• Some buyers are frustrated that they can't find what they're looking for in a home.
   
  
• Some sellers are excited to be able to sell their houses quite quickly as there are not many competing homes.
   
• Some sellers are depressed that they are in a price range that is sill experiencing an over-supply.
  

1. February home sales increased 43%.
2. YTD home sales have increased 33% in 2013.
   
3. YTD median prices have increased 2.5% in 2013.
4. YTD median days on market has declined 5% in 2013.

This surge in home sales is not over yet --- with a 16% increase in February contracts (shown above) we are likely to continue to see increase in home sales in the coming months.  ALSO -- buyers are in the market NOW -- if you want to sell your house this spring or summer, we need to start talking soon.

There is lots more inside -- click here to download this 28 page market report as a PDF to learn everything you need to know about the overall Harrisonburg and Rockingham County real estate market. 

Even if you read every word of my market report, you may still have some questions about how your current home (or a home you'd like to purchase) fits into the overall market.  Call (540-578-0102) or email me (scott@HarrisonburgHousingToday.com) if you'd like to chat about your real estate situation, needs, goals, hopes or dreams.

One last thing....here are a few articles I have written over the past month that might be of interest:

• All months (and market segments) were not created equal
• Local Online Real Estate Resources
• Will 30-year fixed mortgage interest rates fall below 3.5% again?

blinds, ceiling fans, curtain rods and brackets, built-in dishwasher, door knockers, garage door openers and controls, gas fireplace logs and inserts, installed floor and wall coverings, installed mirrors, light fixtures, mailbox and post, built-in range, shades, shrubs, exterior plants and trees, shutters, smoke and heat detectors, storm windows and storm doors, switch and receptacle covers, television antenna(e), window screens and screen doors

As published in the February 2013 Shenandoah Valley Business Journal....

When you arrive at the settlement table, ready to close onthe purchase of your next home, you will be asked whether you would like topurchase title insurance.  Do you knowwhat your answer will be?

First off, "title" is a legal term for an owner'sinterest in a piece of property. When a property is sold, the seller conveys"title" to the buyer via a deed that is recorded at thecourthouse.  Prior to settlement, theclosing attorney must conduct a "title search" to ensure the currentowner can convey ownership of the property to the Buyer.  For example, if there are two owners of aproperty, both owners typically need to be participating in the sale of the propertyin order to be able to convey ownership to the purchaser.

If there are issues, or problems, with the title to theproperty that you are trying to purchase, you will not even make it to theclosing table.  A title search, however,cannot reveal all of the potential title defects of a property.  Some of the title defects that would not bediscoverable during a title search include forgery, impersonation, undisclosedor missing heirs, undisclosed (but recorded) prior mortgage or lien, fraud;erroneous or inadequate legal descriptions, lack of right of access, deed notproperly recorded, etc.

The possibility of these unknown and undiscoverable titledefects creates a need for title insurance, which is an insurance policyprotecting the holder from loss sustained by defects in the title to the property.  For example, if you are purchasing a homefrom the heir of an estate, several years after your purchase took place, anundisclosed heir could appear at your front doorstep demanding that you moveout, since they inherited a portion of the estate before the property was soldto you.

As you consider the potential value of title insurance, youshould know that there are two main types of title insurance that may beinvolved in your transaction --- lender's title insurance and owner's titleinsurance.  Your lender will require youto purchase a lenders title insurance policy on their behalf. This policy willbe based on their interest in the property (the loan amount) and will allowthem to recoup that money should the house be reclaimed by a prior owner due toan unknown title defect.

The decision you will need to make at the closing table iswhether to purchase an owner's title insurance policy. This policy wouldprotect you from sustaining any future financial loss due to the discovery of atitle defect. Title insurance involves a one-time payment at closing, and thepolicy lasts as long as you own the property.

While every situation is different, in almost allsituations, I recommend that you buy title insurance.

• Your general search parameters including LOTS of specific search criteria.
• A saved search for homes in a particular neighborhood.
• Homes within a polygon you create on a map.
  

1. October home sales increase 32% over last October (ok, not so slow).
2. YTD home sales are 8% over last year.
3. The median sales price is finally not falling --- it shows a 1% YOY increase.
4. Days on Market continues to increase (+6%)

October 2012 was a fantastic month of home sales, with 74 home sales, compared to only 62 last October.  This October, in fact, was the best October in at least 3 years.  The remainder of the year (Nov, Dec) should continue to show strong sales figures based on many buyers contracting on homes in October.  (download the full report for details)

Inventory levels continue to decline, helping to bring our local housing market close to being in balance.  An over-supply of sellers and under-supply of buyers in recent years has caused many of the less-than-exciting market conditions of late.  It is a positive sign to see inventory declining steadily over the past 12 and 24 months.

There's lots more inside!  Click above (or here) to download my full local housing market report for November 2012. 

And, if you have questions about the local housing market, or if I can be of assistance to you with real estate that you own, or that you'd like to own, please be in touch.  You can reach me most easily at 540-578-0102 or scott@HarrisonburgHousingToday.com.

Oh, one last thing....here are a few articles I have written over the past month that might be of interest:

• Taking your house off the market for the winter? Act now!
• Median Price Per Acre in Rockingham County
• Explore 22 Townhouse Communities in Harrisonburg, VA
• More residential development on Port Republic Road
  
• Are all (price) segments of the local housing market recovering equally? Maybe not.
  

• four lanes for traffic
• a raised median area
• turning lanes
• a 4' bike lane on each side of the road
  
• a 5' sidewalk on each side of the road

If you are buying a home near Reservoir Street (Stonewall Heights, Avalon Woods, etc) you should:

1. be encouraged that you'll soon have a nice new road to travel on, and
   
2. check out where and how the road is being expanded.

View the Reservoir Street Improvement website for a PDF map of the new road.

P.S.  Did you know that 18 buildings along Reservoir Street will be demolished to make way for the improved road?