News
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Festive Food, Games and Lively Libations just for grown-ups |
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 Buy your tickets today for Night at the Museum 2012. Enjoy amazing food from the Joshua Wilton House, Local Chop & Grill House, Jack Brown's, Artful Dodger, Kline's Dairy Bar, Dave's Downtown Taverna, Clementine, Beyond and Virginia Eagle. Enjoy a night out with friends, and support the Explore More Discover Museum. Buy your tickets today! | |
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The annual cost to own a $250K home has dropped $780 since January thanks to low interest rates. |
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 Another new record low -- average 30-year fixed mortgage interest rates are now hovering at 3.34%, a level never seen before! If you bought a $250K house in the first week of January with 80% financing with the interest rate at the time (3.91%) you would be paying $945/month in principal and interest. Buying a $250K house today with 80% financing with the current interest rate (3.34%) will result in a payment of $880/month in principal and interest. That means that since the first of the year, the cost to own a $250K house has decreased by $65/month --- which is an annual savings of $780. Wow! It has been very rewarding to see many of my clients closing on home purchases this year and locking in their housing costs at such historically low levels. Will you be next? | |
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Harrisonburg, Rockingham County Home Sales Surge Forward in October 2012 |
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I just published my monthly Harrisonburg & Rockingham County Real Estate Market Report. Download the full PDF here or read on for some highlights.  Our local housing market continues to slowly and steadily recover:
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.
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Harrisonburg's Green Expo at EMU Tomorrow |
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 Harrisonburg's Green Expo invites you to participate in a great day of workshops, exhibits, demonstrations, food and children's activities. Beginners and experts alike can visit with local companies and non-profits to learn about growing a vibrant community with clean water, clean air, healthy living, renewable energy, and green building. Mark your calendars and join us at Eastern Mennonite University's Commons TOMORROW (Saturday, Nov 10) from 9A-4P, presented by the Shenandoah Valley Builder's Association. This year the Harrisonburg Green Expo has a little of everything....
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ZipCar coming to JMU, rent a car by the hour or day |
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 Pretty cool --- ZipCar is coming to JMU --- allow users to rent a car by the hour or by the day. Who can be a part of this program?
Learn more here. | |
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Approved 160-Acre Mixed Use Development in Harrisonburg, VA For Sale Priced at $8M |
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 This mixed use development located between Country Club Road, Linda Lane and Smithland Road is one of the only large developments left be built out in Harrisonburg. This project was approved several years ago, but development of the project never began. As approved by the City, The Quarry would include commercial space, single family homes, townhomes, apartments and condominiums.  Click the Site Plan above for a larger version. This property is listed by Tim Reamer of Cottonwood Commercial. | |
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Harrisonburg townhouse market may finally be stabilizing! |
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 The townhouse market has been hit especially hard in recent years:
But it seems (see the graph above) that the market may finally be starting to stabilize.
You'll find lots more market analysis and commentary in my monthly real estate market report (PDF). Explore Harrisonburg townhouse communities online at HarrisonburgTownhouses.com. | |
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Despite mixed signals in September, local housing market continues to show signs of strength and stability |
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I just published my monthly Harrisonburg & Rockingham County Real Estate Market Report. Download the full PDF here, or read on for some highlights. Despite some confusing and conflicting indicators in September, our local housing market is still stabilizing, and is poised for further growth.  This month particularly, we need to keep the one-month indicators (September) firmly rooted within the context of longer-term trends (YTD)....
 Contracts are up 46% in September 2012 (compared to Sept 2011) but bear in mind that 22 of those contracts were a single buyer purchasing 22 investment properties.  Inventory levels continue to drop in our market, slowly creating a more even balance between buyers and sellers.  Buyers aren't able to negotiate quite as much these days, as shown above. This is another sign of market stabilization.  Looking for more analysis of our local housing market? Download the full PDF of my market report here. 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:
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You had better lock in that mortgage interest rate, because they are headed up, oh wait, nevermind! |
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 After some increase in the average mortgage interest rate between late July and late August, it looked like we were finally going to see mortgage interest rates start to climb. But now, they have achieved yet another historic low this week, with an average 30-year fixed rate mortgage at 3.36%. Wow! If you bought a $300K house with 20% down, your payment would be another $74/month less expensive because of the decline in interest rates that we have seen since the beginning of the year. If you're buying soon, buy now. Lock in a 30-year mortgage interest rate at these ridiculously low rates, and brag about it for years to come! | |
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Visit Larkin Arts in Downtown Harrisonburg tomorrow for their Grand Opening! |
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 In great news for downtown Harrisonburg, Larkin Arts will be opening this Saturday which features an art supply store, gallery spaces, art classrooms for students of all ages, and studios for working artists. Read more about Larkin Arts on the Do Downtown Blog, or at LarkinArts.com. Better yet, swing by the grand opening tomorrow (Saturday) from 9A - 5P. | |
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Court Square loses commercial building, gains parking lot |
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 The landscape of Court Square is changing again this week --- and this time, it is not a result of a Facade Enhancement Grant from Harrisonburg Downtown Renaissance. Nor is it the preservation of a historic building. And it's also not the redevelopment of a building into an exciting new mixed use space. Instead.....drum roll please.....it's a building being torn down to create a parking lot. Hmmmm.......does downtown Harrisonburg need more parking? The aerial view above shows existing parking lots (black) and the new parking lot (red). I'll let you draw your own conclusions. Read the Daily News Record article by Doug Manners for comments from the building's owner as to why he is creating this new parking lot. | |
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Conference Center (and hotel) coming to Downtown Harrisonburg? |
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Last night the Harrisonburg City Council discussed a proposed conference center and hotel to potentially be built in downtown Harrisonburg. The proposal went before City Council because the developers are seeking public funding for part of the project. City Council made a decision to seek competing proposals, which are due to the City by Nov 13, 2012. After competing proposals have been received, the City can decide whether to move forward with a feasibility study to provide more data with which to make a decision about whether to provide the public funding for this project. The hard costs of the potential feasibility study will be paid by the City with funds paid by each developer that submits a proposal. The project team that is working on this proposed conference center and hotel include:
dpM Partners is based out of Gaithersburg, MD, has recently developed a Westin Hotel in Virginia Beach. Its principal, was the lead developer on the Stonewall Jackson conference center in Staunton and he is also a JMU graduate. The W.M. Jordan Company (proposed general contractor) recently completed the Hilton at Short Pump. The proposed conference center facility would be 18,180 square feet --- twice the size of the JMU Festival Conference Center --- and would be the largest conference center between Northern Virginia and Roanoke. The hotel would feature 205 rooms and would have a full-service restaurant. If eventually approved, the City would be contributing nearly $10 million of public funds to this project in the way Tax Increment Financing Bonds. The specific site has not been publicly identified, for competitive reasons, but it is in downtown Harrisonburg within walking distance of Main Street. I believe this is exciting news for Harrisonburg as it could potentially grow our local economy even further by bringing regional conferences into our area. It would also certainly be a boon for downtown retail businesses and restaurants. Stay tuned -- within the next 60 days the City will be seeking competing proposals, and then they will be deciding whether to move forward with a feasibility study. | |
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Harrisonburg home sales surge ahead 16% in August 2012 |
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Exciting things are happening in the Harrisonburg and Rockingham County housing market. Click here to download my monthly market report (28 page PDF), or read on for some highlights.  As shown above, indicators were mostly positive in August....
 Contract activity also surged in August 2012 --- showing a 16% increase over August 2011 --- and a 67% increase over August 2010! This is certainly a good sign for the coming months of closed sales data.  Declining inventory is certainly helping our local housing market head back towards more of a balance between buyers and sellers. The number of homes for sale has decreased by 19% over the past year.  Click on the image above to download my full market report (28 page PDF). Also, here are a few articles I have written over the past month that might be of interest:
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August was good to us; positive trends continue.... |
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 Home sales have increased (2012-YTD as compared to 2011-YTD) and so have median prices. These prolonged trends are slowly leading us back towards a more balanced local housing market. Jan 1, 2011 through Aug 31, 2011 = 522 (median price = $173,500) Jan 1, 2012 through Aug 31, 2012 = 564 (median price = $175,000) | |
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Funkhouser Goes Independent |
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As seen in the Daily News Record today....  Funkhouser Goes Independent Longtime Area Realtor Sheds Coldwell Banker Affiliation By DOUG MANNERS, Daily News-Record HARRISONBURG — Coldwell Banker Funkhouser Realtors, one of the largest real estate firms in the Shenandoah Valley, is going independent and dropping its affiliation with the national franchiser. A new website already has launched and about 500 blue-and-white "for sale" signs are being swapped out with new signage — white with a lighter blue — to mark the official start of the Funkhouser Real Estate Group today. The move returns the company that Joe Funkhouser founded 42 years ago to its roots as an independent real estate agency. Funkhouser first franchised with Prudential in 1992 before teaming up with Coldwell Banker in 2002. "The landscape of real estate has dramatically changed over the past few years," said Funkhouser, president of the agency, which has offices in Harrisonburg and Woodstock. "[Technology has] eliminated the need for franchised real estate business." National brand recognition isn't as relevant in today's marketplace, he said, noting that most homebuyers search for information on the Internet before calling a real estate professional. Going independent gives the agency greater control over technology resources and the ability to make decisions quicker, according to Funkhouser. The Funkhouser Real Estate Group has partnered with a Colorado-based technology firm that designs websites only for independent real estate agencies. "We researched for many months to find the best real estate provider," said Kemper Funkhouser, Joe's son and chief operating officer at the agency. "We have market exclusivity. It's a service that is unmatched in our marketplace." The new website features an expanded search functionality and more tools for customers looking to buy or sell a home, he said. Dropping the agency's franchise agreement also means it no longer must pay fees to Coldwell Banker. The Realtors didn't say how much money the agency would save, but several sources online indicate that fees usually amount to about 8 percent of total gross sales. The Funkhouser Real Estate Group has about 60 licensed agents and primarily serves Rockingham, Augusta, Shenandoah, Page and Frederick counties. Contact Doug Manners at 574-6293 or dmanners@dnronline.com | |
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Innovating Real Estate Service in the Shenandoah Valley |
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 I am pleased to announce an exciting change for our company and the services we will be able to provide to our clients. As of this Saturday, our company will become Funkhouser Real Estate Group. As an independent real estate company, we will be able to provide additional services and resources to our clients, as we continue to innovate real estate services in the Shenandoah Valley. Within the coming days we will be replacing hundreds of yard signs in the Central Shenandoah Valley, and over the coming weeks and months we will be rolling out new tools, a new web site, and many other exciting initiatives. Some have asked -- isn't this just a name change? Far from it! We will be bringing an exciting host of new real estate technologies and services to our clients -- these are tools and services not offered by any other real estate company in this area! I'm pleased to be a part of what will now be Funkhouser Real Estate Group, and am excited for the future. Feel free to call (540-578-0102) or e-mail me if you have any questions. | |
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Home Sales Up 8%, Prices Up 3% in Harrisonburg, Rockingham County |
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Seven months into 2012, the Harrisonburg and Rockingham County housing market is showing signs of steady improvement in the pace and price of home sales. Click here to download the PDF of my full market report, or read on for highlights.  Most indicators above show signs of a stabilizing local housing market:
July 2012 was quite a month for home sales --- and this year has shown a strong upward May-June-July sales trajectory, not unlike the 2009 sales trajectory.
While the graph above only shows price trends for single family homes (not the overall market) it is encouraging (for sellers, at least) to see a halt to the multi-year decline in home prices in the area.
Among other market trends to improve, the list price to sales price ratio has also started to improve in Harrisonburg and Rockingham County. This means that sellers are (on average) negotiating less off of their asking prices when selling their homes. This is more welcome news for sellers --- and buyers should take note that their window of maximum negotiating ability might be starting to close.
Record low mortgage interest rates have certainly helped to spur on the local housing market as buyers continue to take advantage of their opportunity to lock in their housing costs for now and the future.
For much more insight and analysis, click on the image above to download my full market report specifically focused on Harrisonburg and Rockingham County. | |
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Local Housing Market Shows Signs of Strength in First Half 2012 |
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 Halfway through 2012, the Harrisonburg and Rockingham County housing market is showing signs of returning stability and strength. As shown in the accompanying graph, the pace of local home sales (in the first half of the year) has been slowly increasing ever since 2009 – aside from temporary spike in 2010 related to the federal home buyer tax credit. In even better news, however, the local market is finally experiencing stability in prices. The median price of homes fell 10.5% between 2008 and 2011, but is finally starting to increase again. The median sales price during the first half of 2012 was $172,000 – which marks a 4% improvement over the first half of last year when the median sales price was $165,000. If you're looking to buy a home sometime in the next year, you will be well served do so sooner rather than later. A changing tide in the local housing market and the historically low interest rates make it a great time to buy. Despite falling inventory levels, you will still have plenty of choices and a good amount of negotiating ability. If you're looking to sell your home in the next year, things will hopefully be brighter and brighter from here. The pace of sales has increased and prices are stabilizing, so hopefully you won't see further declines in your home's value. If you absolutely have to sell now or soon, it shouldn't be as tough to do so as it has been recently --- but if you can wait, you would be well served to do so for another year or two to allow home values to recover further. After two wild five year cycles (up between 2000-2005, and down between 2005 and 2010) we are finally starting to see stability and growth in the Harrisonburg and Rockingham County housing market. The pace of home sales increased in 2011, and is set to do so again in 2012 – and it now appears that we may also see an increase in median sales prices during 2012. | |
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Mortgage interest rates continue to do the limbo . . . how low CAN they go? |
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 The average 30 year fixed mortgage interest rate is now below 3.5% -- and for that matter, has only been above 4% for one week this year. If you're buying, talk to your lender today (OK, or the next business day) and lock in your interest rate! | |
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Joe Funkhouser named Rector of JMU Board of Visitors |
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 Coldwell Banker Funkhouser Realtors' principal broker, Joe Funkhouser, was named the Rector of JMU's Board of Visitors last month -- a high honor for Mr. Funkhouser, and a great responsibility for providing leadership at James Madison University. From today's Daily News Record article.... Funkhouser says his and the board's job lies in meeting state and federal educational goals, including turning out more graduates — especially in science, technology, engineering and math fields — and ensuring the accessibility and affordability of a JMU education. Boards of visitors at the state-run universities are responsible for approving budgets, policies and the schools' top administrators and faculty, and making other decisions affecting the schools' long-term direction. Holding a leadership position is nothing new for Funkhouser, who has a breadth of experience on local, state and national boards, including the Virginia and National associations of Realtors, Rockingham Memorial Hospital board of directors, Harrisonburg Electric Commission, RMH Capital Campaign and Rockingham Heritage Bank Board. He also served on the Virginia Real Estate Board from 1995 to 2003 and was reappointed by McDonnell to the board in 2010. Nearly seven of the first eight years Funkhouser served on that board were as chairman. In 2009, Funkhouser was named the Harrisonburg-Rockingham Chamber of Commerce Business Person of the Year. Read the entire article here. | |
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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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