Harry’s Monthly Real Estate Insight

More good news! According to REIN MLS, the medium listing price is up 10.1% compared to the same time last year. The residential closed sales are also up 16.4% over last year. The market is going slowly in the right direction. We think it will continue this trend. It will not be a big appreciation in values because we still need to get through the “bank owned” inventory. New construction is still at half of what it was ten years ago. Total October listings were 13,917 and monthly inventory supply is 6.23 months, which is down slightly from last October.

From a National Association of Realtor report we find that the internet was used by 92% of those searching for a home. In 2003 only 71% used the internet for home search’s. Online websites and local Real Estate agents account for where almost all of the info on homes is generated. One new trend is that mobile phones and tablets are a high percentage of where buyers are looking online. There are new apps for making that search easier.

Just for fun, go online and type in your address. You will get your tax info, some status on your home, map with location, aerial photo and some of the online sites will give you an estimate of value. Some of the values are good but many are no where close, but it is interesting! One site has a “make me move” that essentially says give me an offer I can not refuse. Wow. It is crazy, but it is what is happening in our industry.

Have a great Thanksgiving and give thanks for where you live!

If you want to move, call me!

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Specializing in properties in South Hampton Roads, Virginia.