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Trying To Buy A Home... A Story Of Being All In, Then Bowing Out, And Now Being Ready To Jump In Again |
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 This seems to be the story of quite a few folks in Harrisonburg and the surrounding area. Some of these folks graduated from a local college or university in the past five years and have been working -- and renting -- since that time. Some of these folks moved into the area in the past five years and have been working -- and renting -- since that time. Many such local residents... ... were ALL IN during 2020 and 2021, trying to buy a house... but missed out on house house that had multiple offers. ... opted to BOW OUT in 2022 and 2023 as mortgage interest rates rose, which -- combined with rising home prices -- made potential mortgage payments seem unrealistically high. ... are now READY TO JUMP IN AGAIN in 2024. Here's why some of these local residents -- who are still renting -- seem ready to jump back in as a home buyer in 2024... 1. Waiting for home prices to correct or drop or decline even a little bit over the past two years has only resulted in two more years of increases in home prices. 2. Waiting for mortgage interest rates to drop back down to 3% or 4% is now broadly understood to be highly unlikely anytime soon. Though rates have been trending down (a bit) over the past few weeks. 3. Rental rates keep climbing in addition to home prices -- which means that the cost of not buying (renting) is also going up, rather quickly! It certainly isn't the right time for every renter to jump into buying a home, but plenty of folks who haven't bought over the past two years seem to be re-thinking that now. Recent Articles:
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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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