The Increasingly Difficult Challenge Of Purchasing A Detached City Home


The Increasingly Difficult Challenge Of Purchasing A Detached City Home
By Scott Rogers • November 25, 2024
It has become increasingly difficult to purchase a detached home in the City of Harrisonburg... because there simply aren't as many sellers selling right now. Three years ago (2021) there were 253 detached homes sales in the City. In 2022 that dropped to 214 sales. In 2023 that dropped to 155 sales. Thus far in 2024, there have only been 132 detached home sales. Why aren't more City homeowners selling their homes? 1. Many have super low mortgage interest rates, and thus super low monthly housing costs, and wouldn't want to trade that in for much higher housing costs given current mortgage interest rates. 2. While many homeowners have plenty of equity and sell for a very delightful sales price... they would also have to pay a rather steep price for a replacement home if they want to stay in the City. 3. For anyone hoping to stay in the City, it's a vicious cycle... won't sell because what would I buy... which keeps my house off the market... which means there are fewer homes for anyone else to buy, etc., etc. So, if you hope to buy a detached home in the City of Harrisonburg, you may very well have a longer wait than you'd like, you may have more competition from other buyers than you'd like, and you will probably pay a higher price than you'd like to pay. 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?
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 25, 2024 (unless otherwise noted).
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