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Four Bedroom Home Across the Street from JMU Campus |
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click here for a larger image Enjoy a really (really, really) short walk to the JMU Campus (and Starbucks and Purcell Park) from this recently built (2011) home with upscale features both inside and out including a HardiePlank and brick exterior, a composite deck with vinyl rail, covered front porch, hardwood floors, granite countertops, ceramic tile in the bathrooms and so much more. The main level features a kitchen with dining area, living room, dining room and office, upstairs you will find a large master suite plus two additional bedrooms and a full bath. The recently finished lower level features a large rec room, the laundry room plus a fourth bedroom and third bathroom. Don't miss the propane fireplace, high end clothes washer and dryer, two heat pumps, hardwood treads and much more! View high resolution photos of this home by clicking the collage below.... Or, walk through the home by clicking the image below.... Find out more about this home at 117PortRepublicRoad.com. | |
County Board of Supervisors to discuss current and future development in Urban Development Area, southeast of Harrisonburg |
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click here for a larger image There will be a workshop today at 11:30 AM to discuss the County's Urban Development Area, located southeast of the City. The size of this development area was tripled in September 2015. Current developments in the works or under review in this area include:
After the workshop (11:30 AM) the Board of Supervisors will hold their regular meeting at 3:00 PM today. From today's Daily News Record article....
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The First Time Buyer Is Back! |
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Between 2001 and 2004, the number of duplex / townhouse / condo sales increased drastically from 203/year to 644/year. Many of these sales were first time buyers, eager to latch onto the rapidly increasing home value trend. Between 2005 and 2011, the number of buyers per year dropped just as significantly, all the way down to 179 buyers per year in 2011. Now, however, we have seen a steady increase in duplex / townhouse / condo buyers over the past four years --- and much of this increase is a return of the first time buyer. Low interest rates, and home values that are not declining any longer, have both drawn first time buyers back into the market again in larger numbers than in some recent years. | |
24 Townhouses (maybe, eventually?) coming to Vine Street |
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Townhouses may be built on Vine Street (across from Longview Oaks and Beacon Hill) at some point in the future. This land was rezoned from agricultural to residential in 2010, and is owned by Virginia State Free Will Baptist Church. Cosner Construction (Broadway, VA) is considering building 24 - 28 townhouses on this site. Read more in the May 12, 2016 Daily News Record article, Planners OK Utilities For Development. | |
April 2016 was the BEST MONTH EVER for contracts |
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Yep, you heard that correctly, April 2016 was the BEST MONTH EVER -- there has never been another month in Harrisonburg and Rockingham County when more buyers contracted to buy homes. Stay tuned for what might come in May and June. Could we see even higher levels of contract activity? Read more about the local housing market..... | |
Local Housing Market Shows Strength, Growth in April 2016 |
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Learn more about this month's Featured Property: 4290 Brown Roan Lane I just published my monthly report on the Harrisonburg and Rockingham County real estate market. Jump to the full online market report, watch the video overview video, or download the PDF, or read on for highlights.... First, a video overview.... Next, let's take a look at the overall market performance in April.... We are, again, looking at signs of strength and growth for our local market....
Let's dig into a few details.... Wow! This graph shows very clearly (look at the last two bars on the right) how HOT of a Spring real estate market we are experiencing this year. The pace of contracts in March was a new record for March -- and in April, buyers have done it again. As far back as I have on record (2007) there has never been a month of April when this many (158) contracts have been signed in Harrisonburg and Rockingham County. Single family homes are often the best indicator of overall trends in a local housing market. As shown above, sales of single family homes are quite stable -- and the median price has been on the rise for several years now. It seems likely that we will see another increase in the median sales price of single family homes in 2016. Most housing market analysts consider six months of inventory (active listings) to be an indicator of a balanced market (between buyers and sellers). The "BUYERS" trend line above is illustrating how many buyers are buying in a six month period. The "SELLERS" trend line above is illustrating how many sellers are in the market (active listings) at any given time. Over the past four years we have been seeing a steady increase in buyers in the market and a decline in sellers in the market. In Summary.... | |
East or West? Whichever you choose first, you'll likely stick with forever. |
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If you have lived in Harrisonburg for a while (more than a few years) which side of I-81 do you live on? The East or the West? Would you consider moving to the other side of I-81? Regardless of which side you are on now, I'm guessing you wouldn't flip-flop to the other side. Most people stay on one side of I-81 after they buy on that side -- because they get used to the patterns of life on that side of our community. Nothing is necessarily better or worse on one side or the other -- but they are different, that's for sure. EAST: Most of the residential development over the past 15 to 20 years has been on the East side of Harrisonburg, in the general vicinity of the new hospital. This makes it an exciting place to live -- for some people. There are many newer developments where homes have recently been built, and there are newer commercial destinations (Stone Port, Martin's grocery store, Target, etc) all on the East side of town. But this also makes it a bit more hectic for getting around. Of note, there is also plenty of outbound traffic East of town, towards Massanutten, Elkton, Charlottesville, etc. WEST: There hasn't been as much residential development West of Harrisonburg over the past 15 to 20 years (other than Belmont and Monte Vista Estates) and this is just fine with most people who live on the Western side of Harrisonburg. Things are a bit calmer, without as much hustle and bustle, and in some cases with more established neighborhoods. The towns of Dayton and Bridgewater end up falling into this side of town as well for many people. I am not doing justice to all of the differences between the East side of town and the West side of town, but I believe that most people in this area are oriented towards one side of town or the other, for very specific reasons. Furthermore, most people who have spent any considerable amount of time living on one side of Harrisonburg likely wouldn't think about moving over to the other side of Harrisonburg. | |
Do townhouse values generally increase over time? |
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I had an interesting conversation with a potential real estate investor earlier this week -- he asked whether townhouses generally increase in value over time. We decided to take a look at the data, which is shown above, and the conclusions are not necessarily clear.
So, in the past 15 years, there have been some intense increases, some depressing decreases, and some recent recovery. The yellow line is the general trendline over time, which shows that overall, values have trended positively over the past 15 years. So, do townhouse values generally increase over time? Let's go with 'yes' for now -- but continue to monitor as we hopefully have a more normal next three to five years in our local real estate market. | |
Fewer and Fewer Single Family Homes Under $100K in Harrisonburg |
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It remains difficult to buy a single family home in the City of Harrisonburg for less than $100K. While the 2016 data point (above) is based only on the first four months of the year, it is clear that fewer and fewer detached homes are selling in Harrisonburg for less than $100K. Here are the currently available detached homes for sale under $100K in the City of Harrisonburg: search now (4 listings as of 5/4/2016) | |
Rezoning request from The Springs at Osceola proposes 166 single family home and duplex lots |
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click here for a larger image Back on 2009, the Board of Supervisors rezoned 282.86 acres of land on Osceola Springs Road and Pleasant Valley Road from A-2 (agricultural) to R-2C (medium density residential with conditions). This made way for The Springs at Osceola, a subdivision with (116) lots ranging in size from 1 - 5 acres. Sales of these lots has apparently been a bit slower than anticipated....
By my count, this would in the currently planned 32 single family home lots being converted into....
View a larger version of the proposed new plat here. You can review the entire rezoning request here. Rockingham County staff is recommending that this re-zoning request be tabled. The Planning Commission will be reviewing this request at their meeting this evening. | |
$0.70 Real Estate Tax Rate Approved by Rockingham County |
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Taxes, taxes, all about taxes. Clearly, lots on the blog lately about real estate tax rates. Well, Rockingham County has officially approved their budget and an increase of the real estate tax rate from $0.68 to $0.70. Stay tuned for news on the final decision on the Harrisonburg real estate tax rate. | |
Home values in 22801 have fared better than most areas since 2004 (Washington Post) |
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"The overall U.S. housing market has recovered from the crisis that plunged the country into recession. But a new analysis by The Washington Post shows that the recovery has been deeply uneven, creating winners and losers along lines of race, income and geography. " Explore this analysis at The Washington Post, with data specific to Harrisonburg (22801). | |
Walk Through 117 Port Republic Road |
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Take a few minutes to walk through this home that is just a short walk to the JMU campus, Purcell Park, Starbucks and more. This recently built (2011) home offers upscale features both inside and out including a HardiePlank and brick exterior, a composite deck with vinyl rail, covered front porch, hardwood floors, granite countertops, ceramic tile in the bathrooms and so much more. The main level features a kitchen with dining area, living room, dining room and office, upstairs you will find a large master suite plus two additional bedrooms and a full bath. The recently finished lower level features a large rec room, the laundry room plus a fourth bedroom and third bathroom. Don't miss the propane fireplace, high end clothes washer and dryer, two heat pumps, hardwood treads and much more! Click here to walk through this home, on your computer, phone or tablet. Find out more about this 3D Walk Through technology at WalkThroughThisHome.com.... | |
The proposed city real estate tax rate, contextualized |
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The real estate tax rate in the City of Harrisonburg might increase to $0.80 per $100 of assessed value per the City's proposed 2016-17 budget. As shown above, this would be a 36% increase in the tax rate over a five year period. The context that might be missed by just looking at this increase includes....
Interested in knowing more? Read today's article in the Daily News Record (City Eyes Tax Hike In Budget Proposal) or attend the public hearing on the budget this evening at the City Council meeting at 7PM in City Hall Council Chambers. | |
Buyers are at it again in April |
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There were a record number of buyers (signing contracts) in March -- the 133 contracts shown above was a 13% improvement over last March, and was the highest month of March contracts on record as far as I can tell. Thus far in April, buyers are still quite active! In the first 22 days of April last year there were 75 contracts -- this year, 115 contracts! Stay tuned at the beginning of May for a final count of April contracts. | |
Walk Through 3095 Baybrook Drive |
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Take a few minutes to walk through this stunning three-level brick Colonial in Barrington that offers a tremendous amount of living space, an expansive master suite (with sitting room, sunroom and deck), plus a full in-law suite (with possible 5th bedroom) on the lower level. Upscale features in this executive style home include Brazilian Cherry hardwood floors, Cherry cabinetry and granite countertops in both kitchens, crown moulding, marble flooring in the foyer and Tigerwood hardwood flooring in the upstairs hallway and master suite. The main level features a formal living room, formal dining room, family room, office/study, kitchen with island, sunroom, screened porch, and deck! Don't miss the custom wiring, water softener, security system, back stairwell and so much more. Click here to walk through this home, on your computer, phone or tablet. Or, visit this home's property website. Or, view high resolution photos of this home by clicking the collage below.... Find out more about this 3D Walk Through technology at WalkThroughThisHome.com.... | |
Calculating how your mortgage payment will change if you sell and buy |
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If you will be selling your home to buy another, there are a lot of numbers floating around....
This is a spreadsheet I put together to help you think about some of these numbers.... Click here to download this worksheet as an editable Excel file. | |
Mortgage Interest Rates Lower Than Low |
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Mortgage interest rates have been at an average of 3.85 over the past 12 months. Fantastic, right? But wait, they are currently hovering at 3.58%! Wow! Perhaps this has been part of what has inspired so many buyers to sign contracts in recent months. | |
Walk Through 4290 Brown Roan Lane |
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Take a few minutes to walk through this recently built, upscale brick home in Highland Park features 9' ceilings (or higher) throughout the home, hardwood floors on the main level, cherry cabinetry and granite countertops, a spacious master suite with dual walk-in closets, two additional large bedrooms on the first level, plus a dining room, butler's pantry, laundry room and composite deck overlooking the backyard bounded by mature trees. The spacious lower level features a wide open family room, a guest bedroom, fifth bedroom or office (with large walk-in closet) and an enormous amount of unfinished space for storage or future expansion. Don't miss the crown moulding, security system, 400 AMP electric service, Kinetico water softener and so much more! Click here to walk through this home, on your computer, phone or tablet. Or, visit this home's property website. Or, view high resolution photos of this home by clicking the collage below.... Find out more about this 3D Walk Through technology at WalkThroughThisHome.com.... | |
City of Harrisonburg Proposes 11% Increase in Real Estate Tax Rate |
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The City of Harrisonburg has released its proposed budget for the 2016-2017 fiscal year, and it includes a proposed $0.08 increase in the tax rate from $0.72 per $100 of assessed value up to $0.80 per $100 of assessed value. A few excerpts of note from the City Manager's letter to City Council are included below. The bold sections are directly from the letter. City costs are increasing as population increase, even without increases in services.... As noted last year, the impact of a growing community continues to have a significant effect on our budget. That trend continues this year as we added another 1,263 new residents as of July 1, 2015 per the Weldon Cooper Center population estimates. I have stated in my budget transmittal letter for several years that even if we are not adding new services or programs, we have more people needing/consuming the services, programs, and facilities that we already provide, and we have added more infrastructure to be operated and maintained (streets, sidewalks, bike trails, emergency communications, juvenile and adult detention facilities, athletic fields, etc.) in support of our services and programs. Large new costs for 2016-17 include:
Natural revenue growth, while increasing, has not kept pace with the costs of all of the immediate needs. Lots of new costs without significant new revenue resulted in a recommendation for increasing the real estate tax rate.... As City staff developed the budget, they had a gap of about $7.5 million between revenues and expenditures. We began the development of the FY 16-17 general fund budget with a gap of about $7.5 million between anticipated revenues and expenditures. To varying degrees, all of the submitted requests had merit and were intended to address what department directors and management felt to be present or pending needs for providing services to our citizens. This budget does not include any increases to any of the "discretionary" outside agencies (listed as "Contributions – Community and Civic Organizations" in the budget) that receive City funding, nor does it propose adding any new agencies, programs or projects for funding. We attempted to build this budget based on available projected revenues and not expenditure requests, starting with a base revenue budget of just under $102 million (which included about $1.6 million in new revenue), less any use of fund balance. In spite of this effort, to meet the commitments we have in core service areas, a $3.15 million gap remains. As such, management believes an increase of approximately $0.08 in the real estate tax rate will be required to balance the FY 16-17 budget, pending Council direction as to other possible budget revisions or identification of reduction targets. The draft budget (and above-referenced letter, and supporting documentation) can be found here ("2017 Proposed Budget"). Next, the budget will be reviewed by City Council and opportunities will exist for public comment. | |
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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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