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We are again starting the year with a six month supply of homes for sale, a sign of a balanced market |
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![]() For the second year in a row we are starting out in January with a six month supply of homes for sale, which is traditionally seen as a sign of a balanced housing market. A few years ago (2009-2011) we were consistently starting the year with enough homes on the market for every buyer that would buy in that year. That equates to 12 months of housing supply, and those were years of having a significantly oversupplied market -- which caused sales prices to decline and gave buyers the upper hand in negotiations. In 2015, we should expect that buyers and sellers will have relatively equal amounts of negotiating power, depending on the other factors affecting the sale. Important Notes: 1. The 2015 sales (1083) is an estimate of the number of sales we will see this year. Read more here. 2. The number of months of housing supply available varies by price range. See my full market report for further details. | |
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24% Increase in Showings (July through December) |
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![]() Showings were up again in December 2014 -- showing a 20% increase over December 2013. And looking at the second half of 2014, there was a 24% year-over-year increase over the number of showings in 2013. Exciting times! All that said, there is (clearly) quite a seasonal decline in the number of overall showings in November and December, which is likely to continue into January. | |
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Predictions for the 2015 Real Estate Market in Harrisonburg, Rockingham County |
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![]() Here are my official predictions for the 2015 Harrisonburg and Rockingham County real estate market....
Who else would like to make a prediction? Click here for a larger version of my prediction graph. | |
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Despite overall market improvement, single family home prices shift slightly downward |
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![]() Despite increases in the number of single family homes selling per year over the past four years (yellow bars above), the median price of single family home sales (blue line above) has drifted downward by 1% per year over the past two years. | |
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Final 2014 Report Shows 3% More Homes Sold at 2% Higher Prices |
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![]() I just published my monthly report on the Harrisonburg and Rockingham County real estate market. Jump to the full online market report, or download the PDF, or read on for highlights.... ![]() Here's the big news -- all of the data is in for 2014 and over the past year our market has seen....
![]() As is to be expected, there are significantly fewer homes on the market now as compared to this past summer -- buyers are choosing from 24% fewer homes today as compared to in July. Year-over-year, however, inventory levels are trending up slightly (+1.7%). ![]() It is certainly easier to find a townhouse/duplex/condo these days than a single family home. Over the past year, inventory levels of single family homes have dropped 5%, while inventory levels of attached dwellings have increased 23%. ![]() Foreclosures are significantly less of a problem in our local market (163 in 2014) as compared to some recent years (a peak of 270 in 2010). ![]() Long-term mortgage interest rates continue to stay quite favorable -- currently below 4%, which has certainly contributed to plenty of buyer enthusiasm. If you are buying or selling now, or will be soon, I encourage you to become a student of the housing market. Learn what has been happening recently, what is happening now, and what is likely to happen next. Being informed will allow you to make better real estate decisions. You can continue your studies by reading the entire January 2015 market report online, or by downloading the PDF. Also, as always, if you're interested in talking to me about buying a home in Harrisonburg or Rockingham County.....or if you are interested in selling your current home.....just drop me a line by email (scott@HarrisonburgHousingToday.com) or call me at 540-578-0102. | |
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Is it worthwhile to have your home on the market over the holidays? |
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![]() 29 sellers in Harrisonburg and Rockingham County would say YES! Many homeowners took their house off the market over the holidays, some of whom will wait until Spring to put them back on the market. And why not? There couldn't be too many people buying homes over the Christmas holiday, right? Looking back at this past holiday season, if you took your house off the market 10 days before Christmas (Dec 15) and waited until the first Monday after the New Year to put it back on the market.... You would have missed out on the 29 buyers who signed contracts to buy homes between those dates. I'll remind you before Christmas, next year, rather than pointing it out afterwards. Now we know! | |
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What did buyers write contracts on in December 2014? |
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Quite a few buyers committed to buy properties last month. The graphics below show what those buyers chose to buy. And here are the lucky sellers whose homes are currently under contract. ![]() | |
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Walk Through 2195 Deyerle Avenue |
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![]() Take a few minutes to walk through this spacious, upgraded townhouse at The Townes at Bluestone is ready for you to move in, and is located in the Blue Stone Hills area, convenient to dining, shopping, JMU, and everywhere you want to be. Upgrades include granite countertops, hardwood floors, ceramic tile, crown moulding, tray ceiling in master suite, peninsula gas fireplace, security system, custom window treatments and much more. Enjoy two large master suites on the top level, plus a finished bonus room (with full bathroom) in the basement that could serve as a rec room, den or third bedroom. Don't miss the two car garage and deck with views. Click here to walk through this home now, on your computer, phone or tablet. Or, visit this home's property website. Or, view lots of pretty photos of this home by clicking the collage below.... ![]() | |
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Buying a home in Broadway, VA |
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![]() Do I sell homes in Broadway, VA? You bet. So, if you are interested in buying a property in Broadway, or selling a property in Broadway, you are welcome to contact me about that. However....my associate, Mattias Clymer, knows even more about Broadway, VA real estate than I do....so I'll probably be working in tandem with Mattias to best serve your needs. Interested in exploring homes for sale in Broadway, or learning more about market fluctuations in that area? Look no further than Mattias' new website.... BroadwayVAHomes.com | |
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Sales Preview, December 2014 |
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![]() Happy (almost) New Year! A few more December sales will likely still trickle into the MLS over the next week, likely helping December 2014 exceed December 2013 home sales levels. Stay tuned for a full analysis of December (and 2014) home sales in early January. | |
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Median Price Per Acre in Rockingham County |
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![]() As shown above, the price (per acre) of land sales in Rockingham County is starting to improve in several price ranges.
Read on for more details on the pace of land sales.... As shown above, the pace of sales of 5 to 10 acre parcels is (slowly) increasing. As shown above, the pace of sales of 10 to 20 acre parcels is also slowly improving. | |
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That low offer is really a compliment! |
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Sellers are usually quite disheartened to receive a low offer on their house, for example, an offer of $250K on a $300K listing. But it is important to remember that even that low offer really is a complement! ![]() If you have not yet had an offer on your house (that is listed at $300K) and you receive an offer of $250K, that doesn't necessarily mean your house is only worth $250K, nor does it necessarily mean that you should accept $250K or something close to it. It does, however, mean something quite exciting --- somebody wants to buy your house!!! Of course, negotiations won't always work out with low offers -- but recognize a low offer for what it is -- a buyer who wants to buy your house, and perhaps the first buyer who has declared as much through a written offer! If there is any way to put a deal together with those buyers, you ought to pursue it, as it's hard to know when the next buyer will work up the courage to tell you that they want to buy your house! | |
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Harrisonburg Area Commercial Real Estate Market Overview |
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![]() Ribbon Cutting at the Harrisonburg Ice House Local commercial real estate agents indicate that the Harrisonburg area market performed well in 2014.... "It was a pretty good year," said David Lee of Lee and Associates. "We had nice, stable, slow, steady growth, which is what you like to see."....and they expect even better results in 2015.... "We are finally at a point where investors and tenants are comfortable taking some calculated risk. ... We haven't had a lot of ground-up development in quite some time," Reamer said, "but we seem to be poised for that in 2015 and I think that will be the dominant storyline of this upcoming year."Read more in this week's article in the Daily News Record.... A Solid Base To Build On By Vic Bradshaw | |
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Walmart Neighborhood Market announced at Stoneport |
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![]() Wal-mart Stores Inc. will be opening up a "neighborhood market" at Stoneport, which is a standalone grocery store concpet that will also feature a drive-thru pharmacy. The map above (larger version here) shows the location of this new commercial tenant, close to the intersection of Port Republic Road with the new connector road. Read more in yesterday's Daily News Record article, an excerpt of which follows.... While best known for its supercenter stores, which sell groceries along with myriad other items ranging from automotive parts to clothing, Wal-Mart has been expanding the market concept launched in 1998. Henneberg wrote that the stores allow the company to offer fresh groceries, a pharmacy and some household items in a smaller footprint. | |
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Mortgage Interest Rates Still Below 4 Percent |
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![]() If you're thinking of buying your significant other a house for Christmas (mostly a joke) you might want to lock in your mortgage interest rate NOW. 30 year fixed mortgage interest rates continue to linger below 4%, which will provide you with an excellent opportunity to have low monthly payments on that exciting Christmas gift. :) | |
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Walk Through 3339 Deavers Lane |
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![]() Take a few minutes to walk through this immaculate home just outside the City offers privacy and long views from the covered porch and wrap-around deck. Enjoy a spacious home with beautiful interior finishes including a large kitchen with breakfast bar, a dining area, living room with wood beams, a sitting room with a stone-front gas fireplace and a mudroom / laundry room. The expansive master suite features two walk-in closets and a large master bathroom with jetted tub and tile shower. All bedrooms are spacious and feature ceiling fans. Don't miss the hardwood floors, ceramic tile, recessed lights, upgraded refrigerator, high ceilings, raised bed gardens, partially fenced yard, upgraded light fixtures, two zone heat pump and water softener! Click here to walk through this home now, on your computer, phone or tablet. Or, visit this home's property website. Or, view lots of pretty photos of this home by clicking the collage below.... ![]() | |
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First Million Dollar (plus) Home Sale Since 2010 |
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![]() Last month (November 2014) there a home sold in Lake Pointe for $1,025,000. This marked the first time since 2010 that a home has sold (per the HRAR MLS) for over $1,000,000 anywhere in Harrisonburg and Rockingham County. Not quite ready to spend $1,000,000 on your next home? Check out some excellent $500K+ homes at HarrisonburgLuxuryHomes.com. | |
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Do you now live in Rockingham, VA? |
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![]() If your zip code is 22801 or 22801, and you live in Rockingham County (shown in yellow above) then your mailing address can be written in two different ways starting in February 2015....either as "Harrisonburg, VA 22801" or "Rockingham, VA 22801", and it's all about taxes.... From today's Daily News Record article.... Starting in February, the U.S. Postal Service will begin updating its database so the two ZIP codes will have a default mailing address of Harrisonburg, VA, and an "alternate preferred" address of Rockingham, VA.Read the rest of the article here. | |
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Shop Til You Drop, Today, in Downtown Harrisonburg |
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![]() Today -- December 12th -- 5PM until 10PM -- Downtown Harrisonburg Shop Local for the holidays! You will enjoy extended store hours, special promotions and events, art and live music, holiday treats, and plenty of festive cheer! Special promotions this evening include.... Bluetique Cheap Chic | Open til 9pm Midtowne Bottle Shop | Open til 11pm The Lady Jane | Open til 10pm Ten Thousand Villages | 10am-10pm Walkabout Outfitter | 10am - 10pm Rocktown Bicycles Downtown Wine & Gourmet Friendly City Food Co-op | Open til 9pm The Yellow Button | Open til 8pm OASIS Fine Art & Craft | Open til 10pm | |
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Locating your business in Harrisonburg, Virginia |
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![]() Located in the heart of the Shenandoah Valley, Harrisonburg is the perfect home for your business and your career. Here, local businesses benefit from:
Learn more at HarrisonburgDevelopment.com....
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Scott Rogers
Funkhouser Real
Estate Group
540-578-0102
scott@funkhousergroup.com
Licensed in the
Commonwealth of Virginia
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