Harry’s Monthly Real Estate Insight

It is hot. I wish we could translate that into the real estate market, which is still on the cool side for sellers. Looking at the sales charts from REIN MLS it shows a spike of closings in April of 117 houses sold in Suffolk. January had 51, February had 64, March had 84 and May had 91. The market got hot and then it is trending back to slow. We expect the market to stay about the same for the next few months. The listings that are selling are foreclosures and short sales making up about 40% of the total market and the balance are homes that are priced very competitively. The indication of what a seller should do is simply, no action or showings, better lower your price. A hard message for stressed sellers, but there is a price in every range that is getting some demand and sales.

If you know someone in a foreclosure or short sale situation; make sure they understand they need two types of help. An attorney to advocate and guide them through the process that is experienced in helping clients in the foreclosure process and secondly, they need marketing of their property with an experienced broker. Call us we can help!

Fly the flag for the 4th of July and be thankful you live in the USA!

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Specializing in properties in South Hampton Roads, Virginia.