Harry’s Monthly Real Estate Insight

THANKFUL FOR AN IMPROVING REAL ESTATE MARKET-SEE HOW MUCH!

As we approach Thanksgiving, I am thankful for an improving real estate market. Here are some good numbers for a change according to the REIN MLS statics. Sales are up over this time last year by 14.4% and sale prices are up 5% over the same time period. The Old Dominion Economic Forecasting Dean, Vinod Agarwal, noted in the Virginian Pilot that he sees a market that is continuing to improve. The challenge is that although the number of listings has decreased, the number of bank owned and distressed property sales are still at 28%, which simply is an indication of a stressed market. Active listings in our market dropped by 12%. We need for the supply of homes to decrease in order to stabilize the market.

All of these factors point toward an improving market. The rate of improvement is just painfully slow. At Cross Realty we did experience more demand last month and had a number of homes go under contract, but there is lots more inventory to work through. I was showing homes with 1 to 10 acres in rural areas Saturday and four of the six houses we viewed were bank owned or in a short sale position.

I am still thankful that the market is heading in the right direction. Knowing where to price a listing is critical to being competitive and getting sold. We know where that price point is, call us we can help you.

I wish all of you a wonderful Thanksgiving!

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Specializing in properties in South Hampton Roads, Virginia.