Newer Posts | Older Posts |
![]() |
![]() |
Harrisonburg Promotes Language Proficiency Through Smithland Elementary's Dual Language Immersion Program |
|
![]() Click above to view parents of kids in Smithland's Dual Language Immersion Program talk about their experience with the program. Smithland Elementary's Dual Language Immersion Program offers elementary students (K-2) the opportunity to have half of their instruction during the day in English, and half in Spanish. The program was started two years ago with Kindergarten, and has now been expanded to include first and second grade. Click here to read the recent (Sept 4, 2012) Daily News Record article on the program. Looking to buy a home in Smithland to have a chance at enrolling your child in the Dual Langauge Immersion Program? Here's one fantastic house that is currently on the market.... ![]() 3 BR, 2.5 BA, 2252 SF, fenced backyard, large basement family room (learn more) | |
![]() |
![]() |
![]() |
![]() |
The specs can be good on paper, and the photos can continue the story, but.... |
|
Do you ever see a house for sale online that seems to be too good to be true? It has everything you are looking for (4 bedrooms, 2 bathrooms, 2400 square feet) and it is priced $40K below all of the other homes you have been considering. Shocked at the low asking price of your apparent dream home (per the specs) your hand trembles as you move your mouse over towards the "more photos" link to look inside. Could it be? Could it really be? (Side note: Could it be what?? That the seller has grossly under-priced his house? And that no other buyers have figured it out yet?) Your excitement builds even further as you look through the online photos --- the hardwood floors, the new gas range, the beautiful light fixtures! It is at this moment that you are thankful you have my phone number (540-578-0102) set on speed dial......and we quickly set up a time to meet at the house. Walking quickly up the sidewalk, we look over our shoulders, wondering if other buyers and their Realtors will be showing up soon, joining into a frenzied pursuit of this wonder-house. But sadly, as we start to walk through the house, we realize we've been fooled again --- by what the specs didn't tell us, and by what the photos didn't show us....
Walking back out of the house, our gait is notably slower and our shoulders slump in despair. Yet another house that was too good to be true. While the house looked good on paper, it was quite a different value proposition once we were actually inside. Having experienced this several times lately, here is some advice...
| |
![]() |
![]() |
![]() |
![]() |
In a market upswing, crying over missed past buying opportunities can lead to even more tears |
|
![]() In the fictitious value trend graph above, the best opportunities were yesterday (or some time before now). As a housing market starts to improve, some buyers have a tendency to get stuck on the fact that they just missed out on the lowest prices seen during a market downturn. It is important for those tearful buyers to remember, however, that there will likely be more tears and larger tears tomorrow (or some amount of time into the future) when prices have recovered even further. For example....
A few notes and disclaimers....
| |
![]() |
![]() |
![]() |
![]() |
This Week - Taste of Downtown (Harrisonburg) 2012 - Don't Miss It! |
|
![]() |
![]() |
![]() |
![]() |
Home Sales Up 8%, Prices Up 3% in Harrisonburg, Rockingham County |
|
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. | |
![]() |
![]() |
![]() |
![]() |
Mortgage interest rates continue to do the limbo . . . how low CAN they go? |
|
![]() 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! | |
![]() |
![]() |
![]() |
![]() |
Summer, Fall best time to get low mortgage interest rate |
|
![]() Check out this interesting analysis from Dan Green, showing that interest rates are typically lowest in the summer and fall. Talk to a lender now if you're thinking of buying this summer or fall! | |
![]() |
![]() |
![]() |
![]() |
Mortgage Interest Rates Drop Yet Again |
|
![]() Yet another ALL TIME HISTORIC LOW. How low can they go? How about 3%? Can we get there?? | |
![]() |
![]() |
![]() |
![]() |
To rent, or to buy a Harrisonburg townhouse |
|
![]() In meeting with a potential buyer of a City townhouse yesterday, we found ourselves comparing the opportunities in buying versus renting. RENT = $900/m. There are regularly options for renting a two-story townhouse in Harrisonburg for $875-$950 in Avalon Woods, Beacon Hill, Stonewall Heights, Liberty Square, etc. BUY = $817/m. With an FHA loan, buying such a townhouse apparently may cost as little as $777 per month assuming a $130K purchase price, 3.25% interest rate, 3.5% down payment. ![]() This shows an $83/month cost savings of buying instead of renting. If we then look at the difference between renting and buying over a five year time period, the advantages start to pile up. ![]() You'll also want to keep closing costs in mind (for buying) but as you can see, there are some compelling reasons to consider buying a townhouse if you are in the market to rent one but know that you'll be in the area for the next five years. The mortgage details were generated using Wells Fargo's online mortgage estimate tool and this is the scenario I was considering. | |
![]() |
![]() |
![]() |
![]() |
Your mortgage dollars are going further these days |
|
![]() If you were qualified to buy a nice house a year ago, you can likely buy an even nicer house now! Lower interest rates will allow you to buy a more expensive house and keep the same mortgage payment. As shown above, a year ago you could have bought a $208,750 house for $1,000/month. Today, you could buy a $228,225 house. That is a an increase of almost $20,000 in purchasing power! Assumptions: 20% down payment, property located in the City of Harrisonburg | |
![]() |
![]() |
![]() |
![]() |
30 acres of development land for sale on Boyers Road |
|
![]() Click the image above to see a larger version. There is a 30 acre parcel on Boyers Road currently for sale amidst quite a few popular subdivisions, and across the street from the new Rockingham Memorial Hospital. It will be interesting to see what may be developed in this area, and when it will happen. The black lines shown on the map are my estimation of property lines, and are by no means precise. This property is listed by Jim Sipe, Jr. of Coldwell Banker Commercial Funkhouser Realtors. | |
![]() |
![]() |
![]() |
![]() |
Consider a shorter loan term when refinancing |
|
![]() I bet you thought rates were low on 30 year mortgages at 3.62%. How about a 15-year fixed rate mortgage at 2.89% -- now that is low! If you are refinancing your mortgage because you have a high current interest rate --- be sure to check to see what would happen if you reduced the term of the mortgage. Let's consider the scenario of someone who bought a $250,000 house ten years ago with 80% of the purchase price financed at 6%. Somehow, this homeowner has still not refinanced (suspend your disbelief) but now is finally considering it. Current Mortgage Payment (principal and interest only) = $1200 Option 1: Refinancing balance of $167,371 at 3.62% over 30 years. New Mortgage Payment = $763 Option 2: Refinancing balance of $167,371 at 2.89% over 15 years. New Mortgage Payment = $1147 So.....after having paid for 10 years, this homeowner can take their remaining 20 years of intended mortgage payments ($1200/m) and lower that payment to $1147/m all while paying off the mortgage in 15 years instead of 20 years! Opportunities abound given today's low (low) mortgage interest rates. Whether refinancing or buying, now is a great time to consider taking out a new mortgage and locking in your interest costs at all-time record lows. | |
![]() |
![]() |
![]() |
![]() |
If (single family) home prices are about to head back up, then now is the time to... |
|
![]() As mentioned earlier this week, home prices may be ready to head back up. So, if you have been waiting to buy until you were confident about the future of the market --- now may be the OPTIMAL time to buy. This may be the lowest point for prices, with a brighter future ahead. These are likely the lowest interest rates we'll see in the next few years. These are likely the lowest home prices we'll see anytime in the near future. If you're on the fence as to buying, talk to your Realtor today about getting the ball moving forward on a purchase! And if you don't have a Realtor, I, of course, would be more than willing to assist you with your home purchase. Drop me a line at scott@HarrisonburgHousingToday.com or call me at 540-578-0102. | |
![]() |
![]() |
![]() |
![]() |
Perhaps we will be down to 3.5% on a 30-year fixed rate mortgage soon? |
|
If this trend continues.... ![]() A new record was set yesterday, with an average rate of 3.67% for a 30-year fixed rate mortgage. Wow! | |
![]() |
![]() |
![]() |
![]() |
Low mortgage interest rates offer unique opportunities |
|
![]() At some point, we will look back at early 2012 and marvel at how inexpensive money was at the time. After all, for over six months now, mortgage interest rates have stayed at phenomenally low levels – right around 4% for a 30-year fixed rate mortgage. While these interest rates won't necessarily disappear tomorrow, it is important for homeowners and would-be homeowners to consider whether current interest rates should prompt some action or decision today, rather than six months from now. Countless homeowners have found great benefit in refinancing their current mortgages, often against all odds. Today's low interest rates can make significantly lower your monthly housing costs depending on your mortgage's current interest rate. Many homeowners assume that they will not be able to refinancing their home if it has declined in value since they bought it, but this is not always the case. Several new programs, such as the Home Affordability Refinance Program (HARP) create provisions that may allow you to refinance your mortgage even if you owe somewhat more than the current value of your home. If your current mortgage interest rate is 5% or higher, I would recommend that you meet with a local lender to discuss your options in the current mortgage market. Beyond refinancing your current mortgage, today's interest rates offer a fantastic opportunity for would-be homeowners. As you may recall, some buyers felt priced out of the home of their dreams a few years ago during the real estate boom as home prices increased quickly. Those same buyers are now finding themselves priced back into the home of their dreams given both market adjustments (lower prices) and lower mortgage interest rates. After all, a $200,000 home five years ago with a 5.5% interest rate would have carried a cost of over $1,000 per month including taxes and insurance, and provided you were making a 20% down payment. That same house today, if purchasable at only $175,000, would have a monthly cost of less than $800 per month. Some home buyers are taking advantage of these low mortgage interest rates to get into a modest home, with a much lower monthly payment than they anticipated. Other buyers are taking the opportunity to buy a larger or nicer home than they anticipated being able to purchase – so that they will be able to stay in the home for a longer period of time. Whatever the decision as to how you make use of your broader financial capabilities, the key realization for today's home buyers is that a home purchase during 2012 allows you to lock in your housing costs for the future at what may be the lowest possible point we'll see anytime soon. Based on recent market analysis, home prices seem to be starting to steady themselves – thus, one year from now, you will likely not be able to buy a home at the same low prices as are found today. Combine this with somewhat higher interest rates that are bound to eventually materialize and it creates a unique window of opportunity for today's home buyers. | |
![]() |
![]() |
![]() |
![]() |
Harrisonburg housing market shows continued signs of improvement in March 2012 |
|
Harrisonburg and Rockingham County home sales were at a four year high during March 2012, and for the entire first quarter of 2012. Click here to jump to the PDF of the full market report, or keep reading. ![]() March continued the trend of positive indicators in our local housing market:
![]() March 2012 was a fantastic month for home sales in Harrisonburg and Rockingham County, with 66 home sales closing -- the highest we have seen in the past four years. This sets the year up with a strong base as we move into the remainder of the spring and then summer market. ![]() The pace of home sales certainly varies based on price range. The graph above shows the average number of home sales per month (given a 12-month average) as we have passed through the past two years. You'll note that the sale of homes for less than $200,000 increased through June 2010 and then declined for the next 12 months. This phenomenon is almost positively a result of the federal home buyer tax credit that encouraged these sales during 2009 and 2010. Of note, however, this segment of the market (under $200,000) has shown steady increases since June 2011, as has the $200,000 to $300,000 market. ![]() Home buyers continue to find amazingly low interest rates on 30-year fixed rate mortgages, with the current average rate of 3.99% continuing the five-month streak of staying below 4.0%. ![]() There is plenty more to read, analyze and understand. Click here (or on the market report cover above) to download my full monthly market report. 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. | |
![]() |
![]() |
![]() |
![]() |
The right kind of house will sell quickly, even in today's buyers market |
|
![]() Two of the houses that I have recently listed sold in less than one week. How, you might ask, was this accomplished with such an expedient time table? Certainly, pricing (strategic, aggressive) and marketing (thorough, professional) have something to do with these sales coming together so quickly, but there is something more about each of these houses. In a nutshell, both of these homes are in under-supplied segments of the market -- where there are far more buyers than there are sellers. Fast-selling-house-numero-uno: Under $300K, in the Turner Ashby school district, with 4 bedrooms and 2.5 bathrooms, built relatively recently, in good condition in a nice neighborhood. Fast-selling-house-numero-dos: Under $150K (barely), out in the country, but not too far from the main roads, on two acres, with updates to the house, with character, with detached building featuring a shop and home office. Suffice it to say that there were lots of buyers who were looking for these types of homes (#1 and #2 above) and now that both are under contract, there aren't too many other similar homes on the market for the remaining buyers to consider. Thus, if you have a home described in one of the two categories above, it is likely quite marketable. Sometimes it is not possible to know your home is in an under-supplied segment of the market --- but it is an important perspective to consider as you are preparing to put your house on the market. | |
![]() |
![]() |
![]() |
![]() |
Yes, this is a buyers market, but you still will not be able to steal a house. |
|
![]() I certainly think buyers should be able to get a good deal on a house in the current market -- after all, there are more sellers than buyers in the market. And maybe, sometimes, buyers will get a great deal. And occasionally, an unbelievably amazing deal. But some buyers seem to think they should be able to steal any house on the market. Oh, I like that one that is listed at $225K. Let's offer $175K -- they'd be lucky to have me buy it for $175K! Hmmm, OK, so they're asking $375K. I would only be willing to pay $310K for the house -- I mean, c'mon, it is a buyers market, right? It is important for both buyers and sellers to have a firm understanding of what to expect in the current market. Are you just starting to consider buying or selling? A great starting point is my monthly market report, or I'd be happy to meet with you to give you a thorough understanding of our local real estate market -- and help you set reasonable expectations for buying or selling in today's market. Feel free to e-mail me (scott@HarrisonburgHousingToday.com) or call me (540-578-0102) to set up a time to meet. | |
![]() |
![]() |
![]() |
![]() |
If you're looking to buy, build, or improve a home, stop by the JMU Convocation Center this weekend! |
|
![]() Home & Garden Show booth for The Gaines Group As home values softened (declined) over the past six years, an increasing number of homeowners who would have considered selling their home and buying a new one found themselves improving their existing home instead. If you aren't going to be selling your home in the near future, you might do well to consider making some improvements to it that will make it a more comfortable / exciting / convenient place to live. And if you are considering some improvements to your home (inside or out) over the next year (or if you might buy or build a home) you DEFINITELY want to stop by this weekend's Home & Garden Show. This gives you the opportunity (in a condensed time period) to meet firsthand the contractors, suppliers and professionals that you may decide to hire in the coming year. Beyond why you might decide to come, here are the pertinent details once you have made the decision to attend.... Show Hours Friday 4 PM - 8 PM Saturday 10 AM - 8 PM Sunday 12 PM - 5 PM Admission = $5/person (children under 12 are free) Home Show Web Site: HomeShow2012.com | |
![]() |
![]() |
![]() |
![]() |
Punxsutawney Phil must have meant winter-like levels of housing inventory, not winter-like weather |
|
It sure doesn't seem that we're having six more weeks of winter weather. But we certainly ARE having (at least) six more weeks of winter-like levels of housing inventory. In fact, current inventory levels (664 homes) are lower than anytime in at least the past four years. Even in the coldest of months over the past four years, we have not seen inventory levels so low. Here's some perspective.... March 2008 = 814 homes for sale March 2009 = 838 homes for sale March 2010 = 863 homes for sale March 2011 = 807 homes for sale TODAY = 664 homes for sale OK, seriously, why the winter-like levels of housing inventory? Inventory levels fell below 700 for the first time in a long while back in December, and they are not yet showing any signs of recovering. | |
![]() |
![]() |
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