• A long-lasting battery that will alert me when it is running low.
• The ability to know if the alarm is sounding even if I am not home.
• A human voice that alerts me of smoke before sounding the piercing alarm.
• The security of knowing that the alarm test itself constantly (over 400 times a day) to make sure it is working properly and will alert me of any issues.
  
• The ability to turn off the alarm from my phone if an alert sounds.
• Built-in Carbon Monoxide detector.
• The ability to distinguish between smoke and steam.

Learn more about the Nest Protect here.

1. Unexpected Vacancies -- If you miss the leasing cycle, or if a student leaves after a semester you can come up short on rental income based on an unexpected vacancy of part of all of the rental property, which is usually not easily filled until the following school year.
    
2. Property Damage -- Not all college students party, but some do.  You are likely to have at least somewhat more property damage on a student rental property as compared to a non-student property.  This is a generalization, of course, as some college students take excellent care of the property they are renting.
    
3. Value Swings -- The graphic at the top of this post shows the wide swings in property values seen at Hunters Ridge over the past 14 years.  This is mostly a result of swings in the supply of student housing.  As large (regional or national) student housing developers come into Harrisonburg to build new large student communities, the supply of such housing increases, causing vacancy to increase in older communities and rental rates to decline -- which affect property values.

Again -- investing in student housing can provide a great return on your investment, but it comes with risks that you should full understand before you make an investment.

Learn more about investing at Hunters Ridge here.

1. Check out the fun video of 160 solar panels being installed.
    
   
2. Learn more about Gift & Thrift's effort to go solar.
    
3. Join me in making a gift via GoFundMe to help buy solar panels!

• Home sales declined 10% in October 2016 to 94 sales -- as compared to last October when there were 105 home sales.
   
• Year-to-date home sales are still up 14% in 2016 (with 1,099 sales) as compared to the first ten months of 2015 when there were only 963 home sales.
   
• Median sales prices have risen 3.23% from a year ago from $186K to $192K.
   
• Homes are selling 9% faster, at a median days on market of 52 days, as compared to 57 days last year.

OK -- as noted above, the 94 homes sales seen in October 2016 mark a 10% decline as compared to the 105 home sales in October 2015, and that was even lower than the 112 home sales seen in October 2014.  But before you get overly depressed about a slower October, remember....

• There were 158 home sales in August 2016 -- a 25% improvement over August 2015.
   
• There were 128 home sales in September 2016 -- a 32% improvement over September 2015.

So, it seems that the timing of home sales during the year can vary significantly from year to year.  Looking at the past three months together can help put things in perspective in some ways....

• There were 328 home sales between August and October of 2015.
   
• There were 380 home sales between August and October of 2016.

There, not so bad now, right?  That's a 16% improvement over last year when looking at these three months -- and as noted above, when looking at January through October, the pace of home sales in 2016 is 14% higher than it was last year.

OK, on to some other items....

The median value of single family (detached) homes is often the best indicator of trends in home values in a local housing market.  As shown above, we have been seeing those values increase over the past five years, most notably over the past two years. 

Also of note, as shown above, after hovering between 810 and 820 home sales per year for the past three years, it seems we are finally poised to break through that invisible barrier this year, as we are likely to see at least 900 and perhaps 950 single family home sales.

If my consoling notes above about why slower October home sales weren't so bad didn't help, then perhaps the graph above will help.  Slower home sales in October 2016 does not mean that the fast and furious pace of 2016 home sales has come to an end.  As shown above, buyers (and sellers) signed 109 home sales in October 2016 -- a 33% increase over the 82 contracts signed last October.  So -- we might be in for another month of stronger sales in November.

If you are trying to buy a home right now, it is quite possible that you are frustrated by not having many options to choose from.  The graph above might explain why you are having this experience.  Inventory levels continue to fall -- to where we now only have 480 homes on the market!?!?!  This is as compared to a year ago when there were 640 homes on the market at this time -- showing a 25% year-over-year decline.  This lack of inventory is slowly starting to tip the market in the favor of sellers, though not in all price ranges and not in all locations.

OK, there is plenty more to say, such as....

• Median price per square foot of single family homes has increased from $108 to $113 over the past year.
   
• The median list price to sales price ratio has increased from 97% to 98% over the past year.
   
• Sales of newly built homes are much higher (73 thus far) this year than last year (total of 54).
   
• 54% of homes that sell go under contract within 60 days of being listed for sale.
   
• There has been a 41% year-over-year increase in the sale of $300K - $400K homes.
   
• There are only three months of supply of homes under $200K currently on the market.

But -- I'll let you read all about those tidbits via my full online market report, or by downloading the PDF, or by clicking here to sign up to receive my real estate blog by email.

And -- as is always my encouragement -- if you will be buying or selling a home in the near future, start learning about our local housing market sooner rather than later!  Being informed will allow you to make better real estate decisions.

Here are two handy references to prepare yourself to buy or sell a home....

• BuyingAHomeInHarrisonburg.com


• SellingAHomeInHarrisonburg.com

• Students in Dual Immersion classes will have the option of staying at their current school.
• Rising 5th grade and 8th grade students can stay at their current school contingent on space.
• Consideration will be given for younger siblings of rising 5th and 8th grade students to stay at their current school until the rising 5th or 8th grade student graduates.
  

• the house just wasn't quite big enough for us
  
  
• we like the house, but have decided we want to live closer to _______
  
  
• the house was very nice, but the layout of the bedrooms wasn't ideal

This type of feedback (size, location, floor plan) is difficult to do much with as a seller.  You likely aren't going to build an addition to your house, nor will you physically move the house, nor will you reconfigure the floor plan.  Sometimes the feedback is just a mild objection to be overcome -- did you realize that the unfinished bonus room could be finished quite inexpensively (size) and that the new South East connector will make your commute quite short (location)?  Oftentimes, however, if you receive feedback about size, location or floor plan there isn't much you can do about it as a seller.

I also, however, will hear the following types of feedback after a showing:

• we love the house but we're holding off because it seems overpriced
   
  
• the house would probably work for us, but would need so much work
   
  
• we like the house, but we're hesitant because it has been on the market for so long

This type of feedback (price, condition, marketing) is completely in your control as a seller.  Many buyers will not make an offer if they think your list price is too far from reality -- adjusting your pricing may be just what you need to either generate more showings, or have a chance of the showings turning into offers.  I almost included AGE as a factor outside of a seller's control, but it's much more about condition -- how well has a property been maintained, and is it in top showing shape so that buyers don't feel overwhelmed by short-term cosmetic updates and long-term maintenance needs?  Finally, if a house has not been marketed thoroughly and effectively, it will likely have a much longer "days on market" than other properties, worrying buyers that perhaps they shouldn't buy the home because nobody else has in the last ten months.