Everything Will Sell, At A Price


Everything Will Sell, At A Price
By Scott Rogers • April 22, 2010
This is a story of quickly rising, and quickly falling real estate values. In Harrisonburg. Despite a relatively stable overall housing market. Some parents of JMU students buy an investment property for their son or daughter to use a a residence while at JMU, and many of these parents have historically bought condos and townhomes at Hunters Ridge. Let's take a look at sales trends for each over the past several years: As you can see here, prices of Hunters Ridge condos and townhomes had steadily (sometimes rapidly) increased for many years before arriving in 2009. Last year, Hunters Ridge sales slowed down to a snails pace --- with only one condo sale in the entire year, and only 3 townhome sales. Good news --- townhomes and condos are starting to go under contract again. Bad news --- it's because the prices have dropped very low! At the moment there are 5 condos on the market at the $60,000 price point, which is well below any recent sales price. There are also townhomes on the market for only $70,000. Some conclusions: If you're looking for a rental property, you might want to consider Hunters Ridge. It will take some time (years) for Hunters Ridge prices to increase anywhere near where they had been in recent past. Some owners that bought at Hunters Ridge in the last several years will likely have difficulty selling without taking a big loss. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
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