There must be some good deals out there -- we've seen a LOT of price reductions lately!


There must be some good deals out there -- we've seen a LOT of price reductions lately!
By Scott Rogers • February 7, 2011
When I log into our MLS (multiple listing service) I see a variety of early indicators about the present state of the market. I'm confronted with information about the number of new listings, the number of sold listings, the number of price changes, etc. These numbers usually don't vary too much during the course of a month --- other than on weekends, when the numbers dip, and on Mondays when they generally rise. The "price change" statistic, however, has been quite astounding of late. For example --- in the past 30 days there have been 235 price changes on properties in our local MLS (Harrisonburg-Rockingham Association of Realtors). All of these properties aren't in Harrisonburg and Rockingham County, but I think it becomes pretty evident that there are a lot of motivated sellers out there, showing that they are ready to sell by lowering their list prices. Perhaps an equally disturbing statistic that also faces me when I log in is the number of new listings versus the number of sales. In the past 30 days there have been 68 sales, and a whopping 226 new listings. This includes all areas and all property types, but regardless, that's an imbalance I don't like to see. Oh, and yes, the graphic above is illustrating an actual sales pitch I received by e-mail this past week. A currently listed property will have a $2,000 price reduction each week --- presumably until it sells! 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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