Newer Posts | Older Posts |
![]() |
![]() |
Commercial and Residential Growth in Rockingham County |
|
![]() click here for a slightly larger version of this map The location of the still relatively new Sentara RMH Medical Center, the completion of Stone Spring Road (the SouthEast Connector), and zoning maps that are currently being updated have all positioned the area shown above (in color) to be the area where we will see the most commercial and residential growth over the next 5 to 10 (to 20?) years. I used to consider this road to be bound by Boyers Road, Spotswood Trail, Cross Keys Road and Port Republic Road, but Stone Spring Road has certainly reshaped the borders relative to Boyers Road as well as Port Republic Road. Stay tuned for lots of new growth of businesses and homes in this area. | |
![]() |
![]() |
![]() |
![]() |
A single family home is now a permitted use in A1 zoned land in Rockingham County |
|
![]() If you are hoping to build a new single family home on a scenic hilltop (or in a rolling pasture) in Rockingham County, your options have recently expanded. Building a single family detached residence is now a permitted use in A1 zoned land in Rockingham County. Prior to the recent change in the zoning ordinance, you would have been required to file for a special use permit to build a single family home on A1 zoned land. Thanks to Todd Rhea for the hot tip on this change in the zoning ordinance. | |
![]() |
![]() |
![]() |
![]() |
The ZONING map layer is quite helpful in the Rockingham County GIS |
|
![]() If I knew the Rockingham County GIS had such a helpful ZONING layer, I forgot about it temporarily. Thanks for the reminder, Todd Rhea. When you're in the GIS, just go to "Map Layers" (tab at the top) and then "Zoning and Districts" (group on the left) and then turn on "Zoning". This can be helpful for you to examine when considering the purchase of a home out in the County (what is the land surrounding this property zoned?) or if you are considering the purchase of land or development purposes. Check it out in the Rockingham County GIS. | |
![]() |
![]() |
![]() |
![]() |
30 Year Mortgage Interest Rates Dip Below 4%, Again |
|
![]() Home buyers enjoyed mortgage interest rates below 4% for the first five months of this year -- and they even dropped as low as 3.6% in February. But after rates started rising in mid-April, they did not stop at 4% -- they kept on rising, and stayed largely above 4% for much of June and July. But no longer! Just when you thought mortgage interest rates were going to keep on climbing, to 4.5%, 5%, 5.5%, 6% and beyond -- they dropped again! The average mortgage interest rate for a 30 year fixed rate mortgage has again been below 4% for the past two weeks. Despite numerous false alarms of interest rates getting ready to go up, up, up over the past few years -- it still has not happened. I'm sure the rates will eventually go up, and yes, that will affect your monthly payment relative to your home's purchase price -- but for now, we can continue to enjoy these super (super) low interest rates below 4% -- yet again. | |
![]() |
![]() |
![]() |
![]() |
Market segments under $300K are the healthiest |
|
![]() The "months of supply" illustrated in the graph above shows how many months it would take to sell all homes currently listed for sale in each price range given the current pace of buying activity in that price range. As you can tell, each price range is performing differently. Let's take a closer look.... ![]() The good news, as shown above, is that over the past 12 months, all price ranges have seen a decline in the months of housing supply available on the market for sale. The decline in the months of supply available ranged from 13% to 32%. But when we look changes over the past six months, we find a bit of a different phenomenon.... ![]() As shown above, almost all price ranges are seeing more months of supply available now as compared to six months ago. The largest increase in housing supply has been in the $300K - $400K price range with a 56% increase in months of supply over the past six months. The only price range that did not experience an increase in available housing supply has been the $200K - $300K price range. A few concluding thoughts....
| |
![]() |
![]() |
![]() |
![]() |
Inventory Levels Headed Down For The Winter |
|
![]() Wait... what?? Inventory levels are headed down... for the winter?? Yep, in some ways, we're already in that seasonal decline. Inventory levels have declined over the past 60 days, and are likely to continue to decline from now until next March based on seasonal trajectories of past years. Furthermore, there is an 8.6% year-over-year decline in inventory levels, further limiting the number of homes that are on the market. BUYERS: If you want to buy a home in the next three to six months, you likely have more options now than you will have in a month, and in another month, and the next after that. SELLERS: While we'll see fewer buyers in the Fall (and then the Winter) those buyers will have fewer and fewer buying options since inventory levels are declining. As such, the declining inventory levels work to your benefit -- giving you fewer sellers to compete with. | |
![]() |
![]() |
![]() |
![]() |
August 2015 Harrisonburg Housing Market Report: Home Sales Up 6%, Prices Up 7% |
|
![]() Learn more about this month's Featured Property: 1368 Bluewater Road 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.... ![]() First, the fun news. As noted above, when looking at 2015 YTD home sales, you'll find that the market has shown a 6% improvement over last year in the pace of sales -- and that the median sales price has risen by 7%. Both of these are signs of a strong, growing local real estate market. A third indicator to note is that the median time it takes for a house to go under contract (days on market) has fallen 11% over the past year. ![]() You may have noted that July 2015 home sales (105) were a good bit below July 2014 home sales (125). It turns out the seven year high of 132 home sales seen in June 2015 may simply been a timing phenomenon. When combining June and July home sales, there were 237 home sales in June/July 2015 as compared to 236 home sales during June/July 2014 --as such, the two month track record for June and July is on pace with last year despite the decline in monthly sales in July 2015. ![]() Looking, graphically, at the first seven months of home sales during 2015 (above) you can see that we're a good bit ahead of 2014 (YTD) and that this is the strongest January - July sales pace we have seen in at least the previous five years. Looking back further into the historical data, it seems that the last time we saw 628 (or more) January - July home sales was waaaay back in 2007. ![]() While every market segment (price range, property type, neighborhood, specific house) has performed differently over the past four years -- it is certainly a welcome sign to see a nearly $20,000 increase in the median sales price over the past four years -- after having seen a $25,000 decline from the peak in 2007/2008. ![]() After several months of year-over-year declines in the monthly pace of contracts being signed, we did see (above) a year-over-year increase during July 2015 with 118 contracts being signed by buyers (and sellers). We are likely to see 100+ contracts during August, and quite possibly into September and October as well. OK, that's it for now. I'll hit some high points here on HarrisonburgHousingToday.com in coming days. In the meantime, you can read the full August 2015 Harrisonburg Housing Market Report online or by downloading the PDF. And as is always my encouragement -- if you will be buying or selling a home in the near future, 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.If you are ready to buy or sell a property in Harrisonburg or Rockingham County, contact me at 540-578-0102 or scott@HarrisonburgHousingToday.com to get the process started. | |
![]() |
![]() |
![]() |
![]() |
Most Sellers Provide Buyers With Closing Cost Credit |
|
![]() Just more than half (0.2% more than half) of sellers in 2015 have paid for some or all of the buyer's closing costs via a credit at settlement. This is an increase over previous years, particularly over 2014. ![]() The average amount of that closing cost credit is not increasing -- it is still hovering around an average of $4,000. Of note -- that means that quite often the closing cost credit is higher than $4,000. So, is a seller paying a buyer's closing costs something that is normal, to be expected, likely to happen if you are selling your home? Yes, certainly so! Expect it, and be ready to negotiate offers accordingly. | |
![]() |
![]() |
![]() |
![]() |
Walk Through This Home, 1368 Bluewater Road |
|
![]() Take a few minutes to walk through this spacious, four bedroom, updated Colonial in Lakewood Estates features a finished, walkout basement and a large backyard with a storage building and mature trees. Enjoy hardwood floors, ceramic tile, a two car garage on the main level plus an additional garage / workshop on the lower level, a large eat-in kitchen with attached screened porch, a family room with a wood burning fireplace and build-in bookcases, a formal living room, and a finished basement that offers a rec room, fourth bedroom, third bathroom and an office area. Don't miss the new carpet, fresh paint, PVC railing on the two back decks, the covered front porch, central vacuum and 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.... ![]() | |
![]() |
![]() |
![]() |
![]() |
July (2015) Home Sales Seeming Cooler Than Past Years |
|
![]() I will hold out a bit longer to see any other home sales that might end up being reported in the MLS in the next few days, but thus far, home sales in July 2015 are coming in a bit lower than the same month in the past two years. Stay tuned for more analysis as the week goes on. | |
![]() |
![]() |
![]() |
![]() |
Harrisonburg Residents, Throw Away (or recycle?) Your Recycling Bins |
|
![]() As of this morning, Harrisonburg residents can now just toss their recycling (cans, bottles, etc.) right into their trash can. Yes, you heard that right, you no longer need to separate out your recyclable items from your trash. Read more about this new Single Stream Collection Program on the Funkhouser Real Estate Group blog. | |
![]() |
![]() |
![]() |
![]() |
Local Market Likely to Hit $225M in Real Estate Sales in 2015 |
|
![]() Slow increases in the number of sales plus slow increases in the median sales price result in increase in the overall volume of real estate sold in this area. The graph above is based on Jan 1, 2013 - Jun 30, 2015 sales data, so the 2015 figure is a projected figure. It looks like we are on track to get close to, or to surpass 225 million dollars in real estate sales in our local market in 2015. | |
![]() |
![]() |
![]() |
![]() |
Is August too late to list my home for sale? |
|
![]() Nope -- it's not too late to list your home in August. While we will have missed the strong Spring and early Summer rush of buyers, there will still be plenty of buyers in August, September and October. As shown above, last year there were more buyers in August than in July! One other silver lining for late Summer (early Fall) sellers -- there will be fewer sellers to compete with as the next month or two passes and inventory levels continue to decline. If you're thinking about putting your house on the market in August, let's chat ASAP about any improvements you will be making to the house as well as reviewing market data to develop a pricing strategy. | |
![]() |
![]() |
![]() |
![]() |
Contracts Still Slow in July 2015 |
|
![]() There were 16% fewer contracts in May 2015 as compared to in May 2014. There were 13% fewer contracts in June 2015 as compared to June 2014. Thus far, July 2015 is also lagging behind July 2014 -- by 17% -- though we still have a few more days for deals to stay together. These slower months of contract activity will eventually, inevitably, lead to slower months of closed sales as well. | |
![]() |
![]() |
![]() |
![]() |
Who sold and bought what for what? |
|
![]() I think these guys (above) are checking out HarrisonburgPropertyTransfers.com. OK, well, maybe not. But if you are interested in diving into the details of which properties are selling, and for how much, there are a few main ways to do so....
![]() The disclaimers on the above information....
Enjoy! | |
![]() |
![]() |
![]() |
![]() |
The Great East West Divide of Harrisonburg (and Rockingham County) |
|
![]() click here to view this map as a larger image A few questions for ya....
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. | |
![]() |
![]() |
![]() |
![]() |
What is a modular home? |
|
![]() photo source According to Wikipedia, a stick-built structure is "one constructed entirely or largely on-site," as opposed to a modular home that is "divided into multiple modules or sections which are manufactured in a remote facility and then delivered to their intended site of use." My experience in chatting with buyers over the past 12 years has been that there are mixed opinions on modular homes. For example, some would suggest that . . .
Overall, my experience indicates that modular homes sell at slightly lower prices as compared to stick built homes -- and some of that is solely as a result of some buyers being hesitant to purchase a modular home. Google indicates that several companies offer newly built modular homes in Harrisonburg. | |
![]() |
![]() |
![]() |
![]() |
Walk Through This Home, 2550 Ramblewood Road |
|
![]() Take a few minutes to walk through this spectacular home, a custom, site-specific design by Architect John Daly that is special to him because the land was parceled off of his childhood farm and neighbors several family members. ![]() The property is surrounded by mature trees, long views. Enjoy a fiber cement, stone and brick exterior, an open floor plan with solid Brazilian Cherry floors and a first floor master suite. The two story living room with a fireplace features views out to the deck and a wooded grove. The kitchen features a high end Dacor gas cooktop, double wall ovens, exotic granite countertops and a brick backsplash. Don't miss the second level multifunctional space that leads to a rooftop terrace, the private fire pit sitting area and extensive landscaping. 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.... ![]() | |
![]() |
![]() |
![]() |
![]() |
Sales of new construction homes speeding up in 2015! |
|
![]() General market recovery (in both pace and price of sales) may finally be resulting in a return of new construction single family home sales. As shown above, we may see a big jump in the number of new construction home sales in 2015 -- perhaps beating out the past five years! | |
![]() |
![]() |
![]() |
![]() |
Fewer and fewer foreclosure sales in 2015 |
|
![]() We are continuing to see a slow pace of foreclosures in 2015. There were 94 foreclosure sales in the first six months of 2014 -- and this year there have only been 79 foreclosure sales. Check out upcoming foreclosure sales at HarrisonburgForeclosures.com. | |
![]() |
![]() |
Newer Posts | Older Posts |
Scott Rogers
Funkhouser Real
Estate Group
540-578-0102
scott@funkhousergroup.com
Licensed in the
Commonwealth of Virginia
Home Search
Housing Market Report
Harrisonburg Townhouses
Walk Through This Home
Investment Properties
Harrisonburg Foreclosures
Property Transfers
New Listings