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Find Out About Every New Home For Sale in Harrisonburg, Within Minutes |
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![]() If you are a fanatic about finding out about new listings -- especially since there aren't many houses on the market right now -- then you shoud know about NewListingsInHarrisonburg.com.... ![]() On this new-ish website, you can quickly and easily scroll through the most recent residential listings in Harrisonburg and Rockingham County, view the pertinent details, all of the photographs of the home, an area map, and then quickly and easily share that new listing with a friend, your spouse, your Realtor, etc. You can also sign up to receive an email alert every time there is a new listing.... ![]() And, finally, you can add the website to the home screen if you'd like, for quick and easy access.... ![]() If you have any questions about this new website, or suggestions for improving it, just let me know. Until then, go check it out, at NewListingsInHarrisonburg.com. | |
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44% Fewer Homes for Sale in Harrisonburg, Rockingham County |
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![]() Buyers are finding fewer and fewer options of homes to purchase in Harrisonburg and Rockingham County as inventory levels continue to decline. The graph above shows the number of homes for sale in early September for each of the past eight years. There are 44% fewer homes for sale now as compared to at the peak of inventory levels in 2010. Even looking over the past year, there has been a 12% decline in inventory. These low inventory levels are frustrating buyers in many price ranges, giving them limited options of homes to purchase and SOMETIMES creating multiple offer situations. If you are getting ready to sell your home, it is important to understand the dynamic of how many other home sellers you will be competing against, so we will want to take a look at inventory levels in your particular segment of the market. | |
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Median sales prices almost back to high of 2007 |
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![]() The graph above shows four periods of changes in the local median sales price....
Between the start of last decade (2000) and the peak of the housing boom (2007) the median sales price increased from $116K to $195K. Then, the median sales price dropped all the way back down to 169,900 in 2011. Now, in 2016, we are almost all the way back up to the 2006 peak of a median sales price of $195,100 -- with our current median sales price of $195,000. Thus, if you bought in 2007, your home almost (-2.6%) be now worth what it was when you purchased it. | |
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Wild month of home sales in August 2016, contextualized |
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![]() As reported yesterday, we had a RECORD NUMBER of home sales in August 2016. There were 154 home sales --and the most recent month when we saw more than 154 home sales was waaaaaay back in August 2006. With plenty of contracts in August 2016 as well, we are likely to see another strong month of sales in September --- though maybe not 154 of them. Read more about the local housing market here.... ![]() | |
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Record Number of Home Sales in August 2016 |
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![]() Learn more about this month's Featured Property: 3465 Izaak Walton Drive I just published my monthly report on the Harrisonburg and Rockingham County real estate market. Jump to the full online market report, download the PDF, or read on for highlights.... First, let's take a look at the overall market performance in August.... ![]() A few highlights from the basic data breakdown outlined above....
As promised, a bit more context. The 154 home sales in Harrisonburg and Rockingham County during August 2016 marked the HIGHEST number of home sales seen anytime in the previous 10 years. We'd have to stretch back 121 months to August 2006 to find the next highest month of home sales, when we saw 156 home sales. But wait, there's more. If you thought August home sales was the end of a series of strong months, you might be wrong. Take a look at the contract data (above) and you'll note that there were a whopping 130 contracts signed in August -- a 20% increase over last August. As such, we should expect to see strong September/October sales as well. Also of note, over the past six months we have seen an average of 135 contracts signed per months, as compared to only 116 per month a year prior. And the inventory levels keep on dropping. Buyers have fewer and fewer choices these days with current inventory levels hovering around 560 homes for sale in Harrisonburg and Rockingham County. This results in the best listings (price, condition, marketing) being sold quickly. There is much more to know, learn, read.... I'll pause here for now, but I'll let you explore that and read further on your own if you so choose. You can read my entire market report online....
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Fewer Sellers Providing Closing Cost Credits |
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![]() Only 39.3% of sellers have paid for a part the buyer's closing costs on home sales that have closed thus far in 2016. This marks a decline from the 47.7% of sellers who paid buyer closing costs last year. However.... ![]() As shown above, the amount of closing costs that sellers are paying is certainly increasing. The average amount of closing costs paid by a seller (when a credit was provided at all) has increased from $4,150 (in 2015) to an average of $4,328 in 2016. Also of note.... ![]() As shown above, of the sellers who are paying buyer closing costs, it is most common for them to pay between $4K and $6K towards the buyer's closing costs. So....if, as a seller, you are asked to pay the buyer's closing costs -- you are not alone (40-ish percent of sellers do) and you will likely be asked to pay $4K - $6K. | |
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Affordable Housing Apartment Complex Under Construction on Reservoir Street |
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![]() click here for a larger version of this aerial image Just a stone's throw away from this new student housing being built on Reservoir Street, you will find another large patch of bare earth in preparation for a new residential development. This new community is being built on the site of the former Albert Long baseball field off of Reservoir Street (across from Fieldale Place) in Rockingham County. This complex will be called Robinson Park, and will include 88 garden-style apartments. According to the developer, this will include:
A clubhouse / community building will also be constructed. Per this Daily News Record article....
Read more from the Daily News Record.... Affordable Housing In Focus In City, County N.C. Company Eyes Housing On Reservoir | |
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Dirt is moving on Reservoir Street for the construction of the Retreat at Harrisonburg |
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![]() click here for a larger version of this aerial image If you have driven along Reservoir Street lately, you would have noticed the massive area on the hospital side or Reservoir Street where trees have been cleared for a new housing development. This site will soon be home to 700 college students in a new development called "The Retreat at Harrisonburg", being developed by Landmark Properties out of Athens, GA. The developer has acquired 36.81 acres for $5.71 million in August after the land was rezoned in May to allow for this community to be developed. This same developer is (per their website) also currently developing The Retreat at Blacksburg, a student housing community for 829 students. Read more about this purchase and development in this Daily News Record article.... Student Housing Developer Buys County Land August 30, 2016 Here is the intended site plan.... ![]() Per documents submitted to the County, we know the following about this potential student housing community....
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Showings Up, Down, Up, Down, Up, Down |
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![]() It has been hard to see the overall trajectory of showings this Spring/Summer as compared to last Spring/Summer since we have had both better and worse months of showings. Let's summarize a bit.... Mar/Apr/May 2016 as compared to Mar/Apr/May 2015 = 10% increase Jun/Jul/Aug 2016 as compared to Jun/Jul/Aug 2015 = 11% increase So, while each individual month might be better or worse than the next, it seems that showings are, overall, increasing this year as compared to last year. | |
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Early Look Shows Strong Month of Contracts |
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![]() An early look at August 2016 data shows that it was another STRONG month of buyer activity, with 127 signed contracts. This marks an 18% increase over last August -- and an increase from July 2016 as well. | |
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You just have to wait your turn to sell your house, right? |
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![]() There were 1,125 home sales during 2015 In Harrisonburg and Rockingham County....thus, an average 94 sales per month. There are currently 563 homes on the market. Thus, within 6 months (563 / 94) everybody's house will have sold, right? Kind of like I have illustrated it below? ![]() Isn't that wonderful news? Within 6 months, everybody's house will have sold! But wait -- each month, while there are homes selling (perhaps 94) there are also new listings (perhaps 94).... ![]() Thus, inventory always stays (roughly) the same, aside from seasonal ups and downs and long term shifts in inventory levels. So.....the big question, do all of the houses get in line and sell in an orderly fashion? If there are 6months of homes on the market, certainly the first ones to sell are those that have been on the market for 5 months, right? Because all homes patiently wait in line and let homes that have been on the market longer sell first, right? First come, first serve? Nope, things don't work that way in the real estate market. You don't get "your turn" when it comes to selling your house. Some houses that sell this month will have been on the market for less than a month. Some, just for two or three months. And yes, some of the homes that are currently on the market have been sitting there watching sales go by for months or even years. So, if your house is on the market, make sure you're not thinking that you will just wait your turn, and that eventually it will be your house's turn to sell. Think about (or talk to me about) what you can do to make sure your home IS one of the next 94 to sell, and doesn't continue to wait around......as the waiting could go on forever! | |
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Mortgage Interest Rates Continue to Hover at Absurdly Low Levels |
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![]() Maybe mortgage interest rates will never rise??? I have been thinking they would rise for quite a while now (years) but they just keep getting lower. Today's average rate of 3.43% is an absurdly wonderful opportunity to lock in your monthly housing costs at extremely low levels. Now, admittedly, Janet Yellen (US Federal Reserve Chair) has indicated that rates could go up soon. But until then, enjoy the low rates. If you're buying in the next 6 to 12 months, right now (or soon-ish) could be an especially opportune time to lock in your mortgage interest rates. Oh, and here are today's rates in a longer context, of the past three years.... ![]() | |
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$60M MillerCoors Expansion in Elkton, VA |
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![]() In local economic development news, the MillerCoors brewery in Elkton, Virginia has announced a $60 million expansion! This investment by Miller Coors will allow for the installation of new infrastructure to brew more beer brands and will result in 27 new jobs. Some fast facts about the Shenandoah Valley MillerCoors brewery....
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Are you considering a career in real estate? |
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![]() Are you considering a career in real estate in the Harrisonburg area? If so, let me know if you'd like to get together at some point to discuss what it is like to work as a Realtor in this area. I love my career, and would be happy to chat with you to try to help you figure out whether it could be a good fit for you. Coffee is on me -- just email me at scott@HarrisonburgHousingToday.com. PS. If you don't conclude that real estate is the career for you, it might be worthwhile chatting with Kyle at HarrisonburgCareerCoaching.com for further guidance. | |
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How many houses will you really be choosing from? |
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![]() If you are entering the market to buy a home, the number of homes you will have to choose from will vary widely based on what you are looking for in a new home. Some buyers have a very narrow scope and find themselves on a prolonged hunt for what seems to be an elusive or mythical home. Some buyers find plenty of options, evaluate quite a few, make a decision and move forward with an offer. ![]() However -- keep in mind that as you consider the 547-ish homes currently on the market for sale, that some of them have been on the market for 3 months, 6 months, 9 months or even longer. The freshest of fresh listings are those that have come on in the past 30 days -- which (this time of year) is less than 100 of the 547-ish homes currently listed for sale. Depending on your time frame for buying, and the narrowness of your scope, sometimes it makes sense to quickly evaluate the current options -- and then to wait and see what new and exciting listings will be coming on the market in coming days and weeks. Steps to get started include talking to a lender to get a sense of your target price range, and then chatting with me (in person, by email, by phone) so that I can also be keeping an eye out for suitable properties for you. Learn more about the home buying process at.... ![]() | |
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Are home sales trends catching up with population growth? |
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![]() click here for a larger image The Weldon Cooper Center 2015 Population Estimates show that Harrisonburg and Rockingham County are growing, as usual. 2015 Population Estimates: Harrisonburg: 53,875 Rockingham County: 79,134 Combined City/County: 133,009 (up 1% from 131,565 last year) If we take 2000 home sales as a baseline portion of the population to be buying in any given year, and then we project forward based on actual population growth, we can conclude that.... More people than usual bought between 2001 and 2007. (housing boom) Fewer people than usual bought between 2009 and 2012. (housing bust, and then recovery) In 2013/2014 we may have finally returned to a "normal" portion of the local population to be buying in a given year. Based on the data presented above, I believe the new "normal" number of people to be buying per year may be around 1,100. | |
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Should I run from houses that can only be inspected for informational purposes only? |
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![]() Sometimes a seller is stating this as soon as they list a property: All inspectors are for informational purposes only. But sometimes a seller will introduce this amidst negotiations. This can certainly trigger some warning signals for a buyer......but should it? Here are the top three innocent reasons why a seller would want a home inspection to be for informational purposes only....
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Fall is not the worst time to sell your home |
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![]() It is, however, the second-worst time of the year to sell your home. The data above reflects the timeframe during which properties went UNDER CONTRACT -- not when they closed. Plenty of the Summer contracts turned into Fall closings -- but the 235 figure is a reflection of how many buyers made buying decisions (signed contracts) between September and November of last year. So....if you want to sell your home (and close on it) in 2016, you should be thinking about getting it on the market sooner rather than later. | |
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84 out of 100 buyers are buying for less than $300K |
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![]() Looking at home sales in the past year we find that....
Clearly, that also means that only 6% of our local market is comprised of home sales over $400K. | |
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2016 Good Housekeeping Awesome Women Awards |
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![]() A temporary, fun, diversion from real estate.... My good friend and TakeThemAMeal.com business partner, Adina Bailey, has been recognized by Good Housekeeping Magazine as one of their Awesome Women of 2016. Read more about this at Good Housekeeping, or in today's Daily News Record. | |
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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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