Harry’s Monthly Real Estate Insight

Welcome to Spring! The time for flowers and home buyers. Our market is better, but it is hard for the average buyer or seller to see the change. Maybe the right term is “headed in a better direction”. Certainly not fixed yet, but here is why I know it is better. The overall absorption rate has dropped from a high of 9.27 months to clear the inventory last August to 7.5 months in January 2012. This is good news, means that there have been sales and the number of listings is starting to come down. We would like to see 5-6 month absorption rate for a more balanced market. That is probably not going to happen this year.

Distressed sales, which are bank owned, foreclosures and short sales are still too much a part of the market. In January they were 37% of all sales in the Hampton Roads area. There is a difference in the median sales price of distressed sales at $125,000.00 and non-distressed sales at $182,000.00. The upper priced market continues to suffer from lack of demand.

Over all the market feels better to me and we have seen a spike in sales in January and February at Cross Realty. Now lets see if this will last!

My son, Lee and I have been doing business together for a few years now. So, if you are using us, you get two award winning brokers, high tech tools and expert negotiation skills on your side. You will see some of our new ads (see below) and billboards out and about. So, let us help you and your friends get the most you can for your property. Price it right the first time and it will sell. We know where that is, call us 726-SOLD (7653) and thanks for your referrals.

Lee & Harry Ad0001

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Specializing in properties in South Hampton Roads, Virginia.