Harry’s Monthly Real Estate Insight

The Suffolk Real Estate market had some mixed news for our area in February. According to the REIN MLS statistics, the total current listings in the Hampton Roads area (10,601) stayed steady as compared to last February, but in Suffolk we were up 13.48% over last year at the same time. Our pending sales were up 20% for the same period last year. This is all good news; except our monthly supply of available homes/listing is 7.56 months and an average market should be in the six month range. Suffolk’s average home price is $200,000, where Chesapeake is $215,000.00 and Virginia Beach is $214,000.00.

Distress home sales are still too much of a factor in the market place. The listings of distress homes are 20.82% and the sales of this type of home are 30.72%. If you look at the sales in the local newspaper, it seems higher than 30% to me.

What does all this mean to our market? The market is better, but not seeing an appreciable upswing in values. We are seeing more demand and in the lower prices we have seen multiple offers. This is below $225,000. The upper value homes are still seeing little demand. A seller must understand their pricing position as compared to competition to catch one of the buyers looking for homes in their price range. We know where that place in the market is, call us we can help you!

Happy Holiday’s from Harry

For over sixty years with three generations, the Cross Family has been serving Suffolk and the surrounding area in real estate sales, listings and property management. We thank you for the privilege of helping so many families and friends with their real estate needs.

We wish you all the best of the holiday season and we look forward to the privilege of professionally helping your family, in the coming years. As in the past, the Cross family will continue to make donations to the Salvation Army, the Joy fund, Suffolk Free Clinic, numerous fuel assistance programs, the Red Cross, the United Way, the Genieve Shelter, various education scholarships, food pantries and many others. We ask you to help out too.

It is also important to shop locally. Check out all our local businesses have to offer. Support the businesses that support our city.

Harry L. Cross, III

Merry Christmas and Happy New Year from Cross Realty!

Harry’s Monthly Real Estate Insight

More good news! According to REIN MLS, the medium listing price is up 10.1% compared to the same time last year. The residential closed sales are also up 16.4% over last year. The market is going slowly in the right direction. We think it will continue this trend. It will not be a big appreciation in values because we still need to get through the “bank owned” inventory. New construction is still at half of what it was ten years ago. Total October listings were 13,917 and monthly inventory supply is 6.23 months, which is down slightly from last October.

From a National Association of Realtor report we find that the internet was used by 92% of those searching for a home. In 2003 only 71% used the internet for home search’s. Online websites and local Real Estate agents account for where almost all of the info on homes is generated. One new trend is that mobile phones and tablets are a high percentage of where buyers are looking online. There are new apps for making that search easier.

Just for fun, go online and type in your address. You will get your tax info, some status on your home, map with location, aerial photo and some of the online sites will give you an estimate of value. Some of the values are good but many are no where close, but it is interesting! One site has a “make me move” that essentially says give me an offer I can not refuse. Wow. It is crazy, but it is what is happening in our industry.

Have a great Thanksgiving and give thanks for where you live!

If you want to move, call me!

Harry’s Monthly Real Estate Insight

There is good news in our market. For the area our MLS covers, the sales were up 7.96% over August of last year and the pending sales were up 12.02%. Cross Realty has experienced even better results over last year. We had quite a good August and September has started strong for sales. This is good news and it may be a sign that we are moving into a better market. The total number of listings actually went up over last August, but they were predominantly home owners not bank owned properties.

We do still have a 15-22% influx of bank owned sales and listings. This is still negatively effecting the market, but it is better. Two things that need to happen to get to a good real estate market are a better economy and bank owned properties down to 5%. This is going to take some time. There are 600 +/- homes for sale in the Suffolk area. This number is about the same for August 2011 and 2012. This tells me that we still have a ways to go to get the Supply and Demand in a better place.

I expect that we will have a better than average fall until mid November when the market seasonally slows. So, lets get started selling and listing in this great fall weather. I have a $50.00 Lowe’s card for the best local picture of fall leaves! You In? Email me: harrycross@callcrossrealty.com

Harry’s Monthly Real Estate Insight

Great News for Suffolk

Welcome to August with some great news for Suffolk. The dilapidated buildings on the south side of W. Washington St. have been purchased by a major construction company to be rehabbed! Cross Realty was the listing and selling agent on the properties and brought the buyer and city together to make this project a winner for both. I must say it was one of the most satisfying sales I have ever done in Suffolk because of what it means to downtown. This is the best thing to happen to downtown since these building were built!

The buyers plan to do about 64 new apartments and retail area in the lower floors. This brings more people downtown and will help greatly with its revitalization for restaurants and shops. The city was very helpful in making this happen. The city has some other good plans for downtown, so stay tuned!

Our sales are way up for the last few months. I think it is a combination of hard work and a better market. We still have a ways to go to get to a balanced market because the bank owned inventory is still holding prices down. We are headed in the right direction. Not crazy to hear the government talking about getting out of the mortgage business. Over time that will drive interest rates up. More on that as it develops.

How can we help you or a friend? We have been selling homes, managing property and supporting the Suffolk community for over sixty years! Thanks for your continued referrals.

Harry’s Monthly Real Estate Insight

GOOD NEWS FOR OUR MARKET

Statistics are giving the Suffolk market more good news! According to REIN MLS, pending sales for the month of May have increased by 27.18%, compared to May of 2012. Residential sales increased 5.73% and the medium price is up 1.23% to $205,000.00. Other good news is that the listings are down by 13.42% with a supply of 6.58 months, which is approaching normal. Are we at a “tipping point”? What does this mean?

I think it means we are going in the right direction a little quicker than earlier this year. Distressed sales are 22.41% of our market and that is still negatively affecting our sales prices, but buyers love it because they are buying at the bottom of the current market. Interest rates are creeping up, so if you are considering a purchase best start that process. To have a leap to an accelerating market would take lots of good economic news. Families are still skeptical of the economy but there is an attitude of improvement, overall.

Another factor is, with home prices creeping up, less people are underwater. According to Corelogic, 19.8% of all home owners are underwater in their home’s value. That would be 9.7 million households. They owe more than the home is worth. That number is down almost 20% from the first of the year across the Nation. Now some of the states like Florida and Arizona, lost 45% of value, so their markets have improved greatly and have helped this number. This points to a built up demand for homes that will need to hit the market sometime in the future. It will be interesting!

Have a good 4th of July, God bless America, we are fortunate people to live where we do!

Specializing in properties in South Hampton Roads, Virginia.