The Federal Reserve reduced the target rate by half a point this month. While the target rate influences all of the interest rates, it is different than the 30 year mortgage rate. The 30 year mortgage rate didn’t move much. Why? Because the Federal Reserve had been signaling for months that a rate cut was on the way, so the 30 year mortgage rate had already moved accordingly. Before this month’s rate cut, the Federal Reserve’s rate had not moved in over a year, but the mortgage rates were consistently trending down over the last year. Look at this chart from Freddie Mac showing the 15 and 30 year rates over the last seven years:
While it is way too early to say with any confidence what impact the direct results the rate cuts will have on the Hampton Roads real estate market, we can say that the August numbers, courtesy of our local MLS the Real Estate Information Network (REIN), showed a continued trend of more homes being available for sale.
The month’s supply of inventory is still under two and half months at 2.38. A balanced market is between 5 and 7 month’s supply of inventory, so based on the supply of local homes for sale, we still have a long way to go until we get back to a balanced market.
Historically, fall is a decent time for real estate sales, so if you are thinking about selling, give us a call (757-726-7653 for Lee, 757-434-9084 for Harry) or reply back to this email. We love real estate and are always happy to talk through your choices.
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Cross Realty Is Hiring!
Are you the most organized person you know? If so, then you might be the perfect candidate for this position. I (Lee Cross) am looking for someone to be the extremely organized backbone of my real estate sales and investment operation. Please share this opportunity or apply HERE.
What’s Happening in Suffolk
‘Colors of Royalty’ Art Exhibition
‘Colors of Royalty’ Art ExhibitionOPENING RECEPTION: Thursday, October 3, 5:30 – 7 PMON VIEW: September 26 – October 26, 2024 The Suffolk Center for Cultural Arts’ next exhibitio…
Fall Music Series Outdoors @ the CENTER
Suffolk Center for Cultural Arts is excited to announce a new outdoor space, ‘Outdoors @ The CENTER’ featuring a new performance stage, green space, fire pit, lighting, landscaping, cash bar, and…
Suffolk Peanut Fest Queen’s Banquet & Fashions
Celebrate Suffolk’s shining young stars and support local charities, at the annual Suffolk Peanut Fest Queen’s Banquet and Fashions. The fun begins at 6pm with a silent auction and social hour, di…
Suffolk Peanut Fest Parade
Kick off the Annual Suffolk Peanut Fest with a festive parade through downtown historic Suffolk. The parade stages in the Lakeside neighborhood and proceeds down Washington Street, turning left onto N…
Fall Y’all at Miss Lilly’s Trading Post!
Celebrate Fall Y’all at Miss Lilly’s Trading Post! Join us on October 5th, 2024 from 10am-5pm for a day filed with seasonal fun! Dive into the spirit of the season with our vibrant Outdoor Market …
Putt-Putt Party
Stick around Downtown Suffolk after the Peanut Fest Parade for a round of putt putt and a DJ-led dance party at our Downtown Festival Park – 215 W. Washington. This event is free and open to the…
46th Annual Suffolk Peanut Fest
Shell-ebrating Suffolk’s Roots, From our Hearts to Our Boots” CELEBRATING 46 YEARS OF SUFFOLK PEANUT FEST Suffolk Festivals, Inc. is pleased to announce that the 46th Annual Suffolk Peanut Fest wi…
C.A.Y. Fall Concert Nights at Bridgeport
C.A.Y Nights are free and open to the public and fun for all ages. They will occur every other Friday starting September 13th, until October 25th. We’ll feature a new local band at every event, perf…
Friday Night Frights at the Center: The Conjuring
The Suffolk Division of Tourism wants to give you the fright of your life as they present a series of classic horror films at the Suffolk Center for Cultural Arts. On Friday, October 11, 2024, join us…
Friday’s Free-Flow Yoga in the Gallery
Relax, and Reset for the weekend with our Friday Free-Flow yoga sessions with instructor Stephanie Gwaltney. All levels are encouraged to attend, and please bring your own mat and a towel. Pre-registr…
5th Annual Charity Golf Tournament
Suffolk Business Women5th Annual Golf Tournament Registration and Lunch 11:30amShotgun Start 1:00pmAwards and Dinner ceremony immediately following completion.Come have fun with use while we raise mon…
31st Annual Driver Days Fall Festival
Enjoy lots of activities for the family, live entertainment, fest food, the Sherri Parker Memorial Poker Run, and great shopping with the different vendors and Driver shops. Saturday hours: 10 am R…
Saturday Cinema – Nightmare Before Christmas
Get ready for an unforgettable night under the stars! Our Saturday Cinema event is back and better than ever! Join us for a magical evening of outdoor cinema, where we’ll be screening some of yo…
Sherri Parker Memorial Poker Run & Bike Show 2024
A TAMA sponsored ride with a $25 donation per person and includes complimentary t-shirt for the first 150 registrants (pre-registered t-shirts can be picked up on-site registration on ride day). Poke
Cinderella
The Hurrah Players present Cinderella – a musical written for television but later played on stage, with music by Richard Rodgers and a book and lyrics by Oscar Hammerstein II. Saturday, October …
