Who Can Handle Heat and Trivia Question Summer is here, both literally and figuratively in the real estate market. It is sunny and hot outside and our local sales market continues to heat back up as well. Based upon statistics from the Real Estate Information Network (our local MLS), 4,846 homes were listed for sale in May which was an increase of 3.57% from May, 2018. But, even while more homes were listed, May’s supply of inventory was only at 4.03 across Hampton Roads down 8.20% percent from May, 2018. In short, this change is good for sellers. If you list your home today there isn’t as much competition and the average sales price is up 4.27% based on year over year numbers!
While sellers are enjoying the market getting warmer, buyers who are looking for homes listed under $275,000 are in a competitive price bracket. Most buyers in this range are finding that they have to make aggressive offers, forgo asking for a full 3% in closing costs, and still sometimes end up in multiple offer situations. The silver lining for buyers is that interest rates are still good.
We have buyers who are looking for a home, so give us a call, Lee 757-726-SOLD (7653), Harry 757-434-9084, or reply back to this email and we will set up a time to talk.
On another note, we are in the process of hiring a new administrative assistant. There will not be any selling involved and the job is about 75% office work and 25% out and about. The link to the application and job description is listed below. If you know someone that you think might be right for the job please let us know!
This month’s trivia question: Over the last three years in zip codes 23434, 23437, and 23438 how many houses were listed and sold for more than $600,000? These zip codes make up central and southern Suffolk. The winner will get something to help them cool off this summer. You can reply back until July 5 to this email with your answers.
Lee and Harry
Restaurant Week…There’s Still Time to Enjoy
There’s still time to indulge yourself and enjoy Suffolk’s Restaurant Week!
This year’s event promises a savory blend of the city’s signature flavors. Participating eateries offer chef-created delicacies and simple three-course, price fixed menus at the DELUXE ($10 breakfast/$10 lunch/$20 dinner), PREMIER ($15 lunch/$30 dinner) or ULTIMATE ($20 lunch/$40 dinner) levels for lunch and/or dinner.
You don’t need coupons, vouchers or tickets. Just visit participating restaurants and order from the Suffolk Restaurant Week menu at each location. With multiple eateries from which to choose, diners will find an exceptional variety of delicacies.
So get out and enjoy! It’s the perfect time to sample new restaurants or delight in old favorites.
Visit http://www.visitsuffolkva.com/373/Restaurant-Week to check out the participating eateries.
Interest rates are low and combine that with a hot real estate market, you realize it’s a great time to buy! The good news is that according to industry experts, this trend of rates getting lower is expected to continue.
I’m happy to discuss the best mortgage options for you to purchase a new home or to refinance your existing mortgage. Bill Duggan, Sr. Mortgage Banker, Atlantic Bay Mortgage Group (757)615-5172 or email@example.com
Music is in the Air with the TGIF Summer Series
The TGIF Summer Concert Series continues at Constant’s Wharf Park & Marina and Bennett’s Creek Park every Friday through the summer.
Enjoy this free and family-friendly event in the park where kids can enjoy the children’s area with bounce houses and there are food and merchant vendors on site. Bring your chair and enjoy a variety of bands.
SCHEDULED BANDS at Constant’s Wharf Park & Marina:
June 28 – Schooner or Later
July 12 – Party Fins
SCHEDULED BANDS at Bennett’s Creek Park:
July 26 – Soul Intent
August 2 – Affirmative Groove
August 9 – The Deloreans
August 16 – Tidewater Drive Band
All Friday concerts are free and open to the public.
Constant’s Wharf Park & Marina is located at 110 W. Constance Road in downtown Suffolk. Bennett’s Creek Park is located at 3000 Bennett’s Creek Park Road in Northern Suffolk.
For more information, please visit www.suffolkva.us/parks