Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Tuesday, July 19, 2022
Over the past two years as home sales and home prices have rapidly accelerated upwards, we couldn't assume anything about pricing...
We know - your neighbor's identical house sold three months ago for $350K.
We assume - your house will sell for around $350K.
And then - your house actually sells for $380K.
Home prices were increasing so quickly that a recent sales price of $___ did not necessarily mean the next similar home would sell for that same price.
And now, as the market seems to be slowing down a bit, we still can't assume anything about pricing...
We know - your neighbor's identical house sold three months ago for $375K.
We assume - your house will sell for around $375K.
And then - your house might sell for $350K, $375K or $400K.
These days...
[1] There are certainly plenty of homes that are going on the market and selling very quickly, often with multiple offers.
[2] There are some homes that are going on the market and sitting around for a bit before having an offer.
[3] Some homes are still selling for more than we would have thought based on recent sales prices.
[4] Some homes are selling for a bit less than we would have thought based on recent sales prices.
I don't think we're seeing a wholesale shift at this point. We're still seeing more sales, at higher prices.
But I don't think we can assume as reliably that home prices are steadily marching upwards at a rate of 10% per year right now.
