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Mixed emotions about low inventory levels. |
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As shown above, we are currently experiencing the lowest inventory levels we have seen anytime in the past six years. The results?
Let me know if you would like an analysis of competing inventory for your particular home. | |
Are Home Sales At Normal Levels In Harrisonburg, Rockingham County? |
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I believe there are still a lower than normal number of people buying in our housing market. Take a look at the graph above which tracks population growth over the past 12 years as compared to the number of single family home buyers in any given year. If we assume that a normal percentage of all residents bought in 2000, we are still seeing a smaller than normal percentage of residents buying as of last year. Some might even argue that we should mark the start of the normal trend line somewhere between the number of 2000 buyers and 2001 buyers. If so, then the current market has even further to grow before approaching a historically normal number of buyers per year, as shown below.... | |
I do not believe we will see any further (overall) price declines in Harrisonburg and Rockingham County |
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As shown in the graph above, the median sales price for homes in Harrisonburg and Rockingham County has been stable (between $173K and $177K) for 23 months now. Each of these data points shows the median sales price for a 12 month period, so they are solid, long-term trends. Also shown above, our local market has seen a relatively steady increase in the pace of home sales for 20 months now. Each of these data points shows the total number of home sales during the most recent 12 month period, so again, these are solid long-term indicators. Bottom line? While individual homes, neighborhoods or price ranges might still see some price adjustments, I do not believe we will see any further (overall) price declines in Harrisonburg and Rockingham County. Read more in my most recent monthly housing market report. | |
Local Home Sales Increase 43% in February 2013 |
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My most recent Harrisonburg & Rockingham County Real Estate Market Report has just been published (download it as a PDF here), and there is plenty of good news to be excited about.... As shown above, home sales increased dramatically in February 2013 to 66 sales for the month. This marks a 43% increase over February 2012, and is the highest month of February home sales in several years. As shown above, there are plenty of positive indicators in this month's market report....
This surge in home sales is not over yet --- with a 16% increase in February contracts (shown above) we are likely to continue to see increase in home sales in the coming months. ALSO -- buyers are in the market NOW -- if you want to sell your house this spring or summer, we need to start talking soon. There is lots more inside -- click here to download this 28 page market report as a PDF to learn everything you need to know about the overall Harrisonburg and Rockingham County real estate market. Even if you read every word of my market report, you may still have some questions about how your current home (or a home you'd like to purchase) fits into the overall market. Call (540-578-0102) or email me (scott@HarrisonburgHousingToday.com) if you'd like to chat about your real estate situation, needs, goals, hopes or dreams. One last thing....here are a few articles I have written over the past month that might be of interest:
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Downtown Harrisonburg Has Seen Significant Growth Over the Past Eight Years |
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Downtown Harrisonburg has seen significant growth over the past eight years, and much of it has been a result of the enormous energy and contributions of Harrisonburg Downtown Renaissance. Read their Annual Report or visit their web site to learn more -- or make a donation to support further growth in downtown Harrisonburg. | |
Funkhouser Real Estate Group Blog another great source of local real estate commentary |
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You may be interested in subscribing to our brokerage's blog, which is another great source of local real estate commentary. Visit the blog here: http://funkhousergroup.com/blog/ Subscribe via RSS here: http://funkhousergroup.com/blog/feed/ | |
Will 30-year fixed mortgage interest rates fall below 3.5% again? |
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Lest I be accused of only talking about mortgage interest rates when they are falling.... As you'll see above, interest rates have generally been on the rise since the beginning of the year. After staying below 3.5% between September 2012 and January 2013, they have now edged back up. These mortgage interest rates are, of course, still unbelievably low -- both over the long-term (the past year's rates are the lowest ever) --- as well as in the short term (rates are 0.5% lower than a year ago). If you are considering a home purchase this spring or summer, now might be an excellent time to become pre-approved, find a house and lock in an ultra-low mortgage interest rate! | |
Here is what will convey when selling your house in Virginia, unless we specify otherwise |
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Unless we specify otherwise in your contract to sell your home, here is what you'll be including with the house.... blinds, ceiling fans, curtain rods and brackets, built-in dishwasher, door knockers, garage door openers and controls, gas fireplace logs and inserts, installed floor and wall coverings, installed mirrors, light fixtures, mailbox and post, built-in range, shades, shrubs, exterior plants and trees, shutters, smoke and heat detectors, storm windows and storm doors, switch and receptacle covers, television antenna(e), window screens and screen doorsMost of these items are likely not a surprise to you --- I don't expect you would be hoping to take your carpet, mailbox, shrubs, smoke detectors or window screens with you. Some of these items, however, might be in that gray area where you wouldn't be sure whether they have to stay with the house or not --- blinds, curtain rods and your custom door knocker. We can (when you are the seller) exclude any of the items above in the contract to sell your house. We also can (when you are the buyer) request any additional items that we'd like to have included with the house. But these items all need to be clarified before we have a ratified contract! | |
Cool Aerials from Google Maps: Walmart Distribution Center |
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Did you know our area has a HUG Walmart Distribution Center, located in Mount Crawford? You might have seen the LONG building as you drive by on Interstate 81. Each of the tiny rectangles above is a tractor trailer size. Click on the image for a larger view. Anyone care to count the trailers? :) Previous Cool Aerials from Google Maps: | |
Consider title insurance when you buy your next home |
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As published in the February 2013 Shenandoah Valley Business Journal.... When you arrive at the settlement table, ready to close onthe purchase of your next home, you will be asked whether you would like topurchase title insurance. Do you knowwhat your answer will be? First off, "title" is a legal term for an owner'sinterest in a piece of property. When a property is sold, the seller conveys"title" to the buyer via a deed that is recorded at thecourthouse. Prior to settlement, theclosing attorney must conduct a "title search" to ensure the currentowner can convey ownership of the property to the Buyer. For example, if there are two owners of aproperty, both owners typically need to be participating in the sale of the propertyin order to be able to convey ownership to the purchaser. If there are issues, or problems, with the title to theproperty that you are trying to purchase, you will not even make it to theclosing table. A title search, however,cannot reveal all of the potential title defects of a property. Some of the title defects that would not bediscoverable during a title search include forgery, impersonation, undisclosedor missing heirs, undisclosed (but recorded) prior mortgage or lien, fraud;erroneous or inadequate legal descriptions, lack of right of access, deed notproperly recorded, etc. The possibility of these unknown and undiscoverable titledefects creates a need for title insurance, which is an insurance policyprotecting the holder from loss sustained by defects in the title to the property. For example, if you are purchasing a homefrom the heir of an estate, several years after your purchase took place, anundisclosed heir could appear at your front doorstep demanding that you moveout, since they inherited a portion of the estate before the property was soldto you. As you consider the potential value of title insurance, youshould know that there are two main types of title insurance that may beinvolved in your transaction --- lender's title insurance and owner's titleinsurance. Your lender will require youto purchase a lenders title insurance policy on their behalf. This policy willbe based on their interest in the property (the loan amount) and will allowthem to recoup that money should the house be reclaimed by a prior owner due toan unknown title defect. The decision you will need to make at the closing table iswhether to purchase an owner's title insurance policy. This policy wouldprotect you from sustaining any future financial loss due to the discovery of atitle defect. Title insurance involves a one-time payment at closing, and thepolicy lasts as long as you own the property. While every situation is different, in almost allsituations, I recommend that you buy title insurance. | |
Long, Western Views from College Avenue |
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Views like these only come along so often. These western views can be taken in from either of the decks on my new listing at 1897 College Avenue. Prefer to look east? Check out 515 Frederick Road. P.S. Feel free to steal this photo by clicking on the image above. | |
93 Sellers Ratified Contracts in February 2013 |
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An impressive 93 properties in Harrisonburg and Rockingham County went under contract during February 2013. That marks a 16% improvement over February 2012 when 80 properties went under contract. As shown above, many (72%) of these properties were priced under $200K, and most (89%) were priced under $300K. | |
LOTS of ratified contracts in February 2013 |
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There will probably be a few more contracts ratified before the end of the day today, but wow --- February 2013 was a crazy month for ratified contracts. Well more than last February --- and nearly comparable to some of the summer months this past year. Apparently we're not waiting on the Spring market this year --- things are off to a fast start! | |
Founders Way Condominiums: Open Floor Plans, Low/No Maintenance, One(+) Level Living |
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If you are looking for low-maintenance living under $200K in or near Harrisonburg, primarily on one-level, there aren't many options out there --- or there weren't many options, until Founders Way Condominiums started being built. These upscale condos with an open floor plan feature two or three bedrooms and range in price from $150K to $200K. View photos of a: two bedroom condo | three bedroom condo View more details at FoundersWay.com. Let me know if you have questions, or if you'd like to take a tour of these new condos. | |
All months (and market segments) were not created equal |
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If you'll be selling a $300K+ home this year, you should know that all months are not created equal. Last year there was a significant spike in $300K+ buyers during July and August (shown above) -- and this was not a trend seen as significantly in the overall market (shown below). And remember --- if you're hoping to be one of those $300K+ July/August home sales, we should start talking now about:
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Harrisonburg Startup Weekend, April 5-7, 2013 |
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Exciting news --- tell all your entrepreneurial friends (software developers, designers, business-minded people) --- there is a Startup Weekend event happening in Harrisonburg this Spring! From the Startup Weekend Harrisonburg web site.... Ever wondered what it takes to be an entrepreneur?Startup Weekend Harrisonburg will begin on Friday (April 5) at 5pm and end on Sunday evening around 9p. Here is an overview of how these events work.... Friday: Participants arrive between 5-7 PM, begin networking, and eat dinner. After an ice-breaking game and a short introduction by the Facilitator, there will typically be 1 short speech on practical topics ranging from Pitching Best Practices to Lean Startup Methodology and more. Then the "Pitchfire" will commence: anyone intending to pitch will have 60 seconds to give their best pitch. No presentations or props needed for Friday. It will just be you and a mic. After pitches are finished, all attendees will vote on their favorites, and using these votes the top ideas will be selected to be worked on over the weekend. Teams will form organically, consolidate, and begin working.See below (click for a larger image) for the schedule for the weekend.... Are you going to Startup Weekend Harrisonburg? Register today! | |
Today is STEM Day at the Valley Mall (10AM-4PM) |
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Join Harrisonburg City Public Schools as they launch their first ever Science, Technology, Engineering, and Mathematics (STEM) Day today. There will be over 50 interactive exhibits, displays, hands on experiments and so much more! Bring the kids out and foster their love for fun and entertaining education. Click here to view details of the exhibits at today's STEM day, including Wind Energy, Tower of Cards, Hovercrafts, Sink and Float, Puff Mobiles, Recycle Regatta, Robotics, Lego League, Square Wheel Bike, Ooblek Jog, Star Lab, Engineering, Chemistry Sizzles, Computer Drawing, and more! Visit the STEM Day web site here to view a promotional video.... | |
Celebrate Downtown Harrisonburg, Monday, 5p-7p, Clementine |
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Don't miss this FREE RECEPTION on Monday from 5p-7p at Clementine! Enjoy refreshments, toast to another year of downtown success, and hear exciting plans for the future! Awards presented for Design Excellence, Volunteer of the Year, and Partner of the Year. | |
Cool Aerials from Google Maps: Rockingham Memorial Hospital |
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As shown above, our beautiful, recently built regional hospital. Can you spot the helicopter landing pad? Can you count the parking spaces? Click here for a larger version. Previous Cool Aerials from Google Maps: | |
Neilsen Construction to build $2.4M lab for SRI International |
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click here for a larger version of this image As indicated per a recent building permit issued by Rockingham County, it seems that Neilsen Construction will be building out the first floor of SRI International's Rockingham County facility with a $2.4 million laboratory. SRI International is located just north of the Harrisonburg City limits, you'll find yourself at the entrance to the Rockingham Center for Research & Technology, more recently identified as Innovation Village @ Rockingham. click here for a larger version of this image | |
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Scott Rogers
Funkhouser Real
Estate Group
540-578-0102
scott@funkhousergroup.com
Licensed in the
Commonwealth of Virginia
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