Posts Tagged ‘Monthly Real Estate Market Insight’

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 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  or and we will help you take advantage of this rising market

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

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!

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!

Harry’s Monthly Real Estate Insight

Tuesday, September 24th, 2013

There is good news in our market. For the area our MLS covers, the sales were up 7.96% over August of last year and the pending sales were up 12.02%. Cross Realty has experienced even better results over last year. We had quite a good August and September has started strong for sales. This is good news and it may be a sign that we are moving into a better market. The total number of listings actually went up over last August, but they were predominantly home owners not bank owned properties.

We do still have a 15-22% influx of bank owned sales and listings. This is still negatively effecting the market, but it is better. Two things that need to happen to get to a good real estate market are a better economy and bank owned properties down to 5%. This is going to take some time. There are 600 +/- homes for sale in the Suffolk area. This number is about the same for August 2011 and 2012. This tells me that we still have a ways to go to get the Supply and Demand in a better place.

I expect that we will have a better than average fall until mid November when the market seasonally slows. So, lets get started selling and listing in this great fall weather. I have a $50.00 Lowe’s card for the best local picture of fall leaves! You In? Email me:

Harry’s Monthly Real Estate Insight

Friday, August 9th, 2013

Great News for Suffolk

Welcome to August with some great news for Suffolk. The dilapidated buildings on the south side of W. Washington St. have been purchased by a major construction company to be rehabbed! Cross Realty was the listing and selling agent on the properties and brought the buyer and city together to make this project a winner for both. I must say it was one of the most satisfying sales I have ever done in Suffolk because of what it means to downtown. This is the best thing to happen to downtown since these building were built!

The buyers plan to do about 64 new apartments and retail area in the lower floors. This brings more people downtown and will help greatly with its revitalization for restaurants and shops. The city was very helpful in making this happen. The city has some other good plans for downtown, so stay tuned!

Our sales are way up for the last few months. I think it is a combination of hard work and a better market. We still have a ways to go to get to a balanced market because the bank owned inventory is still holding prices down. We are headed in the right direction. Not crazy to hear the government talking about getting out of the mortgage business. Over time that will drive interest rates up. More on that as it develops.

How can we help you or a friend? We have been selling homes, managing property and supporting the Suffolk community for over sixty years! Thanks for your continued referrals.

Harry’s Monthly Real Estate Insight

Monday, June 17th, 2013


Statistics are giving the Suffolk market more good news! According to REIN MLS, pending sales for the month of May have increased by 27.18%, compared to May of 2012. Residential sales increased 5.73% and the medium price is up 1.23% to $205,000.00. Other good news is that the listings are down by 13.42% with a supply of 6.58 months, which is approaching normal. Are we at a “tipping point”? What does this mean?

I think it means we are going in the right direction a little quicker than earlier this year. Distressed sales are 22.41% of our market and that is still negatively affecting our sales prices, but buyers love it because they are buying at the bottom of the current market. Interest rates are creeping up, so if you are considering a purchase best start that process. To have a leap to an accelerating market would take lots of good economic news. Families are still skeptical of the economy but there is an attitude of improvement, overall.

Another factor is, with home prices creeping up, less people are underwater. According to Corelogic, 19.8% of all home owners are underwater in their home’s value. That would be 9.7 million households. They owe more than the home is worth. That number is down almost 20% from the first of the year across the Nation. Now some of the states like Florida and Arizona, lost 45% of value, so their markets have improved greatly and have helped this number. This points to a built up demand for homes that will need to hit the market sometime in the future. It will be interesting!

Have a good 4th of July, God bless America, we are fortunate people to live where we do!

Harry’s Monthly Real Estate Insight

Tuesday, May 14th, 2013

Is the Market in Suffolk Really Better?

I think the answer is YES. We have experienced more buyers in the market and more good listings that are not “short sales”. We actually had two homes with multiple offers. That was a shocker. The overall number of residential listings is going down and in Hampton Roads the number of pending and under contract reports is up over last year. The current supply of inventory is 6.02 months according to the REIN MLS system. We would like to see it in the five range.

All good news for a seller. The region’s residential median sales price is $199,250.00 which is up slightly from last month.

Short sales and bank owned listings are still 27.76% of the market, which is way too high for the market to be in balance.

The challenges are still in the bank owned properties holding values down. Having a better over all economy will help with a lot of issues. Interest rates are still great at around 3.375% for 30 years and 2.7% for 15 years. Refinance now, because the prediction is, these are going to go up.

How can we help you or a friend? Referrals are how we do most of our business.

Summer is coming, as soon as we get over global cooling!!!

Harry’s Monthly Real Estate Insight

Tuesday, March 19th, 2013

The market continues to improve. Since all sales are determined by Supply and Demand, then changes in either indicates movement in a plus or minus direction. In 2011 the total number of listings in our Hampton Roads market was 16,945, today it is 9,285. This is a 45% reduction. Definitely going in the right direction, getting closer to a normal number, but our challenge is still in the overall economy and the continued stalemate in Congress. Major business decisions are being held up because we have no direction from our elected leaders. The over all rating of Congress before was bad, but now I think they deserve an F-. We should have voted them out when we had the chance last time. Maybe we will be smarter next time!

Below are two informative charts. Settled Sales show the history of how we got into this mess and for the first time since 2007 shows an increase in home values, overall. The second chart shows the influence of Distressed sales on the market. They are still at 26.37%, which is a huge negative influence on the sales price of homes. To get better prices we need for the Distressed sales to be much less.

If Sequestration does not overly affect the Hampton Roads economy, then we will continue to improve. But my guess is that the Sequestration will slow down recovery for our area. It is about a Congress that is not doing its job that is holding everything back. Let’s call for a new election! You In?

Send me one client this year! Have you been to Sweet Frog yet on Main St. near Panera?

Graph 1

Graph 2

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