Archive for April 2014
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Long Term Mortgage Interest Rates Seem QUITE Stable |
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 Mortgage interest rates seem to be QUITE stable between 4% and 4.5%. Let's keep them there! This continues to be a great time to buy relative to locking in your housing costs at historically low levels. That said, you do need to think about how much you should spend on your next home. Talk to me, or talk to a mortgage lender, to get that conversation started. | |
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Go back in time with Google Street View |
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 You can now go back in time with Google Street View, exploring how Harrisonburg's streetscape has changed over the years. Above, you will note the changes on Grace Street.  Court Square also has a new look, with the transformation of 1 Court Square into the offices for Harrisonburg City Public Schools. The historical Street View data goes back as far as 2008 for some areas in Harrisonburg.  How do you explore this fun historical drive through Harrisonburg? When you are in Google Street View, just click on the clock icon shown above to select a different time frame. | |
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Homes in Old Town Harrisonburg |
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 Many buyers consider living in Old Town Harrisonburg, to be within walking distance of all that downtown Harrisonburg offers. This "Old Town" neighborhood is generally considered to be bounded by Main Street, Market Street, Myers Avenue and Martin Luther King Jr Way. Click here to explore homes for sale in Old Town Harrisonburg. | |
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Inventory Up 17% Over the Past Two Months |
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 Finally, the weather is warming up, and homeowners are putting their houses on the market. Inventory levels are starting to increase in the typical spring surge. Good for buyers --- more options. Not quite as good for sellers --- more competition. | |
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9.5% Increase In City Real Estate Tax Rate? |
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 The City of Harrisonburg may increase its tax rate from $0.63 (per $100 of assessed value) to $0.69. This would be a 9.5% increase in real estate taxes for property owners in the City of Harrisonburg. This would still leave us with a very low tax rate compared to many other areas around Virginia:
As noted in today's in depth article in the Daily News Record: Under the fiscal 2015 proposal to raise the rate 6 cents, the owner of a city home valued at $ 150,000 will pay $ 1,035 in real estate taxes, compared to $ 945 now. A house valued at $ 200,000 will be taxed at $ 1,380 next year, according to the draft. That owner pays $ 1,260 now.Read the DNR article here, and view the proposed City budget here. | |
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How much SHOULD you spend on your next home? |
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 There are LOTS of ways to answer this question, usually within the context of a monthly payment....
These conversations can be had with your spouse, with your loan officer, with me, etc. -- the important part, however, is to have these conversations. We need to know how much money you want to spend on your new home, so that we can be looking for the right houses for you! | |
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Harrisonburg is GROWING, quickly |
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 Per NerdWallet, Harrisonburg is Virginia's fastest growing City. Set in the Blue Ridge Mountains in northwestern Virginia, Harrisonburg's 32.1% income growth, plus growth in population and jobs sent it to the top of our list. The area has a farming tradition, but science and academics are now leading industries in town. DBT Data operates a cyber integration center in Harrisonburg and SRI International, a bioscience research corporation, recently expanded its offices in town. The area is also home to James Madison University, which has an enrollment of more than 18,000 students per year. City planners project that Harrisonburg will claim more than 60,000 residents by 2030. In preparation for new residents and future growth, the city is following its Harrisonburg Downtown Renaissance plan to make downtown Harrisonburg a destination for the region and an engine of economic growth. The whole city's pitching in- volunteers have logged more than 85,000 volunteer hours so far on the project.Per the Harrisonburg-Rockingham Chamber of Commerce, we are also one of the top 20 emerging metro areas. | |
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Growth in City of Harrisonburg Elementary Schools |
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 Enrollment grew over 15% in elementary schools in the City of Harrisonburg over the past five years. Read more at Old South High and read about some of the potential reasons at StatChat blog from the Weldon Cooper Center. | |
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No change proposed for real estate tax rates in Rockingham County |
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 Per the proposed budget published in the Daily News Record on 04/14/2014, Rockingham County is not proposing an increase in the real estate tax rate. If the budget is approved as proposed, the tax rate would remain at $0.64 per $100 of assessed value. Click here to view the entire proposed budget. | |
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Changes in Number of Homes For Sale, By Price Range |
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 Above you can see the changes in inventory levels over the past year in four price ranges.... Under $200K (-1%)
$200K - $300K (-15%)
$300K - $400K (+50%)
Over $400K (+13%)
Learn plenty more about our local housing market at HarrisonburgHousingMarket.com. | |
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Home Sales Still Soft at Start of Spring Selling Season |
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 Featured Property: 310 Victoria Drive, Bridgewater, VA 22812 I just published my monthly report on the Harrisonburg and Rockingham County real estate market -- click here to review the entire report online -- or click here to download the full PDF. Below are a few highlights you might be interested to know about....  As shown above, home sales in March were the lowest that we have seen over the past several years. This is undoubtedly due to the absurdly low temperatures this winter PLUS the many snowfalls PLUS the many days that schools were closed. Now that the warmer weather is upon us we will hopefully see an increase in home sales come April and May.  We also saw a smaller number (91) of buyers sign contracts during March as compared to last March (114) --- though an increase from March 2012 (87). Let's hope that the warm Spring days of April will lead to many (many!) buyers going to see houses and sign contracts.  A significant part of whether buyers will write offers is related to whether they are finding compelling houses on the market -- and we're finally starting to see increases in inventory levels. These new listings will hopefully rejuvenate buyer interest and get them off of the sidelines and into the buying market.  Amidst a few market indicators that aren't as positive as they could be, here is one bright spot --- sales prices of attached dwellings (duplexes, townhouses, condominiums) are going UP! Want to know more? Get all the juicy details in the full report. Read it online or download the PDF. As always, if you're interested in talking to me about buying a home in Harrisonburg or Rockingham County.....or if you are interested in selling your current home.....just drop me a line by email (scott@HarrisonburgHousingToday.com) or call me at 540-578-0102. | |
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$1.55 Million Purchase by JMU on South Mason Street |
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 JMU (the James Madison University Board of Visitors) recently closed on the purchase of a property on the corner of South Mason Street and Martin Luther King, Jr. This purchase included an unimproved parcel of land, as well as a parcel of land improved by the building pictured above.  The property that was recently purchased is situated between what used to be Rockingham Memorial Hospital (and is now the University Health Center, etc.) and a parcel of land on South Main Street owned by JMU that has been discussed as the potential site of a hotel and conference center ("Hotel Madison"). How can you know about these interesting property transfers?  To stay up to date on property transfers in this area, simply visit HarrisonburgPropertyTransfers.com and subscribe to the weekly email list to receive these updates. | |
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New Townhouses at The Townes at Bluestone |
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 Exciting news! Townhouses are now for sale in Section 2 at The Townes at Bluestone, starting at $184,900. You can see the location of the first two buildings, as well as the pricing, here, and you can view and download the floor plans here. If you are looking for a NEW townhouse in the City of Harrisonburg, The Townes at Bluestone may be a great option for you. Find out more at TheTownesAtBluestone.com, or let me know (540-578-0102) if you would like to meet me over at the model home to take a look at the community. | |
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SVBA Home and Garden Show 2014 to take place on April 12, 13 at Rockingham County Fairgrounds |
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 Mark your calendars, and plan to come out to the 2014 Home & Garden Show at the Rockingham County fairgrounds this Saturday and Sunday:
As Charles Hendricks notes, over at HarrisonburgArchitect.com.... The Home and Garden show is a great kick off to spring each year, giving you access to the best and brightest in the home industry in our area. Find more more via Facebook. | |
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Average Number of Contracts in March 2014 |
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 Many people I talked to during March said it seemed as if LOTS AND LOTS of properties were going under contract during March. As it turns out (shown above) there were only 91 contracts signed during March 2014. This is roughly the average of the number of contracts seen per month during the previous six months of March. I had hoped for better --- though perhaps the shortage of buyers signing contracts is related to the low inventory levels, leaving buyers with a smaller number of choices than they would like to have. | |
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New Listings in Harrisonburg, Rockingham County |
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 (Some) new listings are selling FAST! For all of you out there who are trying to keep up with new listings coming on the market, you can bookmark this website.... NewListingsInHarrisonburg.comOr, click here to sign up to receive a daily email with ALL new listings in Harrisonburg and Rockingham County. | |
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Inventory Levels Down Year Over Year |
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 Much to some home sellers' dismay, my post yesterday was merely an April Fools Day joke. So, where do we really stand as far as current inventory levels? There are more homes (+20) on the market as compared to a month ago --- but there are fewer homes (-29) on the market as compared to a year ago. Sellers -- you will likely have the least competition (from other sellers) now --- if you're listing your home this spring, consider doing so NOW! Buyers -- be encouraged, inventory levels are starting to increase, and you should have further options of homes to buy as we continue through the next 15, 30, 60 days. | |
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Inventory Levels Plummet As Warm Days Return |
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 Apparently, all we needed were a few warm days.... Inventory levels have drastically declined over the past week --- confirming that there really were plenty of home buyers in the market, but that they snow and frigid temperatures were holding them back. After inventory levels stayed relatively constant through the end of February, buyers came out in full force during the last week of March to write contracts on nearly every home on the market! There are now only 41 homes remaining in Harrisonburg and Rockingham County! The only question that remains at this point is whether enough homeowners will put their homes on the market in April to replenish the supply of homes for sale..... ......oh, and I suppose the other remaining question is whether you fell for my not-really-believable-at-all April Fools joke. :) | |
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Scott Rogers
Funkhouser Real
Estate Group
540-578-0102
scott@funkhousergroup.com
Licensed in the
Commonwealth of Virginia
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