Posts Tagged ‘Harry Cross’

In the News for Buyers and Sellers

Friday, December 29th, 2017
The Weather Outside is Frightful but the Real Estate Market is….?
The weather outside is frightful, but the real estate market is steadily moving closer to delightful!  In fact, compared to the market we were in ten years ago, we are way beyond delightful and approaching wonderful.
Based on numbers from our local MLS system (Real Estate Information Network), last month was the 39th straight month that prices have increased when you compare year over year numbers (November 2017 to November 2016).  Plus, the number of homes for sale across Hampton Roads continues to decrease.  This decrease holds true in both year over year numbers and comparing month to month (October 2017 to November 2017).
If you are a long time reader, you know that studies show that the ideal time to list your house is early spring.  But, both in our office and from conversations with fellow agents, buyers are having trouble finding a house that they want. Thus, a good argument can be made that if you are planning on selling your house this year, you should consider listing your home now.  This decision really should be made on a case by case basis, so give us a call (Lee: 757-726-SOLD (7653) or Harry: 757-434-9084) or just reply back to this email and we will be happy to set up a time to talk in more detail about your personal situation.
We appreciate your support over the past year and are thankful for you.  We  hope you had a great Christmas and lastly, make sure you check out our Facebook page for the Christmas light contest!
Happy New Year,
Lee and Harry Cross

In the News for Buyers and Sellers

Wednesday, March 22nd, 2017

Will Buyer Demand Stay Strong?

Last month we wrote that our big question for the spring is will buyer demand stay strong? Based on just the numbers from February 2017, the answer is yes!

Looking at year over year numbers (February 2016 compared to February 2017) the number of homes for sale decreased a little over 10%, while the number of homes under contract went up by 7.79%. Suffolk led the charge with 25.69% more homes under contract than in February 2016. A quick note, keep in mind this is just one month, and a winter month. Last year we had more snow which kept more buyers from looking, so our snow free February almost certainly helped to inflate the year over year numbers.
However, when you look at what happened just in February 2017 across Hampton Roads, you see that 3,497 new properties were listed but 3,807 went under contract or were sold. If you were looking for a home throughout the month of February the statistics say you actually had fewer homes to choose from by the end of the month.

So what does this all mean? Our honest answer is, it is too early to tell, but we still feel that our prediction of this being a glass half full and rising seller’s market will stay true. If you are looking to buy a home, or if you are looking to buy a higher priced home than what you currently own, it is time to start looking. Using rough math based on buying a $200,000 house, interest rates increasing by 1% on your home loan will cost a buyer approximately the same as the cost of the home you are buying going up 10%.

If you have read this newsletter before you already know that studies show now is the best time of year to list your house, and with the Federal Reserve announcing they are planning on raising interest rates two more times this year buyers should be actively looking as well.

Of course this email is focused on the overall market, which may or may not apply to your personal situation. We are happy to sit down and talk about how our current real estate market affects you and your future real estate plans. Please give us a call (757-726-SOLD) or email (LeeCross@CallCrossRealty.com, HarryCross@CallCrossRealty.com).

by: Lee Cross


In the News for Buyers and Sellers

Monday, February 27th, 2017
The Glass is past half-full!
Last month we talked about how the glass is half full and rising, and if the latest statistics for home sales in Hampton Roads continue in the same direction, our glass will be past half full by the end of the year.  The number of homes for sale continues to shrink, and buyers are starting to complain that there aren’t enough homes for sale.  Looking at year over year numbers, there are 10.76% fewer homes for sale in January 2017 than there were in January 2016.    The year over year numbers for January also fell for the average days on the market (down to 118 from 125) and the month’s supply of inventory (down to 4.37 months from 5.37).  Plus, the number of homes that went into pending (under contract) status in January 2017 was the highest for January since 2007.
The big question, is will this continue throughout the year or are we seeing a surge of buyers due to the rising interest rates?  Interest rate changes make a huge difference for buyers.  If a buyer is using a normal 30 year loan to buy a $225,000 house and the rates go up one percentage point they either have to pay about $115 more a month, or spend $25,000 less on a home to keep the payment the same.  Clearly this will matter to buyers, so even though rates can go up a point and still be historically great, it will have an effect on buying power.
Now is the time to get your home ready if you want to sell this year.  We are happy to do a quick, no obligation walk through of your home.  We can share with you some tips to help you get your house ready to bring top dollar, and tell you what your house could sell for in this market.
Please give us a call (757-726-SOLD) or email (LeeCross@CallCrossRealty.comor HarryCross@CallCrossRealty.com) and we will help you take advantage of this rising market

In The News for Buyers and Sellers

Monday, January 30th, 2017

The Glass is Half-Full and Rising!

The statistics for home sales in Hampton Roads for 2016 show that our real estate market continues to improve for sellers.  We’d like to say we are in a glass half full and rising market.  The average sale price for 2016 was $225,000, up from $218,000 in 2015.  More impressive was the fact that 9.02% more homes sold in 2016 than they did in 2015.  Most importantly for current sellers or people thinking about listing their home this year, the number of active listings continues to decline.  In December 2016 there were 9,108 homes listed for sale, which is the lowest number since April 2006.  Anytime you are selling anything, the less competition you have the better.
Part of the reason we say the glass is half full, is that the average sales price had a higher increase in 2015 (5.3%) than 2016 (3.2%).  Plus, rising interest rates will mean buyer’s have to have a higher monthly payment or look in a lower price range from a couple of months ago.
Having said that, we still feel that unless the economy takes a hard hit, prices should continue to go up in 2017.  We have written about this before, but as a quick reminder, local numbers show sellers are most likely to have their home under contract in April.  In order, the top five sales months are April, June, May, July, and March.  If you are going to sell your home this year, it is in your best interest to be listed before the end of February to take advantage of the number of buyers looking in March.
Now is the time to start talking about getting your home ready if you want to sell this year.  We are happy to do a quick, no obligation walk through on your home.  We can share with you some tips to help you get your house ready to bring top dollar, and tell you what your house could sell for in this market.  Please give us a call (757-726-SOLD) or email LeeCross@CallCrossRealty.com  or HarryCross@CallCrossRealty.com and we will help you take advantage of this rising market

Featured Property of the Week

Thursday, October 30th, 2014

 

IMG_0422

201 Grace St   Suffolk, VA 23434

Gracious historical property remodeled and upgraded throughout the whole home. New kitchen, bathrooms and HVAC. Property to be sold \”as is\”. Sale includes home place and adjacent lot on north side. Located in Suffolk’s Historical District. Must see to appreciate how fabulous this home is!

Listed by: Harry Cross

IMG_0376IMG_0245IMG_0337IMG_0386


Harry’s Monthly Real Estate Insight

Tuesday, April 29th, 2014

I have attached two charts from our MLS statistics that give you the history of what has happened and where we are today. Take a look at the charts and they will tell you how we got into the Real Estate bubble, how the market dropped, when it started to recover, how sales dropped in the early part of the year and have rebounded. Our current supply is higher than last year at this time and our days on market are up. The medium list price is up and the medium sales price was up 4.6% in the Suffolk area.

What does all this mean? The market is better, but still needs to have more demand to get it going with higher prices and shorter sales time. We are going in the right direction and Cross Realty experienced another good month in sales and rental management. Looking to finish the spring months strong.

Congrats to Lee Cross for winning a Gold Award in this tough market and for being in the top 4% of the sales people in our MLS area. Grandfather, Harry Lee, Jr. would have been very proud! Keeping the tradition of top professional service and community involvement strong for another generation!

Graph 1Graph 2


Featured Property of the Week

Wednesday, March 26th, 2014

 

IMG_0421

201 Grace St   Suffolk, VA 23434

Gracious historical property remodeled and upgraded throughout the whole home. New kitchen, bathrooms and HVAC. Property to be sold “as is”. Sale includes home place and adjacent lot on north side. Located in Suffolk’s Historical District. Must see to appreciate how fabulous this home is!

Listed by: Harry Cross

IMG_0376IMG_0257IMG_0316IMG_0409


Harry’s Monthly Real Estate Insight

Wednesday, March 19th, 2014

The Suffolk Real Estate market had some mixed news for our area in February. According to the REIN MLS statistics, the total current listings in the Hampton Roads area (10,601) stayed steady as compared to last February, but in Suffolk we were up 13.48% over last year at the same time. Our pending sales were up 20% for the same period last year. This is all good news; except our monthly supply of available homes/listing is 7.56 months and an average market should be in the six month range. Suffolk’s average home price is $200,000, where Chesapeake is $215,000.00 and Virginia Beach is $214,000.00.

Distress home sales are still too much of a factor in the market place. The listings of distress homes are 20.82% and the sales of this type of home are 30.72%. If you look at the sales in the local newspaper, it seems higher than 30% to me.

What does all this mean to our market? The market is better, but not seeing an appreciable upswing in values. We are seeing more demand and in the lower prices we have seen multiple offers. This is below $225,000. The upper value homes are still seeing little demand. A seller must understand their pricing position as compared to competition to catch one of the buyers looking for homes in their price range. We know where that place in the market is, call us we can help you!


Happy Holiday’s from Harry

Tuesday, December 17th, 2013

For over sixty years with three generations, the Cross Family has been serving Suffolk and the surrounding area in real estate sales, listings and property management. We thank you for the privilege of helping so many families and friends with their real estate needs.

We wish you all the best of the holiday season and we look forward to the privilege of professionally helping your family, in the coming years. As in the past, the Cross family will continue to make donations to the Salvation Army, the Joy fund, Suffolk Free Clinic, numerous fuel assistance programs, the Red Cross, the United Way, the Genieve Shelter, various education scholarships, food pantries and many others. We ask you to help out too.

It is also important to shop locally. Check out all our local businesses have to offer. Support the businesses that support our city.

Harry L. Cross, III

Merry Christmas and Happy New Year from Cross Realty!


Harry’s Monthly Real Estate Insight

Monday, November 18th, 2013

More good news! According to REIN MLS, the medium listing price is up 10.1% compared to the same time last year. The residential closed sales are also up 16.4% over last year. The market is going slowly in the right direction. We think it will continue this trend. It will not be a big appreciation in values because we still need to get through the “bank owned” inventory. New construction is still at half of what it was ten years ago. Total October listings were 13,917 and monthly inventory supply is 6.23 months, which is down slightly from last October.

From a National Association of Realtor report we find that the internet was used by 92% of those searching for a home. In 2003 only 71% used the internet for home search’s. Online websites and local Real Estate agents account for where almost all of the info on homes is generated. One new trend is that mobile phones and tablets are a high percentage of where buyers are looking online. There are new apps for making that search easier.

Just for fun, go online and type in your address. You will get your tax info, some status on your home, map with location, aerial photo and some of the online sites will give you an estimate of value. Some of the values are good but many are no where close, but it is interesting! One site has a “make me move” that essentially says give me an offer I can not refuse. Wow. It is crazy, but it is what is happening in our industry.

Have a great Thanksgiving and give thanks for where you live!

If you want to move, call me!




Entries (RSS)