Does 2% Equal 27%?

While this increase feels dramatic, historically, 5% is still a low rate for a 30-year mortgage, and as you can see from last month’s year-over-year numbers (March 2021 to March 2022) sales are still going strong in our region. Despite the rate increases, we are still in a very strong seller’s market. Prices are rising and most sellers are receiving multiple offers on their homes. It will be interesting to see over the coming months if the rising rates do anything to slow down the market – if you are considering selling, now is the time to get started!  

While this increase feels dramatic, historically, 5% is still a low rate for a 30-year mortgage, and as you can see from last month’s year-over-year numbers (March 2021 to March 2022) sales are still going strong in our region. Despite the rate increases, we are still in a very strong seller’s market. Prices are rising and most sellers are receiving multiple offers on their homes. It will be interesting to see over the coming months if the rising rates do anything to slow down the market – if you are considering selling, now is the time to get started!  

By putting our years of experience and innovative marketing and negotiating techniques to work, we have proven success in helping both buyers and sellers in this market. Give us a call (757-726-7653 for Lee, 757-434-9084 for Harry) or reply back to this email to find out more. We love talking about real estate and are happy to have a no-obligation conversation. 

  Click HERE for previous editions of the newsletter

What’s Happening in Suffolk

Spring Artisans Market at Pinner House

Join the Pinner House for a fantastic lineup of 25+ local artisans and small businesses. There will be multiple activities, including live music by Olivia Dyer & Dustin Furlow, spring minis with Emily Conner Photography, specialty food and…

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www.visitsuffolkva.com


Suffolk Tourism, VA

All events at the Great Dismal Swamp Birding Festival are free. Pre-registration required for Guided Walks and Bus Tours. Scheduled Events: Guided Bird Walks – 7am Approx. 2 hours; registration required Locations: Jericho Lane Trailhead (1330…

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www.visitsuffolkva.com

Tea Tasting and Spring Plant Sale

Join the Suffolk Farmers’ Market for a Tea Tasting and Spring Plant Sale on Saturday, April 30, 2022, from 10am to 1pm, at the Suffolk Visitor Center Pavilion. The plant sale will feature gorgeous cut flowers, vegetable seedlings, herbs, potted…

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www.visitsuffolkva.com

Exhibit: “The History of Education”

Monday, Tuesday, & Thursday: 10am-2pm; Friday by appointment only Exhibit: “The History of Education” Join the Suffolk-Nansemond Historical Society as they present a new exhibit, “The History of Education,” featuring schools and educators…

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www.visitsuffolkva.com

Walk On The Wild Side

This exhibit depicts the beauty of wildlife throughout our region and the world. The exhibit features highly collectible decoys, wildlife, and waterfowl art, all while showcasing wildlife artists working in woodcarving, paints, sculpture,…

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www.visitsuffolkva.com

Legends of Main Street: A Suffolk Ghost Walk

A hair-raising encounter with the spirited side of Suffolk. Follow a costumed guide through the shadows of historic Main Street discovering stories, legends and “unexplained occurrences” by lantern light. Tales of unsolved mysteries and…

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www.visitsuffolkva.com

Great Dismal Swamp Safari

The Great Dismal Swamp is anything but dismal. The narrated Swamp Safari, one of Suffolk’s most popular attractions, fills up quickly. This three-hour tour is led by a biologist specializing is the unique habitat of the Great Dismal. Learn about…

Read more
www.visitsuffolkva.com

Suffolk Tourism, VA

Suffolk Public Library’s 6th annual, multi-fandom event, IconiCon is BACK IN PERSON! Join us on Saturday, April 30, 2022, from 10am to 3pm at North Suffolk Library, for the biggest free gathering of sci-fi, fantasy, comic, and anime fans in the…

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www.visitsuffolkva.com

Victorian Suffolk: Dying To Be There, A Guided Discovery …

This 75-minute walking tour explores the hidden meanings buried in Suffolk’s Historic Cedar Hill Cemetery. The tour will feature Victorian-era symbolism, burial practices, funerary industries, and mourning rituals. This intriguing and educational …

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www.visitsuffolkva.com

Kayak Excursion of the Great Dismal Swamp’s Lake Drummond

Experience the unusual and breathtaking Lake Drummond, a 3,108-acre bowl-shaped lake located near the center of the Great Dismal Swamp. Guided kayak excursions are facilitated by a water adventures outfitter with years of experience. All…

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www.visitsuffolkva.com

Suffolk Farmers’ Market

The Suffolk Farmers’ Market will kick off the 2022 season on Saturday, May 7, in the Suffolk Visitor Center Pavilion. The market is a hometown favorite, and features fresh locally grown fruits and vegetables, baked goods, meats and eggs, jams and …

Read more
visitsuffolkva.com

Are We Running Out of Cake to Eat?

Our theme for last month was, “Can our local real estate market have cake and eat it too?” but “Are we running out of cake to eat?” might be a better question to ask this month. The number of active listings dropped by 25% over the last two months based on year-over-year numbers (comparing February 2021 to February 2022) suggesting that there might be less “cake.” To help address that question, take a look at the chart below that compares year-over-year numbers (February 2021 to February 2022):

As you can see, active listings, pending sales, and settled sales are all down, but a great number of homes were sold last month. So the short answer is no, we aren’t out of cake, but due to the laws of supply and demand buyers are certainly paying more for their piece of cake. Houses are selling very fast and as spring rolls around more homes will be coming on the market. 

By putting our years of experience and innovative marketing and negotiating techniques to work, we have proven success helping both buyers and sellers navigate this market. Give us a call (757-726-7653 for Lee; 757-434-9084 for Harry) or reply back to this email to find out more. We love talking about real estate and are happy to have a no-obligation conversation.

What’s Happening in Suffolk

Suffolk Tourism, VA

Join the Suffolk Art Gallery as they host the 38th Annual Juried Photography Exhibit, the largest and oldest juried photography exhibit in Hampton Roads. The artwork of professional and amateur photographers will be on display March 5 through…

Read more
www.visitsuffolkva.com

What’s Happening

The Suffolk Visitor Center reopened to the public on Monday, March 15, 2021, at 9am. Our hours of operation will remain Monday-Saturday, 9am-5pm, and Sunday 1-5pm, through April 4. Hours will return to 9am-5pm daily beginning on April 5. The…

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visitsuffolkva.com

Suffolk Tourism, VA

Join the Suffolk Literary Club and the Suffolk Public Library as they welcome Earl Swift, author of Chesapeake Requiem: A Year in the Watermen of Vanishing Tangier Island, on Tuesday, March 29, 2022, beginning at 5:30pm. This event is free and…

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www.visitsuffolkva.com

Vinyl Radio

Vinyl Radio comes at you with a wash of vocal power and a righteous regard for the great rock-n-roll music of the 70s. These music city pros combine their considerable talents in an experience that captures the essence of an era when guitars,…

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visitsuffolkva.com

Walk On The Wild Side

This exhibit depicts the beauty of wildlife throughout our region and the world. The exhibit features highly collectible decoys, wildlife, and waterfowl art, all while showcasing wildlife artists working in woodcarving, paints, sculpture,…

Read more
visitsuffolkva.com

Great Dismal Swamp Safari

The Great Dismal Swamp is anything but dismal. The narrated Swamp Safari, one of Suffolk’s most popular attractions, fills up quickly. This three-hour tour is led by a biologist specializing is the unique habitat of the Great Dismal. Learn about…

Read more
visitsuffolkva.com

Cedar Hill Cemetery Stroll

An official Virginia Civil War Trail site, Cedar Hill Cemetery has long been an attraction for history buffs and even walking groups. The Suffolk Division of Tourism offers a guided stroll through the pleasant 32-acre cemetery, rich in history…

Read more
visitsuffolkva.com

Suffolk Farmers’ Market

The Suffolk Farmers’ Market will kick off the 2022 season on Saturday, May 7, in the Suffolk Visitor Center Pavilion. The market is a hometown favorite, and features fresh locally grown fruits and vegetables, baked goods, meats and eggs, jams and …

Read more
visitsuffolkva.com

Read more
visitsuffolkva.com

February 2022

Have Cake and Eat it too?

Last month we wrote about the potential for 2022 to bring in a new type of market and we suggested that a shift away from a seller’s market was unlikely. The latest market summary and statistics from Real Estate Information Network (REIN – our local MLS) confirm our predictions, at least for the month of 2022. Based on the January numbers, the months’ supply of inventory (MSI – a statistic that measures how long it would take the currently listed homes on the market to sell if we didn’t have any new listings) continued to drop. In an average market the MSI is between 4 and 6 months and about ten years ago it was pushing 10 months. In December 2021 it was 0.88 which was the lowest on record until last month. In January 2022 the MSI was only 0.79. It will be interesting to see what happens to inventory over the next couple of months as people being to list their homes for spring and summer sales. 

Here is the chart which compares year over year numbers (January 2021 to January 2022):

As you can see the number of active listings is down by over 25%, but the settled sales and pending sales have barely moved. Clearly the demand from buyers is strong so if you are thinking about selling your property, now is the time to get started. Give us a call (757-726-7653 for Lee, 757-434-9084 for Harry) and put our experience to work to help make you more money!  

 Click HERE for previous editions of the newsletter

What’s Happening in Suffolk

Suffolk Tourism, VA

The Suffolk Art League will hold its 38th Annual Antique Show and Sale on February 26 & 27, 2022, at Kings Fork Middle School. The hours are 10am to 5pm on Saturday and noon to 4pm on Sunday. Admission is $7.

Read more
www.visitsuffolkva.com

Mystery Authors Festival

Join the Suffolk Division of Tourism as they present the Annual Suffolk Mystery Authors Festival, to be held on Saturday, March 5, 2022. Whether you are an avid or casual reader, aspiring writer or published author, you will find something…

www.visitsuffolkva.com

Suffolk Tourism, VA

The Suffolk Division of Tourism, in partnership with the Suffolk Center for Cultural Arts, is pleased to present Star Wars at the Center, a series of epic space adventures that became a worldwide pop-culture phenomenon and defined a new…

Read more
www.visitsuffolkva.com

Suffolk Tourism, VA

Photography has been a part of our lives since the 1800’s and Suffolk boasts some great photographers through the years. Join the Suffolk-Nansemond Historical Society as they present “Through The Lens,” an exhibit that features thousands of…

Read more
www.visitsuffolkva.com

Suffolk Tourism, VA

Indulge Yourself! From Suffolk’s best-kept culinary secrets to national award winning restaurants, Suffolk Restaurant Week promises a savory blend of the city’s signature flavors. The 2022 Spring Suffolk Restaurant Week is slated for March 19-26.

Read more
www.visitsuffolkva.com

New Year, New Market? – Trivia Question

For the past year we have been writing about how few homes there are for sale on the market and how that is the largest driver behind our current seller’s market. An important point to make is that while the months supply of inventory is definitely down (December 2021 was less than one month), 38,276 homes – an impressive number – sold in 2021 across all of Hampton Roads. That is 4,579 more homes than sold in 2020 and more than double the number of homes that sold ten years ago in 2011.  Here is a chart from our local MLS (Real Estate Information Network – REIN) with some more information:  

 To buyers it seems like there are not any homes for sale but the numbers show that there are, in fact, more homes selling than in past years. The real problem is that the demand from buyers is so high that the available houses are selling at a rapid pace and on an accelerated timeline. This is driving up prices across the board. The median sales price for the entire year of 2020 was $266,000. The median sales price for the month of December 2021 was $290,000. Can you guess what the median sales price was for the entire year of 2021? Reply back to this email and the three people with the closest guesses will win a Starbucks gift card. 

As we head into spring, if you are thinking about selling your property, now is the time to get started. Sellers often make the mistake of waiting to list in the summer, but statistics show that early spring really is a better time. Based on a study we did a couple of years, the top five months with the highest number of homes going under contract are, in order: April, June, May, July, and March. Many people do move during the summer months but that is often because they listed their house in the spring, aiming for offers that might close 30 to 60 days later in time for a summer move. If you are considering selling, now is the time to start making plans and we are here to help. Give us a call (757-726-7653 for Lee, 757-434-9084 for Harry) and put our experience to work to help make you more money!  

Thanks

Lee and Harry
   Click HERE for previous editions of the newsletter

What’s Happening in Suffolk

Suffolk Tourism, VA

Masters of Soul is a celebration of the legendary songs and performers that defined Motown and soul music. Back by popular demand, this 90-minute show features stylishly costumed, fully choreographed performances of both male and female groups…

Read more

www.visitsuffolkva.com

Suffolk Tourism, VA

The Suffolk Division of Tourism, in partnership with the Suffolk Center for Cultural Arts, is pleased to present Star Wars at the Center, a series of epic space adventures that became a worldwide pop-culture phenomenon and defined a new…

Read more

www.visitsuffolkva.com

Suffolk Tourism, VA

The Suffolk Art League will hold its 38th Annual Antique Show and Sale on February 26 & 27, 2022, at Kings Fork Middle School. The hours are 10am to 5pm on Saturday and noon to 4pm on Sunday. Admission is $7.

Read more

www.visitsuffolkva.com

Join the Suffolk Division of Tourism as they present the Annual Suffolk Mystery Authors Festival, to be held on Saturday, March 5, 2022. Whether you are an avid or casual reader, aspiring writer or published author, you will find something…

Read more

www.visitsuffolkva.com

Suffolk Tourism, VA

Photography has been a part of our lives since the 1800’s and Suffolk boasts some great photographers through the years. Join the Suffolk-Nansemond Historical Society as they present “Through The Lens,” an exhibit that features thousands of…

Read more

www.visitsuffolkva.com

December 2021

Just the Facts

For the past several months we have been writing about what the local Hampton Roads real estate market did in 2021 and we made a few predictions about where we think the market might be heading. This month we are sticking to the facts and next month will circle back with some market predictions. If you want to reread past newsletters and our previous predictions, you can find them on our blog at CallCrossRealty.com/Blog.

The median sales price continues to increase based on year over year numbers (November 2021 compared to November 2020) and was $295,000 for November 2021, up 6.88% from November 2020. Year over year, both pending sales and closed sales are up 10.43% and 5.44% respectfully. There were only 3,484 homes for sale in November 2021. That number is 13% fewer than October 2021 and about 20% fewer than November 2020.   

Next month we will be back with more predictions and address the best time to list a home for sale based on a local market study. Many people believe that summer is the best time to list but they are mistaken. Stay tuned for next month’s newsletter to find out more. If you are thinking about selling, go ahead and give us a call because the best time to list is sooner than you think. We love talking real estate, so don’t hesitate to reply to this email or give us a call (757-726-7653 for Lee, 757-434-9084 for Harry).

Thanks,

Lee and Harry

What’s Happening in Suffolk

The Suffolk Division of Tourism, in partnership with the Suffolk Center for Cultural Arts, is pleased to present Star Wars at the Center, a series of epic space adventures that became a worldwide pop-culture phenomenon and defined a new…


Read more

www.visitsuffolkva.com

Mystery Authors Festival

Join the Suffolk Division of Tourism as they present the Annual Suffolk Mystery Authors Festival, to be held on Saturday, March 5, 2022. Whether you are an avid or casual reader, aspiring writer or published author, you will find something…

Read more
www.visitsuffolkva.com

No Black Friday Sales for Houses

For the last two months, we have been watching the local market closely to see if there are signs of a ge in the strong seller’s market that has dominated in 2021. And this month, just like last month, we aren’t close to being ready to declare the seller’s market over. Using this month’s chart, a strong case could be made that October 2021 was an even better time to be a seller than October 2020!

That being said, both the number of settled sales and pending sales were higher in September 2021 than in October 2021. The median number of days on market (how many days it takes for a house to go under contract) was 17 days in October, which is two days higher than September.  Most importantly to sellers, the median sales price was $290,000 in October, which is $3,000 lower than September.  October’s monthly supply for inventory (how many months it would take for buyers to buy all of the current listings assuming no new homes are listed for sale) was down to 1.26 in October 2021 from 1.39 in September. In a balanced market, we have between 4 and 6 months of inventory. Despite the statistics showing the slight decline in price, we still feel that we are in a strong seller’s market.

It will be interesting to see what the next few months will bring for our local housing market. These statistics represent averages across Hampton Roads and your individual real estate needs might be different. If you are thinking about moving and you would like to discuss your personal real estate needs, please reply to this email, or give us a call (757-726-7653 for Lee, 757-434-9084 for Harry). We love talking real estate, so don’t hesitate to give us a call if you have questions.


Thanks,

Lee and Harry

What’s Happening in Suffolk

Juried Exhibition

Suffolk Art League’s popular Annual Juried Exhibition includes artworks in a variety of mediums by artists from throughout the Hampton Roads region and beyond. The exhibition will be on display from October 23 through December 3 at the Suffolk…

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www.visitsuffolkva.com

Suffolk Tourism, VA

Welcome in the holidays with the 2nd Annual Suffolk Festival of Lights at Sleepy Hole Park! This FREE drive-through holiday light display runs for 1.2 miles and has over 35,000 bulbs-sure to put you in the festive spirit! The display is available …

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www.visitsuffolkva.com

Suffolk Tourism, VA

Start your holiday shopping at the Suffolk Farmers’ Market Artisan Gift Fair! Join Suffolk Tourism for the annual outdoor holiday market in conjunction with the Suffolk Farmers’ Market, featuring 30+ vendors offering artisan-quality crafts,…

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www.visitsuffolkva.com

Suffolk Tourism, VA

This beautiful art exhibition features 23 artists, with 57 paintings and three wood turned pieces. The Southside Artists Association was established in 1965 as the Chesapeake Art Guild. As the organization grew, members were added from Virginia…

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www.visitsuffolkva.com

Suffolk Tourism, VA

The Suffolk Division of Tourism, in partnership with the Suffolk Center for Cultural Arts, is pleased to present the enchanting 2019 live-action film, Aladdin, at the Suffolk Center on Saturday, December 11, 2021, at 2pm. Admission is $1 per…

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www.visitsuffolkva.com

Suffolk Tourism, VA

View the sights and sounds of the 2021 Suffolk Holiday Parade on Saturday, December 11, 2021, at 7pm. Find the best spot to watch the floats, equestrian units, marching bands, and festive vehicles as they make their way down West Washington…

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www.visitsuffolkva.com

Specializing in properties in South Hampton Roads, Virginia.