News
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Temperatures Rising, Mortgage Interest Rates Falling |
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 This is a great time to lock in your interest rate if you haven't already done so! Mortgage interest rates have fallen over the past several weeks, and are now approaching 4%. | |
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30.4 Acres on Boyers Road Sold for $1.05 Million |
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 click here for a larger version of this map Massanetta Springs, Inc. sold 30.4 acres on Boyers Road last week for $1,050,000. I have not yet heard of how or when this land will be developed, but it was purchased by the owner of several other development properties....
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Puzzling start to 2014 for local housing market |
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 Featured Property: 1103 Dices Spring Road, Weyers Cave, VA I just published my monthly report on the Harrisonburg and Rockingham County real estate market and thus far, 2014 is not as exciting of a year as 2013 was for our local housing market. Click here to review the entire report online -- or click here to download the full PDF -- or read on for some highlights....  2013 was an encouraging year in the local housing market. After many years of a declining pace of home sales, we finally saw a (strong!) rebound in the home sales activity. Now, however, with four months of 2014 behind us, we are facing a very different trend when comparing year over year trends -- the pace of home sales has declined 18% year-over-year. This could be the result of the icy winter weather in 2014... but that is becoming a less likely theory as we move through Spring. The next theory I'll throw out is that 2013 was a rebound year, with higher than normal sales volume, and 2014 is is reverting back to the slow upward trend that began in 2011. Even though it's not highlighted in yellow above, we should also note that prices seem to be improving year-to-date, with a 3% increase in median sales price.  Going back to the rebound theory -- the blue line in this graph shows the month-by-month sales experienced during 2013. As is quickly evident, last year's home sales were head and shoulders above any other recent year of home sales. Home sales this year (red) certainly look rather unexciting in comparison to last year (2013) though when taken within the context of 2012 (green) we see that there has been an improvement when looking at a 24 month differential. Again, this may indicate that 2013 was a year of our marketing bouncing back and burning through old inventory, but that the 2013 sales pace was not sustainable moving forward. Now, here are your teasers to encourage you to read the rest of this data filled report....
There's much, much more. Read it online (here) or download the PDF (here) and 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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Buyers are signing lots of contracts thus far in May 2014 |
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 Contracts are being signed quickly in May 2014 (40 contracts in 8 days) --- which shows a solid upwards trend for the first five months of the year if we extrapolate to a potential total for May (155?) based on this strong pace of contract activity within the first week (+) of May. | |
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9.5% Increase In City Real Estate Tax Rate? |
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 The City of Harrisonburg may increase its tax rate from $0.63 (per $100 of assessed value) to $0.69. This would be a 9.5% increase in real estate taxes for property owners in the City of Harrisonburg. This would still leave us with a very low tax rate compared to many other areas around Virginia:
As noted in today's in depth article in the Daily News Record: Under the fiscal 2015 proposal to raise the rate 6 cents, the owner of a city home valued at $ 150,000 will pay $ 1,035 in real estate taxes, compared to $ 945 now. A house valued at $ 200,000 will be taxed at $ 1,380 next year, according to the draft. That owner pays $ 1,260 now.Read the DNR article here, and view the proposed City budget here. | |
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Harrisonburg is GROWING, quickly |
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 Per NerdWallet, Harrisonburg is Virginia's fastest growing City. Set in the Blue Ridge Mountains in northwestern Virginia, Harrisonburg's 32.1% income growth, plus growth in population and jobs sent it to the top of our list. The area has a farming tradition, but science and academics are now leading industries in town. DBT Data operates a cyber integration center in Harrisonburg and SRI International, a bioscience research corporation, recently expanded its offices in town. The area is also home to James Madison University, which has an enrollment of more than 18,000 students per year. City planners project that Harrisonburg will claim more than 60,000 residents by 2030. In preparation for new residents and future growth, the city is following its Harrisonburg Downtown Renaissance plan to make downtown Harrisonburg a destination for the region and an engine of economic growth. The whole city's pitching in- volunteers have logged more than 85,000 volunteer hours so far on the project.Per the Harrisonburg-Rockingham Chamber of Commerce, we are also one of the top 20 emerging metro areas. | |
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Home Sales Still Soft at Start of Spring Selling Season |
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 Featured Property: 310 Victoria Drive, Bridgewater, VA 22812 I just published my monthly report on the Harrisonburg and Rockingham County real estate market -- click here to review the entire report online -- or click here to download the full PDF. Below are a few highlights you might be interested to know about....  As shown above, home sales in March were the lowest that we have seen over the past several years. This is undoubtedly due to the absurdly low temperatures this winter PLUS the many snowfalls PLUS the many days that schools were closed. Now that the warmer weather is upon us we will hopefully see an increase in home sales come April and May.  We also saw a smaller number (91) of buyers sign contracts during March as compared to last March (114) --- though an increase from March 2012 (87). Let's hope that the warm Spring days of April will lead to many (many!) buyers going to see houses and sign contracts.  A significant part of whether buyers will write offers is related to whether they are finding compelling houses on the market -- and we're finally starting to see increases in inventory levels. These new listings will hopefully rejuvenate buyer interest and get them off of the sidelines and into the buying market.  Amidst a few market indicators that aren't as positive as they could be, here is one bright spot --- sales prices of attached dwellings (duplexes, townhouses, condominiums) are going UP! Want to know more? Get all the juicy details in the full report. Read it online or download the PDF. 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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$1.55 Million Purchase by JMU on South Mason Street |
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 JMU (the James Madison University Board of Visitors) recently closed on the purchase of a property on the corner of South Mason Street and Martin Luther King, Jr. This purchase included an unimproved parcel of land, as well as a parcel of land improved by the building pictured above.  The property that was recently purchased is situated between what used to be Rockingham Memorial Hospital (and is now the University Health Center, etc.) and a parcel of land on South Main Street owned by JMU that has been discussed as the potential site of a hotel and conference center ("Hotel Madison"). How can you know about these interesting property transfers?  To stay up to date on property transfers in this area, simply visit HarrisonburgPropertyTransfers.com and subscribe to the weekly email list to receive these updates. | |
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New Townhouses at The Townes at Bluestone |
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 Exciting news! Townhouses are now for sale in Section 2 at The Townes at Bluestone, starting at $184,900. You can see the location of the first two buildings, as well as the pricing, here, and you can view and download the floor plans here. If you are looking for a NEW townhouse in the City of Harrisonburg, The Townes at Bluestone may be a great option for you. Find out more at TheTownesAtBluestone.com, or let me know (540-578-0102) if you would like to meet me over at the model home to take a look at the community. | |
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Harrisonburg, VA is a 2014 Great American Main Street Award Semifinalist |
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 Harrisonburg, VA has been selected as one of the 10 semifinalists for the 2014 Great American Main Street Awards. Five communities from around the country will be chosen as recipients of the award on May 18 at the National Main Street Conference in Detroit, Michigan. Here's Harrisonburg's summary....  Click here to view all 10 semifinalists. Kudos to Harrisonburg Downtown Renaissance for their critical role in the revitalization of downtown Harrisonburg! | |
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Beyond the Bell, an enrichment program at Thomas Harrison Middle School |
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 When the school bells ring to mark the end of the day, hundreds of students do not go home, but instead continue to learn, grow, achieve and prepare for school and future success. Beyond the Bell works with school and community to expand the learning day through a range of out of school time programs that are designed to build students' skills, strengthen their motivation to learn, and improve their academic performance. Beyond the Bell utilizes a network of talented, passionate and caring educators and community partners to deliver academic and enrichment experiences that include completing high-quality homework, practicing important school success skills, such as goal-setting and organization, and participating in project-based enrichment courses like robotics, art and cooking. BUT WAIT.... Without funding, the wonderful things happening through Beyond the Bell will screech to a halt at the end of the current school year. Click here to read an update on this search for funding, written by Brent Holsinger, the director of Beyond the Bell. | |
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Ice House in Downtown Harrisonburg to feature brewery, jewelry manufacturing facility |
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 Construction is under way on the Ice House in downtown Harrisonburg, to feature apartments, office space, and more. Earlier this week, City Council approved two special use permits for the Ice House earlier this week, one for a jewelry manufacturing business (6000 SF, to include retail and showroom space), and the second for a brewery (9000 SF, to include a tasting room and bottling distribution section). Read more about it in the March 13, 2014 Daily News Record article. | |
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Sellers negotiating less and less, on average |
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 In another sign of further stability in our local real estate market, sellers are negotiating less, on average, than they have in the past several years. The average "list price to sales price ratio" is now back up to 97% as shown above. A few observations, though....
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Mixed Signals in March 2014 Housing Market Report |
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 Featured Property: 4320 Wiltshire Street, Harrisonburg VA I just published my monthly report on the Harrisonburg and Rockingham County real estate market -- click here to review the entire report online -- and here are a few highlights you might be interested to know about....  FEBRUARY SALES DECLINE Perhaps as a result of the frigid temperatures, multiple snowfalls, and a record number of days without school, February home sales declined (to 51) below where we would expect them to be (67) based on last year's trajectory.  SALES, PRICES, DAYS ON MARKET DOWN Due to a slow month of sales in February, year-to-date home sales are down 9.65% thus far in 2014 -- probably related to the weather. Median home prices also declined 5% over the past year -- probably related to the small sample size of only Jan + Feb data. In (possibly) better news, the time it takes to sell a home (days on market) fell 8% over the past year -- this is either a signal of a quickening pace in the market, or related to the small sample size of only Jan + Feb data.  LISTING INVENTORY DECLINES AGAIN Despite fewer sales in February 2014 (compared to last Feb) the overall number of active listings on the market DECLINED this month. Either homeowners are taking their properties off the market ---- or the weather has delayed homeowners from listing their properties for sale. Even though I was wrong a month ago when I said this, I really do expect we'll see an increase in inventory over the next 30 days. Really.  TOWNHOUSE (DUPLEX, CONDO) MARKET GROWING QUICKLY Every segment of the local housing market is different -- generalizations are helpful, but you need to dig deeper to see the facts that pertain to your property. As shown above, the pace of townhouse sales has quickly increased over the past several years (+46% in 2 Years) and median prices have also shot up (+13% in 2 Years).  HIGH END MARKET BOOMING I will repeat myself --- every segment of the local housing market is different! As shown above, the high end market ($400K+) has seen a 139% increase in the pace of sales over the past year! OK, enough highlights for now -- there is plenty more inside the full report. 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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Townhouses at Preston Lake |
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 click the image for a larger version Kensington Model (22' wide): floor plans -- starting at $289,990 Manchester Model (24' wide): floor plans -- starting at $294,990 Townhouses are under construction at Preston Lake, anticipated to start in the $280K price range. I took a quick ride through Preston Lake yesterday to see how things are looking....  The townhouses have been delivered! Well, at least the walls have. The townhouses will apparently be built with pre-framed walls.  If you haven't already seen it, this is Preston Lake's model home.  The upgraded entrances to Preston Lake are certainly looking good.  There is even a new wall along Massanetta Springs Road that provides a bit more definition to the community.  Finally, construction is almost complete on the bridge across the end of the expanded lake. For more information about Preston Lake, feel free to email me at scott@HarrisonburgHousingToday.com or call me at 540-578-0102. | |
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Kmart to Close, McDonalds Expanding, Large New Downtown Restaurant Planned |
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 If you've been wondering what is being built on the corner of East Market Street and Country Club Road, wonder no longer. A fifth McDonalds location is being built in the previous location of First Bank and Trust Co. Read more via the Daily News Record. The former Dave's Downtown Taverna building, an enormous 6,500 square foot building in downtown Harrisonburg will soon house a new restaurant being opened by the owners of the Byers Street Bistro and Sauced in Staunton and The Palms in Lexington. Read more via the Daily News Record. Finally, the Kmart on University Boulevard will be closing in June. Read more via the Daily News Record. | |
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High End Home Sales Bounce Back in 2013 |
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 As shown above, after some slow years in 2011 and 2012, the over $500K housing market bounced back in 2013.  The over $600K market had an even more dramatic recovery in 2013. Search for $500K+ homes at HarrisonburgLuxuryHomes.com. | |
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Homes Sales Increase 9% in January 2014 |
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 Featured Property: 3050 Baybrook Drive, Harrisonburg, VA I just published my monthly report on the Harrisonburg and Rockingham County real estate market -- and home sales in January were higher than any of the previous three months of January....  After strong gains in the pace of home sales during 2013, we are likely to see continued strong home sales in 2014. Two factors that will likely contribute to a strong local housing market in 2014 are the low mortgage interest rates and declining unemployment rates....   Hopefully we will see some additional listings coming on the market in the Spring, as inventory levels are still quite low compared to previous years....  But wait, there is lots more news to read.... Click here to read the full February 2014 Harrisonburg and Rockingham County Real Estate Market Report.  An Important Caveat: Yes, our overall housing market is improving. But no, that does not apply equally to all price ranges, locations and property types. We can chat about your specific property to see whether that segment of the market is performing better or worse than the overall market. And 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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Harrisonburg VA, The Dining Destination of the Shenandoah Valley |
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 Click here to watch a great video explaining why Harrisonburg, VA is the Dining Destination of the Shenandoah Valley. Also, if you hadn't heard, Harrisonburg is now the first city or town in Virginia with a Downtown Culinary District! City Council approved establishing the district Tuesday night (Jan 28, 2014), making Harrisonburg the first city or town in the state with such a designation, said Eddie Bumbaugh, executive director of Harrisonburg Downtown Renaissance.Read the full Daily News Record article here. Or read more on the Virginia Main Street blog. | |
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Byers Street Bistro coming to Harrisonburg? |
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 It sounds like Staunton's Byers Street Bistro may be expanding to Harrisonburg --- into the downtown building previously occupied by Dave's Taverna. Learn more about Byers Street Bistro: website | facebook | |
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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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