Do you realize 2006 was so long ago that the iPhone wasn’t even introduced? That back in 2006 Lee had only had his real estate license for four years, but like now, the local real estate market was on fire. Take a look at this month’s chart showing how August 2020 compared to August 2019.
Keep in mind this chart isn’t that different from the month before. The active listings were down 38.40% in July, and the median sales price was also up a little under 8% based on year over year numbers. Don’t let the low inventory numbers fool you – the number of houses selling is increasing by double digit percentages.
What is really happening is buyer demand is making homes sell faster for more money. From the buyer side, there are not as many homes to go see, but there are homes available for sale.
If you are considering selling your home but are concerned about finding a new home should your house sell before you’ve found a new place, know that there are a few different options available in this scenario. If you want to find out more, email Lee at LeeCross@callcrossrealty.com, Harry at HarryCross@callcrossrealty.com or give us a call (757-726-7653 for Lee, 757-434-9084 for Harry).
Interest rates have gone up slightly since the beginning of August. However, they remain in the 2.75% to 3% range. Historically speaking, these are still very low and help make housing affordable.
As Lee mentioned, we are in an extremely competitive market. Due to this, we strongly recommend being fully preapproved upfront to purchase a home. Being preapproved gives us the ability to provide a stronger letter for your Realtor to submit with your offer to purchase compared to a prequalification letter, which is simply an “opinion” based on information that has been provided to us verbally. Getting preapproved upfront has the ability to potentially close faster too. The ability to close sooner could be another factor in choosing your offer over others.
To get the process going give us a call at (757) 615-5172 or email billduggan@atlanticbay.com
Celebrating October!
October. The tenth month of the year. Time of pumpkins, falling leaves and goblins and ghouls. Here are a few fun facts:
More United States presidents have been born in October than in any other month.
October not only marks the onset of the festive season, but is also celebrated as the National Pizza Month, Popcorn Month, Pork Month and Sausage Month.
October is never mentioned by Shakespeare, the famous English poet, playwright and actor, in any of his works. He is widely regarded as the greatest writer and dramatist in the English language.
October 1st is Homemade Cookie Day.
October 2020 has 2 full moons! The first full Moon of Fall-in this case, the Harvest Moon-will appear on Thursday, October 1st. Later in the month, on Saturday, October 31st (Halloween), the second full Moon appears. This is the Hunter’s Moon, which will be special for two reasons: it’s a rare Halloween full Moon and a Blue Moon!
October means Halloween, and Halloween means bats. Many of us associate bats with Halloween – and the same was probably true centuries ago. Most scholars agree that Halloween as we know it started some 2,000 years ago when Celtic people in Europe celebrated the end of the harvest and the start of a new year in a festival called Samhain (pronounced “sow-win”). It was also a time of communing with otherworldly spirits, with big bonfires lit in honor of the dead. When the Celts lit bonfires, the bonfires would attract bugs, and the bugs would attract bats. In later years, various folklore emerged citing bats as harbingers of death or doom.
