Last month we wrote about the effects of COVID-19 and lower number of homes for sale across Hampton Roads. You can read it by clicking this link:
The decline in active listings has continued and the median sales price is going up. Here are the percentages in chart format:
In our view, this is all driven by a lack of supply (homes listed for sale). After steadily increasing, including double digit percentage gains, the pending sales have reached a breaking point and dropped a little over five percent last month. This isn’t due to lack of demand; it is due to lack of available homes for sale. This is especially true for any homes that are listed under $300,000.
Despite some changes to the local market, Cross Realty is seeing a lot of activity! Lee currently has 11 properties that he is involved with under contract and Harry and the rest of our great agents have many more as well.
In short, the local real estate market isn’t shut down. If anything, prices may have been driven higher by COVID-19 and we know how to help both buyers and sellers. Of course, each situation is different, and we have found the combination of a lack of supply and COVID has resulted in our advice sometimes looking very different for individual circumstances. If you would like to discuss your real estate needs, please call us at (757) 726-7653 for Lee or (757) 434-9084 for Harry). We love real estate and are always happy to talk.
Lee and Harry
Mortgage Rates Hover Near All-Time Lows –
Based on Freddie Mac reports, the 30-year fixed-rate mortgage inched up recently to an average of 3.26%, but remains near its record low. “Mortgage rates stayed at or near record lows for the fifth straight week and homeowners are taking advantage with refinance activity remaining high,” says Sam Khater, Freddie Mac’s chief economist.
It’s a great time to purchase with interest rates being near all time lows. Give us a call if you would like to know how much you could qualify for, or how much you could save with a refinance. Give me a call anytime-Bill Duggan, Sr. Mortgage Banker at 757-615-5172 or email [email protected]
Let’s Go Camping… At Home!
If you are an outdoor lover and your free time is usually characterized by activities such as hiking and camping, one thing is sure; you’re finding it hard to cope with the current situation. So, how about turning your backyard into the ultimate campsite for a little family fun!
- Prepare Your Food and Camping Gear
You want this to feel like the real camping experience, right? If yes, then you have to prepare for it just like you would for the real camping trip. Pack all your camping essentials such as kitchen camping gear and utensils, insect repellent, sunscreen, toiletries, flashlight, non-perishable food and snacks, pillows, and a sleeping bag and on top of it all, your tent. Or, make one with blankets and sheets. If you have your real gear, it will feel as if you are camping and you’ll not have to keep on running back to the house and ruining the experience.
- Prepare Some Dinner
After setting up the campsite and everything is ready, prepare some dinner for everyone. Bring out the snacks and sandwiches or fire up the grill. Once the meal is ready, set up the camp chairs in a circle, pass out the plates, serve, and enjoy.
- Let The Games Begin
It’s time to play! Charades is an excellent example of a game that both adults and kids can play. Consider a scavenger hunt, horseshoes, ring toss, corn-hole or even twenty-one questions.
- Don’t Forget the Campfire
Camping is never complete without a bonfire or time around the fire-pit. Consider dessert under the stars by lighting a bonfire. You can sit around the fire making s’mores or roasting some marshmallows while discussing your future camping plans.
While its true our weekend get-away and vacation plans have been disrupted, we can still find a little camping joy… right in our own backyards.