Yogi Berra said, “It’s tough to make predictions, especially about the future,” and physicist Neils Bohr said, “Prediction is very difficult, especially if it’s about the future!” So there is a solid consensus that predicting the future is not for the weak of heart. In January, however, we are often asked what we think the real estate market is going to do in the coming year. Going against the advice of both Yogi Berra and Neils Bohr, we are going to make our predictions for 2023 and invite you to join us with your own predictions.
With respect to Carmen Reinhart and Kenneth Rogoff, authors of This Time is Different, we believe that the current market situation is different from the real estate crash of 2008 (the book is long, but a good read for investors). We feel this way for several reasons. The mortgage underwriting for buyers has been and continues to be much more consistent and, thankfully, the stated income “liar loans” have not come back. The months’ supply of inventory is still close to historical lows at 1.27 months. Remember an average months’ supply is five to seven months, and real estate just like any other market is all about supply and demand. So while we think the number of settled sales will be lower in 2023 than it was in 2022, don’t expect the median sales price to change much.
Now it is your turn. Reply back to this email with your prediction of what the median sales price and number of settled sales will be for 2023. We will make a $100 donation in your honor to the charity of your choice for the guesses closest to each of the numbers. We think that this chart, courtesy of the Real Estate Information Network (REIN), will be helpful in your efforts to answer the trivia question and have a frame of reference for our predictions. It shows the number of settled sales (homes sold), along with the median sale price, and the household income from 1997-2022.
Every situation is different, so give us a call (757-726-7653 for Lee, 757-434-9084 for Harry) or reply back to this email, and we will be happy to talk through your individual situation. Don’t forget to email us back with your guess for the 2023 median sale price and the total number of sales.
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What’s Happening in Suffolk
Shine: An Exhibit at the Suffolk Center
The Suffolk Center for Cultural Arts offers a variety of art classes throughout the year. This exhibit, SHINE, highlights the work completed by students in these classes along with that of their instructors. The exhibit will also feature artwork by some of the SCCA administrative staff.
The Suffolk Art League in cooperation with the Suffolk Fine Arts Commission cordially invites you to attend the Exhibit of Excellence: Suffolk Student Art 2023, on display at the Suffolk Art Gallery from January 31 through February 24. An Awards Presentation will take place Tuesday, January 31, 2023, from 11:30am-12:30pm at the Suffolk Art Gallery.
Poetry, Prose & Pizza
Join the Suffolk Art Gallery, the Suffolk Art League, and host Nathan Richardson for this spoken word event. Poets, writers, musicians, spoken word, and more are welcome. Present your own original works or favorites by others. Not a writer or musician?
Harlem Nights: A Jazz Social
Put on your best ’20s attire and chassé down to the Harlem Nights Jazz Social, on Saturday, February 4, 2023! Hosted by Suffolk Public Library, in partnership with Suffolk Art League, meet us at 6:30pm at the Suffolk Art Gallery for an event highlighting important figures from the Harlem Renaissance.
Sweetheart’s Ball
Suffolk Parks and Recreation is excited to invite all active adults ages 55+ to the Annual Sweetheart’s Ball! This event will be held on Wednesday, February 8, from 10am to 1pm, at the Curtis R. Milteer Sr. Recreation Center. The cost of the event is $10 per person.
A British Invasion at the Center: Rocketman
Join Suffolk Tourism, in partnership with the Suffolk Center for Cultural Arts, as they proudly present A British Invasion at the Center, three British-themed blockbuster movies that enjoyed great success in cinemas. The series continues on Thursday, February 9, 2023, when Rocketman comes to the big screen.
Fin & Tonic’s Valentine’s Day Dinner
Fin & Tonic is offering a pre-fixe Valentine’s Day Dinner Menu for Tuesday, February 14! The cost is $100 per person ($140 with wine pairing). Reservations are filling up fast – call today!
Vintage Tavern Valentine’s Day 5-Course Dinner
The Tavern is offering a pre-fixe Valentine’s Day Five-Course Menu for Tuesday, February 14, from 5-9:30pm! The cost is $85 per person, with an optional wine pairing for $25 per person.
Amedeo’s Ristorante Valentine’s Day Dinner
Italian love is in the air! Join Amedeo’s Ristorante as they present a specialized Valentine’s Day menu. Your significant other is bound to be dazzled by this spectacular menu! The cost is $80/person with an optional $20 wine pairing of Champagne, a choice of red or white, and a Port wine to round out dessert.
Paws for the Arts
The Suffolk Humane Society will host the Paws for the Arts Gala on February 18, 2023, at the Hilton Garden Inn Suffolk Riverfront from 6:30pm to 10pm. The Gala features live and silent auctions that include food, art, jewelry, and many pet-related items. Paws for the Arts is one of the Humane Society’s largest fundraisers!
The Chris Michael Experience
Join the Suffolk Center for Cultural Arts as they welcome Chris Michael on Saturday, February 18, 2023. Chris Michael is a celebrity entertainer who has performed his unique mix of beatboxing, sleight-of-hand, mind-reading, and even dangerous stunts for thousands of thrilled audiences all over the world.
39th Annual Antique Show & Sale
The Suffolk Art League will hold its 39th Annual Antique Show and Sale at Kings Fork Middle School on February 25-26, 2023. Admission is $7 per person; the show is open Saturday, 10am-5pm, and Sunday, 12-4pm.
Cheers to 100 Years: A Gala To Remember
The Suffolk Center invites you to join them on Saturday evening, February 25, 2023 for their annual SCCA fundraiser, Cheers to 100 Years: A Gala To Remember, a celebration of Education, History, an Arts! Be a part of this unforgettable event!
