they expect rates to be higher a year from now. Only 32% said they’d wait for rates to fall.
Nobody knows for sure where rates are headed, and your city, and even your neighborhood, changes the math.
The better question
Waiting isn’t wrong. It’s a bet. The more useful question is whether today’s payment works for your life.
- If it does, the right house at a fair price is a good buy, and you can stop trying to time the market.
- If it doesn’t, waiting with a plan beats buying under pressure. A plan means a savings target, a credit check-up and a short list of neighborhoods you’re watching.
Either way, you deserve to see your own math, not a national headline.
Let’s run your numbers
Tell me your city and your price range, and I’ll help you and your lender compare buying now vs. waiting a year, either way. Book a 30-minute call or call or text me at 757.288.0983.
— Christine “Chris” Faircloth, The Agent Faircloth Team, Swell Realty Co.
General information only, not a loan offer or rate forecast. Talk with a licensed lender about your options.
Sources: REIN September 2026 market report (released Oct. 9) · Veterans United Q3 2026 buyer survey (released Oct. 22, 2026).
