It Seems Likely That Home Buyers Will Have Fewer (Resale) Options In The Next 12 Months Compared To The Past 12 Months


It Seems Likely That Home Buyers Will Have Fewer (Resale) Options In The Next 12 Months Compared To The Past 12 Months
By Scott Rogers • November 9, 2023
Not be Debbie Downer here but it seems likely that home buyers in Harrisonburg and Rockingham County are likely to have fewer options of homes to purchase in the next 12 months compared to the past 12 months. Why, might you ask? Roughly 80% of homeowners have mortgage interest rates below 5%. Mortgage interest rates are currently above 7%. Raise you hand if you'd sell your home with a mortgage interest rate below 5% and purchase a replacement home with a mortgage interest rate above 7%. <nobody raises their hand> So... as long as mortgage interest rates stay above 7% we're likely to see a lower than historically normal number of homeowners willing to sell their homes. So, if you're hoping to buy a home in the next 12 months, you should realize that you will likely have fewer options than in the recent past, and you might need to compromise a bit on what you are looking for in a home. Even though it seems unlikely that you actually will compromise... because of, again, the current high(er) mortgage interest rates. :-) Receive Updates by Email Recent Articles: Is There A Price You WOULD Pay For This House? 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
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 22, 2024 (unless otherwise noted).
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