Archive for October 2014
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Lot Sales in Harrisonburg and Rockingham County |
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Let's take a bit of a closer look at lot sale in Harrisonburg and Rockingham County - both at the number of sales in each subdivision, as well as the number of active listings, plus we'll examine the price range for each neighborhood....  A few observations....
Explore lots for sale....
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If you are taking your house off the market for the winter, consider acting now! |
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 In the Harrisonburg Rockingham Association of Realtors MLS, your house must be off the market for 120 days before the "days on market" will start counting at zero again. If you are planning to take your house off the market for the winter, but you wait until December 15 to do so, your "days on market" will still be accumulating if you put the house back on the market in early March. Thus, if you want to give your house a break from the market, fulfill the 120 day requirement, and then be ready to list again in early March, you should only keep your house on the market through the end of October. AND....take the time during those 120 days of being off the market to optimize price, condition and marketing....
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Revamped HarrisonburgTownhouses.com now features aerial images and live analysis of sales trends |
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A few years ago, I created HarrisonburgTownhouses.com, a website providing comprehensive information about the main townhouse communities in and around Harrisonburg, Virginia. Today, HarrisonburgTownhouses.com has been revamped and relaunched with an entirely new format and now featuring an aerial photo of each community and live analysis of sales pace and price trends. Take a look, and let me know what you think, or if you have any recommendations for further improvements.  This is a sampling of some of the information you will find for each townhouse community....  Explore more at HarrisonburgTownhouses.com. | |
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canstruction is coming to Harrisonburg |
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 Doesn't this look like fun? You too can build a monstrous structure out of cans in this international charity competition called canstruction. This event will take place in April at the Shenandoah Valley Builders Association's Home & Garden Show. After the canstruction (get it? construction with cans) is complete, all of the food will be donated to the Blue Ridge Area Food Bank. More details will be announced soon. If you are interested in having a team or being a sponsor of the event, please contact Charles Hendricks at cbhendricks@thegainesgroup.com. | |
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Mortgage Rates Continue To Fall |
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 I promise I won't play-by-play this, but interest rates fell again this week, to an average of 3.92% for a 30-year fixed rate mortgage. Wow! If you're getting ready to buy, there is a compelling reason to do it now / soon to take advantage of these great rates. | |
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Zero Energy Home Training event in Harrisonburg |
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 How can your next home use ZERO electricity? It is possible! Calling all builders (and other interested parties) --- there will be a "Zero Energy Home Training" event in Harrisonburg on November 10th at the Ice House from 8:00 AM - 12:00 PM. Information covered in this free training session will answer these questions (and more)....
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Rocktown Foods, highlighting local food culture in Downtown Harrisonburg |
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 You can now pre-order Rocktown Food, a 100-page, publication highlighting our local food culture, from restaurants and recipes to chefs and farmers. This professional publication is filled with stories and beautiful photographs that illustrate why downtown Harrisonburg is Virginia's first culinary district. Rocktown Food -- photographed by Brandy Somers, written by Kirsten Parmer and designed by Lynda Bostrom -- wraps the fascinating faces and flavors of downtown into a gorgeous volume, perfect for any food lover. Read all about this exciting book online. And pre-order a copy (or more than one) -- I ordered mine -- and you will receive it in time for giving it as a gift. | |
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Price Trumps All |
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 My house is next to the railroad tracks, but potential buyers who did not make an offer on my house didn't complain about price, they complained about the railroad tracks. My house has an unbelievably steep driveway, but potential buyers who did not make an offer on my house didn't complain about price, they complained about the steep driveway. My house is needs many cosmetic updates, but potential buyers who did not make an offer on my house didn't complain about price, they complained about the need for cosmetic updates. Guess what folks --- unless you're going to move the railroad tracks (or the house), flatten the driveway, or make all of the cosmetic updates -- it really is an issue of price! If you're getting consistent feedback about your house that is unrelated to price, in almost all cases, you need to adjust the price to accommodate for that specific issue. If the price is lower then buyers might actually buy despite the specific issue that they were complaining about. | |
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Mortgage interest rates below 4% for the first time in 2014 |
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 For the very first time in 2014, the average mortgage interest rate is below 4% for a 30 year fixed rate mortgage. The national average as of yesterday was 3.97%. The last time we saw interest rates in the 3%'s was in June 2013. | |
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Playhouse Design Competition for Students |
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 Tell your son or daughter to put on their architect hat -- it's time for the SVBA Green Playhouse Design Competition! There are two categories of students, those in K – 9 and those in Grade 10 – post graduate. Students are welcome to participate as an independent project, class project, or just for fun. The designs created should be shown on a 24" x 36" poster board, scale drawings, and / or physical model. The winning entry in each category will receive a $50 gift certificate to Larkin Arts and one winning entry will be built at the SVBA Home and Garden show on Saturday April 11, 2015. The playhouse that is built will then be auctioned off to benefit the Explore More Discovery Museum in downtown Harrisonburg. For those teachers wanting to use this in their class but a little unsure of how to go about the design process, Harrisonburg architect, Charles Hendricks can assist getting your class started. Simply contact him to schedule a time to visit your group. | |
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Harrisonburg City Council approves Hotel and Conference Center deal between City, JMU and private developer |
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 City Council approved a deal for the City of Harrisonburg to enter into a partnership with JMU, the JMU Foundation and a private developer to construct a hotel and conference center A few items to note, from today's Daily News Record article.... "The plans call for a 205-room hotel, to be dubbed Hotel Madison, and a connected conference center to be built on university-owned land bounded by South Main, Mason and Grace streets, and Martin Luther King, Jr. Way.As such, my understanding is that the City isn't really "funding" this development.
From a taxpayer's perspective, is this good or bad? I think it depends on what you believe would happen with the land if the deal did not come together. If the property is not developed, then there wouldn't be any tax revenue that the City is "missing out on" by giving those tax revenues to the JMU Foundation. Many of those in support of this deal (which has now been approved) believe that the hotel and conference center will generate other economic activity for Harrisonburg, and thus it is good thing that this deal is happening. I tend to agree -- it's hard to imagine people coming in to stay at a hotel to attend a conference and not spending any other money in the City. Many of those opposed to this deal (which has now been approved) seem to believe that the City is using taxpayer dollars to pay for this project. Technically, this is true, as future tax revenues generated by the project will be essentially retroactively applied to the cost of the project. But as explained above, those tax revenues would not have been there without the complex being built in the first place. Read the full Daily News Record article here. Here's a brief history of this project....
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Analysis of Current Listings (Active and Under Contract) |
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Housing inventory numbers will likely fall 20% over the next few months. There are currently 844 active and under contract listings in Harrisonburg and Rockingham County. Here's a look at how those break down....  Search for New Listings in Harrisonburg and Rockingham County. Or, browse houses with recent price reductions. | |
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Fewer new homes selling but at higher prices (per SF) |
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 Significantly fewer new single family homes are selling these days -- but the price per square foot of these sold homes is starting to edge upwards. The median price per square foot is now above $130 again in 2014, even though the number of new homes sold in 2014 is likely to be a good bit lower than in 2013. Learn more about recent market trends in my October 2014 market report....  Featured Property: 1207 Three Springs Road, McGaheysville, VA Jump to the full online market report, or download the PDF. | |
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Housing inventory levels likely to fall 20% over next 3 months |
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 If last year is any indication, housing inventory levels will be declining by 20% over the next three months. By the end of the year, we're likely to be down to around 550 homes for sale in Harrisonburg and Rockingham County. Buyers -- If you'll be buying over the next few months, you'll have fewer and fewer option as we continue through the Fall and into the Winter. Sellers -- If you're keeping your house on the market, you'll have somewhat less competition over the next few months as inventory levels thin out. Learn more about recent market trends in my October 2014 market report.... Featured Property: 1207 Three Springs Road, McGaheysville, VA Jump to the full online market report, or download the PDF. | |
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September Sales Surge (+33%) Shows Continued Strength of Local Housing Market |
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Featured Property: 1207 Three Springs Road, McGaheysville, VA I just published my monthly report on the Harrisonburg and Rockingham County real estate market. Jump to the full online market report, or download the PDF, or read on for highlights....  As shown above, August home sales were a bit deceiving. It appeared that after record high sales in May, June and July, that August was an indication that the strong home sales market would not continue through 2014. September sales, however, certainly provides new hope that in fact our year to date sales will end up about the same place as they were in 2013.  As shown above, given the strength of September sales, this year's year-to-date sales (773) have almost caught back up to where we were at this time last year (780).  The next question on most people's minds is how home prices are doing. As shown above, we have seen slow (slow!) gains in median home sales prices over the past several years. The stability (not a decline) is good, but I think most homeowners wish property values would start to increase a bit more quickly.  If you are planning to put your house on the market this Fall, it is important to look at trends in your particular price range. As shown above, inventory levels are increase for homes under $300K, but are decreasing for homes over $300K. If you are buying or selling now, or will be soon, I encourage you to become a student of the housing market. Learn what has been happening recently, what is happening now, and what is likely to happen next. Being informed will allow you to make better real estate decisions. You can continue your studies by reading the entire October 2014 market report online, or by downloading the PDF. Also, 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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HarrisonburgApps.com, your source for iOS and Android apps for real estate in the Shenandoah Valley |
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 Are you exploring homes for sale in Harrisonburg and Rockingham County? Don't forget about these beautiful, easy to use mobile apps for exploring real estate in the Shenandoah Valley that are available for the iPhone, iPad, and Android devices! Visit HarrisonburgApps.com to learn more, view a video demo, and for a link to the iOS and Android downloads. | |
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Public Hearing for downtown Hotel and Conference Center |
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 A public hearing has been set for October 14th at 7pm at which time details for the proposed Hotel Conference Center will be presented to Harrisonburg City Council and the general public. WHEN: Tuesday, October 14 at 7:00pm WHERE: Harrisonburg City Council Chambers Further details (Oct 8 update) include....
Here's a brief history of this project....
high resolution versions of the renderings displayed above | |
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Home Sales Profile of Massanutten Resort |
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Looking to purchase a home in Massanutten Resort? Understand the market first!  As shown above, there has been quite a bit more recovery of the Massanutten Resort market over the past five years than the overall housing market (Harrisonburg & Rockingham County). While City/County home sales may not hit 2013 levels this year, it appears that Massanutten Resort home sales will fly past last year's sales levels.  Despite increases in sales volume over the past several years at Massanutten Resort, home prices have not been faring as well. There has been an increase in the overall City/County median sales price over the past year, but no so in Massanutten Resort. Interested in learning more about the Massanutten Resort housing market? Feel free to email me with questions, or explore homes currently for sale in Massanutten Resort. | |
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Reserve your tickets for Night At The Museum! |
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 Click here to buy tickets for this extraordinary gala event...just for grownups at the Explore More Discovery Museum. Featuring a "taste of downtown" with delicious food and drinks from the Downtown Dining Alliance! "Play" it Forward Raffle When you purchase event tickets, be sure to get your raffle tickets, too! Drawings will be held on Dec. 6 and you could win $1000, $500, $250 cash prizes. | |
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What did home buyers buy in September 2014? |
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I'm finding 102 properties in the MLS that went under contract in September 2014. Here is what those 102 buyers decided to buy last month....  | |
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Scott Rogers
Funkhouser Real
Estate Group
540-578-0102
scott@funkhousergroup.com
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Commonwealth of Virginia
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