Posts Tagged ‘Harry Cross’

In the News for Buyers and Seller

Monday, May 21st, 2018
Hampton Roads is a Rising Market!
The Hampton Roads real estate sales statistics from April continue to show a rising market.  According to numbers from the Real Estate Information Network (our local MLS), 19.30% more homes went under contract (pending) in April 2018 than in April 2017.  This continued what is now a four year trend of the year over year pending numbers rising (comparing the same month in different years to allow us to compare apples to apples).
But, interestingly enough, Suffolk was the only city in Hampton Roads to go down in pending sales.  The 19.30% was Hampton Road’s average. Newport News had the largest increase at 34.24%, and Suffolk’s fell 0.62%.  A tiny decline, but still well below the average for the area.  It is our opinion that part of this large difference in numbers is that buyers are having trouble finding the house that they want.
If you are thinking about selling don’t wait!  Sellers often make the mistake of waiting until summer to list their houses (studies show that July is the second most popular month to list your home).  It is true that more people typically move over the summer, but that is because the buyer found and put the home under contract 30 to 60 days earlier.  August is one of the slower times of year for sales because no one wants to move during the first few weeks of the school year.
We are happy to come out and give you a free comparative market analysis so you can know what your home can sell for in our current market.  Give us a call Lee 757-726-SOLD (7653), Harry 757-434-9084, or reply back to this email.
Enjoy your weekend,
Lee and Harry

In the News for Buyers and Sellers

Monday, April 30th, 2018
April Update and win a gift card!
Last month we were worried about sounding like a broken record.  This month, it is the same song, but a different tune.
The recognizable part is the year over year numbers continue to swing towards a seller’s market.  According to numbers from the Real Estate Information Network (our local MLS) there were 9,244 homes for sale in March 2018, which is 8.67% less than in March 2017.  March 2018 is the 32nd consecutive month of a decline in the number of homes for sale when looking at year over year numbers.  The number of homes under contract (pending) has also increased based on year over year numbers for the last 46 months.
The change has occurred in the absorption rate.  The absorption rate, also called the months’ supply of inventory, is calculated by dividing the total number of homes listed for sale by the number of homes that go under contract.  For example, if 100 homes are listed and 10 go under contract, that months’ supply of inventory would be 10 months.   A balanced market is between 5 and 7 months.    From December 2017 through February 2018, the absorption rate decreased each month, but it went up some in March 2018 to 4.11 months.  However, when you compare the year over year March 2018 is 12.37% less than March 2017.
We have been writing this monthly update for a couple of years now and are looking for some feedback.  We would love to hear what you like about the newsletter and what you think we should change.   Is there other information you think we should include?  In an effort to get you to hit reply and tell us, we will send Starbucks gift cards to the first five people who give us their thoughts.  We will put in everyone else who responds and draw out five more names to send Starbucks cards to as well.
Good luck, and even if you are like Harry and don’t like Starbucks coffee please respond as we can always send you to Sweet Frog instead.
By: Lee Cross

In the News for Buyers and Sellers

Monday, February 26th, 2018

Feeling and Selling Like Spring!

We realize the calendar doesn’t say April, but as we are writing this, the expected high is 76 degrees and the buyers are out looking as if it is peak season. There were 8,773 homes for sale in January according to the numbers from Real Estate Information Network (our local MLS). This is a year over year decline (January 2018 compared to January 2017) of 6.87% which holds a two and a half year trend of a decline in the number of homes for sale.

As we wrote last month, buyers are having trouble finding what they want and the number of homes for sale is down to under 3.92 months (divide the number of homes for sale by the number of homes that sold that month). In an average market the months of supply is between 5 and 7 months. All the signs are pointing to a spring that should see the average sales price continue to drift upwards and demand to remain strong especially over the next couple of months.

Studies show that Sellers will often wait to list their house until later in the spring and summer. We feel, and the data backs us up, that if you are planning on selling this year you should go ahead and get your home on the market now.

If you are thinking about selling, and/or are starting to do some work to get ready to list your home please let us come and give you advice first. Sellers will often do repairs that don’t bring them as much return as they think, or they would have been better off doing something else. We don’t charge for coming by and giving advice, so give us a call (Lee: 757-726-SOLD (7653) or Harry: 757-434-9084).

By: Lee Cross


In the News for Buyers and Sellers

Monday, January 29th, 2018
It’s Cold Outside, but Sales are Warm!
The end of the year numbers are in for 2017, and they continue to show a positive trend for sellers.  The number that sellers care the most about, the median sale price across Hampton Roads, was $230,000 for 2017 which is up roughly 2.2% from 2016, according to numbers from the Real Estate Information Network (our local MLS).  More exciting for sellers is that the number of homes for sale has declined for 29 straight months when comparing year over year numbers (December 2017 to December 2016).  December 2017’s supply of homes for sale was down to 3.90 months.  An average market is between 5 and 7 months, and average days on market for homes across Hampton Roads dropped to 87 days in 2017.  The average days on market was 108 in 2016.
While we don’t have a crystal ball, 2018 is looking like a year in which the average sale price for houses should continue to drift upwards.  Demand is very strong in the $150,000 to $300,000 price range.  In fact, we have several buyers looking that can’t find what they want.  If you are thinking about selling give us a call (Lee: 757-726-SOLD (7653) or Harry: 757-434-9084).
by: Lee 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

 

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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

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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!

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