Lee and Harry’s Real Estate Update

In the over 65 years that Cross Realty has operated under the leadership of my grandfather, and now myself and my father; we have encountered many situations that have impacted our local real estate market in interesting ways. In uncertain times, we have been able to help our clients with their individual real estate needs using our extensive market knowledge and vast experience. Certainly, COVID-19 and its repercussions are unlike anything any of us have experienced but we have the knowledge, the tools, and the skills to help you navigate the market now and always.

Our local housing market, like all markets of any type is driven by supply and demand. As changes in the supply (number of homes listed for sale) and demand (numbers of buyers looking for a home in a given price range) occur, the price and time it takes each house to sell also changes. As you can see in the chart below, the March numbers from the Real Estate Information Network (or local MLS) show that when comparing March 2019 to March 2020 the number of active listings (houses for sale) declined 21.37%, homes under contract (pending) went up by 21.55%, and most importantly the median sale price rose 8.70% to $249,900.

Supply was already trending down before COVID-19 hit and after response measures were put in place many sellers made the decision to wait on listing their homes. The number of buyers looking to move this month has gone down overall. However, due to the limited number of homes for sale, the buyer demand is higher than the current supply of homes.

Everyone’s situation is different and the market will continue to change as we move through the pandemic. Right now, we do think it is a good time to sell your house, especially if your house is vacant making social distancing easier. We use an innovative online marketing program to allow buyers to do complete and realistic tours of homes online. This lets buyers have their first and often second showings completely online, helping to maintain social distancing. Curb appeal is also very important in this market as more buyers are driving by the homes they want to see before they make an appointment to go inside.

We can’t predict the future, but we can help you prepare. Every situation is different and our careful and up to date market analysis means that as the facts change, our advice might as well. If you would like to discuss your personal real estate needs, please reply back to this email or call us at (757-726-SOLD (7653) for Lee – 757-434-9084 for Harry). We love real estate and are always happy to talk.

Lee and Harry

Interest rates have remained at very low levels (low to mid 3% range) for all traditional loan programs – Conventional, FHA and VA. COVID – 19 has had an impact the overall tightening of credit score requirements and the disappearance of the Jumbo market. The increased risk due to the rapid rise in unemployment figures brought those changes about.

If you’re considering purchasing a home it is best to start planning now. Contact us to have your credit checked to make sure you won’t be impacted by any of the recent changes.   Give me a call anytime-Bill Duggan, Sr. Mortgage Banker at  757-615-5172 or email billduggan@atlanticbay.com.

Shop Our Local Farmers Markets

Customers may order directly from participating market vendors via phone or email and picking up their orders on Saturday, May 2, 2020, at the Suffolk Visitor Center parking lot. This new system will provide the community with the opportunity to purchase garden-fresh fruits and vegetables, baked goods, jams and jellies, meats and poultry, plus personal care products from many of their favorite market vendors each Saturday.  Product lists will be available every Tuesday. 

Order pickups are scheduled for Saturdays, from 9am until noon, in a drive-thru process only, circling through the Visitor Center parking lot with vendors situated according to recommended social distancing safety practices in light of the COVID-19 crisis. Customers are to enter and exit the parking lot using the Constance Road access only. Pre-payment is required for orders as no additional on-site sales, cash transactions, or walk-up customers are allowed.

Once social distancing restrictions are relaxed, the Suffolk Farmers’ Market will proceed as a regular Market, offering Market-To-Go products, as well as arts, crafts, and additional items. 

SuffolkVAFarmersMarket.com or www.Facebook.com/SuffolkFarmersMarketVirginia

Smithfield will also have a drive-through Farmers Market!  

While it is a scaled down version, you can order through on-line and pickup all those fresh local goods at our May 2nd Drive-thru Market.

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Specializing in properties in South Hampton Roads, Virginia.