Posts Tagged ‘Suffolk’

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

Monday, November 27th, 2017
There Are Not Many Black Friday Deals
Last month we wrote how things normally slow down in the fall and while that is still true, the last week around the office has felt more like the real estate market has just pumped the breaks.  We aren’t anywhere near a complete stop.  We have been averaging a ratified contract every other day over the last ten days, which would be a lot, even for spring time.
Based on numbers from our local MLS system (Real Estate Information Network) the number of homes for sale across Hampton Roads continues to go down.  In October there were 10,172 homes for sale which is 287 fewer homes than September and 679 fewer homes than August.  In just two months, the number of homes for sale has gone down over 6% across Hampton Roads.
Please keep in mind that as a general rule, no one wants to move their Christmas Tree (speaking of Christmas Tree, make sure you check out our contest below).  There are almost always more homes available for sale in the spring, but at this point our inventory of homes for sale is down below normal numbers and buyers are having trouble finding homes in certain price ranges.
Seller’s sometime wait until Spring and Summer to list, but with the inventory level low, if you know you are going to move, we should go ahead and talk through the pros and cons of listing now.  Give us a call (Lee: 757-726-SOLD (7653) or Harry: 757-434-9084) or just reply back to this email and we are happy to set up a time to talk in more detail about your personal situation.

In the News for Buyers and Sellers

Tuesday, October 31st, 2017

Is it Fall?

As I (Lee) was driving my girls to school Friday morning, my car was telling me it was 38 outside and the weather forecast was calling for it to be in the high sixty’s today. I have heard several people wishing the cool weather would arrive and stay around for a while and I can’t say I blame them. Our local real estate market normally cools down some in the fall as well, but as you can see below, seller’s don’t have to break out their winter jackets quite yet.

Based on numbers from our local MLS system (Real Estate Information Network) the number of homes for sale across Hampton Roads continues to go down. In September 2017 there were 10,459 properties listed for sale, which is 510 fewer homes than in September 2016. Plus, it is a reduction of 392 homes from the month before (August 2017).

To put the number of properties for sale in better context, you need to look at the months’ supply of inventory. You get that number by dividing the total number of homes for sale by the number of homes that sold month. Said another way, if the demand from buyer’s stayed the same and there weren’t any other houses listed, how many months would it take to sell all of the homes that are currently listed? The month’s supply in September 2017 was 4.81 months. Between five and seven months’ supply is considered an average market, and, the lower the number, the more bargaining power seller’s traditionally have. Last year (September 2016) the months’ supply was 7.85 and locally it was over 10 during the bottom of the last recession.

Both the statistics and our experience show home prices creeping up. The median sales price was up 3.84% in year over year numbers, while the median sales price for the third quarter of 2017 was up 2.13% over the third quarter of 2016.

Sellers sometime wait until Spring and Summer to list, but with the inventory level low, if you know you are going to move, we should go ahead and talk through the pros and cons of listing now. Give us a call (Lee: 757-726-SOLD (7653) or Harry: 757-434-9084) or just reply back to this email and we are happy to set up a time to talk in more detail about your personal situation. We also greatly appreciate any referrals you can send our way and promise to take great care of them.

by: Lee Cross


Community Event

Thursday, April 6th, 2017


Featured Property

Thursday, April 6th, 2017

208 Widgeon Ct, Suffolk – $209,900

Updated kitchen with tile, fenced-in backyard, and only 21 miles to Norfolk or 23 to Newport News. Two first floor bedrooms (including the master), two first floor full bathrooms and another full bathroom along with two more large bedrooms upstairs. Plus the roof heating/air systems, windows and appliances are only a couple of years old.

Listed by: Lee Cross 757-726-7653

 

 

 

 

 

 

 

 

 

 


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




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