Snow and Home Sales are both Piling Up

We hope you are warm and enjoying what is left of the snow.  Lee was greeted at home Thursday by some very excited girls armed with snowballs!   Lots of fun was had by all, and the day ended with hot chocolate.

Sellers are also having some fun in this market.  The number of homes listed for sale, especially in the first and second time home buyer range, is down significantly.  As the chart shows, the median sale price when comparing January 2020 to January 2019 is up almost ten percent!  This chart and the numbers are from the Real Estate Information Network (our local MLS).

Over the last couple of years it wasn’t unheard of to run into one or two homes that had buyers making multiple offers and bidding up the price during January and February.  It didn’t happen very often, perhaps only around 5% of the sales, but it did happen.  We found as spring came and more homes were listed for sale, the number of homes receiving multiple offers went down.  While that may happen again this year, inventory is well below average levels and dropping so we think that this spring will most likely continue to be favorable for sellers.

We have buyers that are actively on the hunt for homes.  One buyer in particular is looking for a house with a good water or marsh view.  They need a first floor master and would like around 3,000 square feet with an attached two car garage.  Please reply back to this email or give us a call (Lee – 757-726-7653, Harry – 757-434-9084) if you have a home that meets that criteria. 

This year will certainly be interesting in the real estate world, so if you are thinking about making a move, let us know so we can put our local expertise to work for you.

Suffolk Art Gallery Juried Photography Exhibit

Join the Suffolk Art Gallery as they host the 36th Annual Juried Photography Exhibit, the largest and oldest juried photography exhibit in Hampton Roads.

Artwork of professional and amateur photographers will be on display March 7 through April 17, 2020, from 10 am to 5 pm, Tuesdays through Saturdays, and 1-5 pm on Sundays.

This event is free and open to the public. An Awards Reception will take place on Saturday, March 7, from 4-6 pm.

The Suffolk Art Gallery is located at 118 Bosley Avenue. For additional information, please call 757-514-7284.

Mortgage rates haven’t been this low for this long in years–3.5 years to be exact.  Brexit was the talk of the town in the middle of 2016 and it resulted in rates very close to all-time lows for well over 3 months (all of July, Aug, Sept).  Although rates aren’t quite as low this time around; they are very close to it. In 2016 it was Brexit and massive foreign central bank bond buying.  In 2019/2020, it’s been the trade war and Coronavirus with the latter getting the nod for 2020’s lowest rates.  As such, it’s no surprise to see a spike in bad news relating to Coronavirus leading to big market moves. History suggests this could go on for months, but history also suggests it might not.  If you’re considering buying or refinancing and you choose to wait for even better rates (not necessarily something that makes a ton of sense at current levels); make sure you have a game plan in place with your trusted mortgage pro.   

Let’s Eat!

It’s time to eat, drink and enjoy some of Suffolk’s best restaurants!

Suffolk Restaurant Week promises a savory blend of the city’s signature flavors. March 14-21 is the perfect time to sample new restaurants or delight in old favorites!

During this culinary showcase, participating eateries are offering chef-created delicacies and simple three-course, price fixed menus at the DELUXE ($10 lunch/$20 dinner), PREMIER ($15 lunch/$30 dinner) or ULTIMATE ($20 lunch/$40 dinner) levels for lunch and/or dinner. No need to worry about coupons, vouchers or tickets.  Simply order from the Suffolk Restaurant Week menu at each location.

For additional information, menus and hours of operation, visit www.suffolkrestaurantweekva.com.

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Specializing in properties in South Hampton Roads, Virginia.