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Some Home Sellers Will Need To Be A Bit More Patient Now |
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![]() For several years (most particularly 2020-2022) homes of every size, price and in every location would just FLY off the shelves. Ready to sell? No problem. There would be an abundance of buyers ready to pounce on your home within days if not hours of your house being listed for sale. That is still the case for some price ranges, locations and for some property types -- but it is not the case for all homes. Thus, some home sellers will still (excitedly) see their homes go under contract within a few days or a week of being listed for sale -- but some will not. If your home is still on the market for sale, and is not yet under contract, a few weeks after being on the market -- don't despair. There are no longer 10 would be buyers for every house at any given point that a house is listed for sale. You might need to wait for a few weeks or - (gasp) a month or more - for a buyer to come along that would like to buy your home. It was certainly a delightful time to be a home sellers when homes went under contract so quickly and so certainly -- but just because your house does not go under contract that quickly now does not mean that it won't sell at all. | |
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Are Homes Staying On The Market Longer These Days? |
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![]() Some homes certainly are staying on the market longer these days than they have been over the past few years. We haven't seen a noticeable shift in the "median days on market" statistic that I track on a monthly basis, but it is no longer the case that nearly all homes that are listed for sale go under contract within a week. For example... 1. There are (22) resale homes currently on the market with a "Harrisonburg" or "Rockingham" mailing address (ignoring towns or far flung properties) that are priced under $400K and have been on the market for at least a week. 2. Of those (22) homes, there are (18) that have been on the market for at least two weeks. 3. Of the (133) resales homes that have sold in that same geographic area over the past three months, only (76) had a "days on market" of a week or less, and (44) of them took longer than two weeks to go under contract. So, when we list your home for sale, will it be "off to the races" with an offer being received (and a contract signed) within days? Maybe -- but maybe not. Plenty of homes are taking longer than a week to sell -- and no, that does not necessarily mean that nobody will ever want to buy your house. :-) | |
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Home Sellers AND Buyers Are Both Trying To Get Used To Home Inspection Contingencies Again |
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![]() For much of the past five years, in many price ranges, in many locations, we were seeing multiple offers, escalation clauses, and buyers willing to remove any and all contingencies. Home inspections were a thing of the past -- for a few years. But now, with somewhat fewer buyers in the market to buy (given higher mortgage interest rates) we are often just seeing a single offer, or only a few, rather than 5 to 10 offers on a popular new listing. As a result, home inspections are often taking place on transactions in Harrisonburg and Rockingham County. Since home inspections haven't been top of mind lately (given the heated market) here are a few reminders to home sellers and buyers related to home inspections... Sellers - Certainly, it would be ideal if the one offer you received did not have an inspection contingency, but you only have one offer, so it is probably reasonable to go along with the home inspection. Buyers - Try to focus on major issues in the home inspection report. It is not necessarily realistic to think a seller is going to address every minor issue identified in the inspection report. Sellers - Your buyer is (probably) not just trying to use the inspection report and contingency to renegotiate the deal. Assume the best about your buyer, that they are attempting to renegotiate the deal given the new information they discovered during the inspection process. Buyers - I do not recommend asking sellers to make elective upgrades to the home. Your home inspector might have pointed out items that would be done differently if the home was built today, but was normal at the time the house was built -- or they might point out areas where you could make improvements to improve energy efficiency, etc. These sorts of items are not typically repairs (or upgrades) that you should request from a seller. Sellers - If the unknown of what might be discovered during a home inspection worries you, it could be a good idea to have an inspection completed before listing your home to identify and resolve any significant issues. Buyers - Given how difficult it can be to line up a contractor or handyman these days, consider being willing to discuss a credit with the seller instead of requiring that repairs be completed. I suspect home inspections will continue to be (will return to being) a normal part of the home purchasing and selling process over the next few years. | |
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If You Are Selling A Rental Property It May Be Best To Sell Just Before Or Just After Your Tenants Move Out |
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![]() Property values are high and they seem to keep getting higher. That statement is not true for all locations, price ranges and property types -- but overall, the local median sales price keeps increasing. This dynamic has resulted in some owners of rental properties deciding to go ahead and sell those rental properties... which is a welcome turn of events for first time home buyers who are often looking to buy the same properties that may currently be rental properties owned by investors. So... if you are planning to sell your rental property... when should you do so? Your best bet will be to list your rental property for sale either just before or just after your tenants move out. If you list within this timeframe, your property will be able to be considered by owner occupant purchasers as well as other investor purchasers. In contrast... if you list your rental property for sale while the current tenant still has six more months on their lease... the lease will convey to and be binding on the new owner... which means owner occupant purchasers won't be able to consider the purchase of your property... and your property will solely be appealing to investors who would take over the lease. So... if you want to expose your rental property to the widest pool of potential home buyers... we should wait until you have about 60 days (or less) remaining on the lease... or wait until just after your tenants move out. | |
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Different Local Real Estate Markets Are Performing, Unsurprisingly, Differently |
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![]() If you are relocating from a small rural area (or from a much larger city) to Harrisonburg, you are likely to experience different market dynamics in the two local markets. If you are relocating from Harrisonburg to a much larger city (or to a much more rural area) you are likely to experience different market dynamics in the two local markets. In conversations with folks moving to or from larger markets, I have heard anecdotes of...
Those sort of (extreme!) market dynamics are not currently being seen very frequently in Harrisonburg... but every local market is different. Consult an active, professional, local Realtor in the area where you are relocating to or from in order to understand current market dynamics in that market. Knowing how the market is performing will help you set proper expectations relative to potential offer terms and contingencies. | |
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All Contingencies Involve Uncertainty. As A Seller You Can Pick Which Uncertainty Worries You The Least. |
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![]() If you are selling your home and you have a few offers from which to choose, you'll have some decisions to make. Which contingencies are you most and least comfortable with? Certainly, ever seller would love to have a cash offer (no financing contingency and thus typically an appraisal contingency), without a home inspection contingency, and certainly without a home sale contingency -- but those offers don't come along that frequently. So, if you have to pick an offer that has some contingencies, which are you most and least comfortable with? Nobody's Favorite: Home Sale Contingency Only Slight Better: Home Settlement Contingency (home already under contract) Comfort Levels Vary: Inspection Contingency Financing Contingency Appraisal Contingency How a particular seller will feel about an inspection contingency, financing contingency and appraisal contingency will vary from seller to seller, house to house and buyer to buyer. Some sellers are quite comfortable with an inspection contingency because they have always been proactive with their home's maintenance over the years. Some sellers are quite comfortable with a financing contingency because the buyer has a significant down payment and/or the buyer is working with a familiar local lender. Some sellers are quite comfortable with an appraisal contingency because they are confident that there are multiple comparable sales that support the sales price. Given that offer terms almost always differ between multiple offers, it is important to discuss and decide which contingencies you are most comfortable with as a seller. | |
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Sellers Are Often Making Price Reductions In A Matter Of Weeks Not Months |
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![]() Most segments of the local housing market are moving very quickly these days. Many homes are going under contract in a matter of days and not weeks. As such, the market is essentially giving feedback to home sellers very quickly as well. If your home goes under contract in the first week -- success -- you likely prepared it well, priced it appropriately, marketed it thoroughly and likely negotiated a favorable contract. If your home is not under contract after two or three weeks, any number of things could be going on... 1. You might not have prepared the property well enough. 2. You might not have priced the property appropriately. 3. You might not have marked the property thoroughly. 4. You might be selling a property for which there is a very small pool of likely buyers. Because the market is giving feedback to sellers so quickly (Did your house go under contract? Or not?) many home sellers are thus making adjustments very quickly as well - and if the home preparation is solid and if the marketing is thorough, then many home sellers find themselves considering a price adjustment. These days, it is best to price your home perfectly from the beginning (if that is even possible) but if it is not under contract within a few weeks it is better to go ahead and make a price adjustment now rather than waiting a few months. | |
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Slightly More Homes Are Selling This Year Than Last, At Significantly Higher Prices |
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![]() Happy Monday morning, friends! I hope you had an enjoyable weekend of seeing (or in my case, not seeing) the Northern Lights, celebrating the mothers in your life, and soaking in some delightful not-too-hot and not-too-cold spring weather here in the Shenandoah Valley! I was still at least partially in rest and recuperate mode this past weekend after running VA Momentum's Perfect Day 50K trail run the prior weekend with Luke. It was an amazing event with a community feel and great support from the family and friends as individuals and teams ran a 5K every hour on the hour for 10 hours straight, from 8AM until 5PM. It was definitely the longest Luke or I have run in a day! ![]() Speaking of amazing events... each month I offer a giveaway for readers of this market report, and this month... I'm giving away a pair of 3-day tickets to one of my favorite events of the summer... the Red Wing Roots Music Festival! ![]() This super-relaxing and family-friendly music festival from June 21 - 23 at Natural Chimneys Park in Mt Solon features wonderful music (on multiple stages throughout the weekend), great food, lots of activities (hiking, biking, running, yoga, kids events), and all around great fun with family and friends. Have you considered going to Red Wing but haven't been yet? Maybe this summer is the time for you to make it one of your favorite family traditions. I am looking forward to being there with my family and I'm hoping you'll join in on the fun... from June 21st through 23rd. And now, let's move on along to the latest numbers in our local housing market... ![]() The chart above takes a look at our overall market during a variety of timeframes. Number of Home Sales -- As shown in the first set of highlighted numbers, over the past 12 months we have only seen 1,214 home sales in Harrisonburg and Rockingham County, compared to 1,488 during the 12 months before that. As such, we have seen an 18% decline in home sales when looking at a 12 month period -- but when looking just at this year, thus far, we are seeing a 2% increase in home sales, from 386 this January through April compared to 378 last January through April. Median Sales Price -- Over the past year we have seen a 9% increase in the median sales price in Harrisonburg and Rockingham County, which has now reached $335,000 (over the past 12 months) as compared to only $306,700 over the 12 months prior to that. Looking just at the first four months of this year we see a slightly smaller (5%) increase in the median sales price ($338,645) when comparing it to the first four months of last year ($323,735). Median Days On Market -- Homes are selling a bit more slowly this year than last. The median number of days it took for new listings to go under contract over the past 12 months has been nine days... which is an increase from the median of seven days during the 12 months prior to that. Now, looking at a subset of the market, for a moment, here are the same numbers when looking just at detached homes, and excluding townhomes, duplexes and condos... ![]() Focusing just on the first four months of 2024 compared to the first four months of 2023, here are the differences we see between the detached home market and the overall market... There has been a 3% decline the number of detached homes that are selling... compared to the 2% increase in the overall number of homes selling. There has been a 12% increase in the median sales price of detached homes that are selling... compared to the 5% increase in the median sales price of all homes that have sold. So, when looking just at detached homes, slightly *fewer* are selling in 2024, and the increase in their median sales price is higher than that of the overall market. Meanwhile, in the attached home market... ![]() When looking just at attached homes (townhomes, duplexes, condos) we have seen a 13% increase in the number of such homes selling in the first four months of 2024, compared to the first four months of 2023 -- and a 17% increase in their median sales price. As such, the attached home market is seeing a strong start to the year both in number of sales and the price of those homes. Now, let's switch gears learn about the latest trends via some graphs... ![]() As you read above, we are seeing slightly more home sales in the first four months of 2024 compared to the first four months of 2023... but... April was not a contributor to that trend. Strong months of home sales in January and February were the biggest reason why we're seeing slightly more home sales in the first third of 2024 compared to the first third of 2023, as we saw fewer home sales this April (105) than we saw last April (124). Where do we go from here? We'll have to look at contract activity and pending sales (a bit further down this overview) to guess at whether home sales activity will rebound at all in May 2024. But first, let's see how the start of this year compares to the last few years... ![]() The 386 home sales during the first four months of 2024 puts us slightly ahead of the 378 in the first four months of last year... though well below the 447 and 461 home sales levels reached during the first four months of 2021 and 2022. It seems reasonable to conclude we'll probably see around 1,200 home sales this year (similar to last year) and not 1,500 - 1,700 home sales such as were seen in 2021 and 2022. Now, then, looking at slow moving trends by examining rolling 12 months of data... ![]() The top green line, above, shows the median sales price over a 12 month period, measured each month. Over the past year that median sales price has increased 9% from $306,160 to $335,000. Despite fewer home sales and higher mortgage interest rates, the median sales prices keeps... on... rising. The blue line, above, shows the number of homes selling in 12 months time, measured each month. Ever since the middle of 2022 we have seen this metric of annual home sales steadily falling... though in early 2024 that trend seemed to be reversing itself as the pace of annual home sales started to rise again. But... not so much in April 2024. Stay tuned to see if the annual pace of home sales levels out, declines even further, or starts rising again as we head through May, June and July. I haven't touched on it yet in this report, but a large portion of homes that are selling this year are new homes.... ![]() Thus far in 2024, 25% (1 in 4) home sales have been new home sales. This is a rather significant change from just a few years ago when only 13% (2019) and 15% (2020) of the homes that were selling were new homes. With soooo many current homeowners having rather low (to super low) interest rates on their current mortgages, we seem poised to have lower numbers of resale home sales for several years to come. As such, the new homes offered for sale (and being purchased) help to at least partially satisfy buyer demand for housing, and we are likely to continue to see around 25% (more or less) of buyers buying new homes over the next year or two. To get a sense of where the market might go next, let's look at contract activity... ![]() Despite fewer home sales in March and April of 2024... the amount of homes going under contract was MUCH higher this March and April (red line) compared to last year (blue line). Given these higher months of contract activity, I believe we are likely to see higher numbers of home sales in May and June. This is reinforced when looking at the number of homes under contract at the end of March and at the end of April... ![]() There are currently 333 homes under contract (waiting to go to closing) in Harrisonburg and Rockingham County... compared to only 275 homes being under contract at the same time last year. Higher numbers of homes going under contract in March and April of this year has resulted in this higher number of pending sales, which should (within the next month or two) translate into higher numbers of closed sales. And yet, just to throw one more metric into the mix to at least partially make you scratch your head and think on this Monday morning... ![]() As shown above, inventory levels are tracking a good bit higher at the start of this year (172-185) than they were last year (109-129) and also well above the four year average (132-147). So, why are there more homes on the market (at any given point) this year than last? My two leading theories are... [1] Homes are going under contract (days on market) a bit more slowly this year than last, which could result in slightly higher inventory levels. [2] Quite a few (31%) of these active listings (58 of 185) are new homes... some of which have not yet been built or have not yet been finished, which might result in them remaining as active listings and not going under contract. Think on that mystery... home sales rising, contract activity rising, prices rising, but inventory... also rising... and let me know if you have any other theories. While you think on that, here's one more thing that is rising... ![]() Mortgage interest rates have been above 6.5% for the entirety of the past year, and the sub-5% rates are now a distant (two years ago) memory. After steady declines in rates between October 2023 (7.79%) and December 2023 (6.61) we have seen rates trend back up over the past four months. Anyone who is waiting to buy a home until mortgage interest rates get back down to 5% -- or even 6% -- will probably have a long wait. So, what does all of this mean for you? Home Sellers - As has been the case for quite a few years now, you're in a great position. You will likely be selling your home at a higher price than would have been possible over the past few years. Remember, though, that mortgage interest are high, which make mortgage payments for buyers quite high, so make sure your list price is in line with recent sales so that you have enough buyer interest to hopefully see your home quickly go under contract. Home Buyers - Depending on your price range and the type of property you hope to buy, you may or may not have LOTS of competition. I am currently seeing some properties linger on the market for a week or more without any offers... and some going under contract within days with multiple offers. Talk to a lender to get a sense of where you can be and where you want to be with your mortgage payment and purchase price, and then let's start getting out there to see some homes and get a feel for the market so that you're ready to confidently move forward when the right house hits the market. Home Owners - If your current home works well (or well enough) for you - enjoy your likely low housing payment (depending on when you bought or refinanced) and enjoy the increasing equity you likely have in your home. As much as excited would-be home buyers might wish you would sell your home so they have more options for buying... I can't blame you for staying put and enjoying where you are. Renters - Plenty of folks are not homeowners and are not planning to buy anytime soon, or do not see themselves being able to buy anytime soon. This is completely understandable given the significant increases in sales prices and mortgage interest rates over the past five years. If you are on the edge of being able to or interested in buying, don't hesitate to have a preliminary conversation with a lender and/or with me to get a sense of what it would look like to buy a home... especially given how rental rates keep on increasing. And... that's a wrap, folks. You are about as well informed as is possible on the overall Harrisonburg and Rockingham County real estate market on this Monday morning. But if you have questions about a specific segment of the housing market, or about your neighborhood, or about your home... feel free to ask! Until next month... [1] Check out the complete set of May 2024 charts and graphs here. [2] If you're getting ready to buy, let's chat about the process, the market and what you hope to buy. You'll also want to talk to a lender sooner rather than later. [3] If you're getting ready to sell, let's meet soon to talk about the market, the process, your house, your timing and your goals. To touch base with me about any of the above, call/text me at 540-578-0102 or email me here. Enjoy your Monday! | |
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Local Real Estate App Now Available For Download |
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![]() Funkhouser Real Estate Group has recently launched a real estate app that will make your home search easier than ever. Download it today by clicking here, or read on for some highlights. Enjoy an easy and intuitive map based search when you first launch the app, based on your current location... ![]() View full property details for any home on the market with the ability to easily ask a question or schedule a showing... ![]() Create a search area by drawing any shape you'd like, and save that search for notifications when a listing hits the market in your areas of interest... ![]() Refine your search parameters with a variety of filters allowing you to find just the houses best suited for you... ![]() Take this new local real estate app for a spin today by downloading it here. Let me know if you have questions or feedback! | |
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It Is Prime Time For Getting Your House On The Market If You Want To Sell This Summer |
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![]() Lots of home buyers try to, prefer to, want to move into their next home during the summer months... which typically means contracting on that home in May or June. As such... sellers who are hoping to sell in the next six months should consider getting their home on the market now or soon. Just to spell out a bit of the potential timing for listing your home in May... May 15 - home listed for sale May 20 - home under contract (not always this fast, but often so) June 30 - closing on sale of home (typically 30 - 45 days after contract) Or, a bit later... June 1 - home listed for sale June 5 - home under contract July 15 - closing on sale of home A touch later... June 15 - home listed for sale June 20 - home under contract July 31 - closing on sale of home Many home buyers hoping to transition over the summer will want to close on their purchase by the end of July -- which means sellers will be an ideal position to sell to those buyers if they have their home listed for sale by June 15. Again, there are plenty of assumptions in the timelines above, such as the home going under contract in four days (when it might take 10 or 14 or 21) and a closing happening in about 40 days (when it might take 60). If you hope to sell this summer, we should chat sooner rather than later about a potential timeline for preparing your house for the market and getting it on the market. | |
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Million Dollar Home Sales Peaked In 2021, 2022 |
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![]() Between 2018 and 2020 there were only three million dollar home sales in Harrisonburg and Rockingham County area as recorded in the HRAR MLS. Then, in 2021, we saw (10) million dollar (+) home sales, and then (10) more such sales in 2022! Home prices were certainly increasing between 2018 and 2021, so one of the reasons we saw more million dollar home sales was certainly because of increases in those home values. But then -- we only saw (4) such sales in 2023. One theory here is that the increase in mortgage interest rates in 2022 and then 2023 resulted in fewer buyers being willing to pay a million bucks (or more) for a home. Thus far in 2024, we have seen two of these million dollar (+) home sales in the first four(ish) months of the year -- though there are four other million (+) dollar listings that are under contract and waiting to make it to closing. If you're eager to purchase a million dollar home in Harrisonburg or Rockingham County, these are your (14) current options. | |
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How Much Will Your Mortgage Payment Change If You Sell Your Home And Buy A New One? |
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![]() If you will be selling your home to buy another, there are a lot of numbers floating around....
Above you will see a spreadsheet I put together to help you think about some of these numbers as you are evaluating if and when you will make a move to a new house. In yellow, are all of the inputs you will need to provide, or that you and I can determine together, such as your current payment, your home's current value, your mortgage payoff, whether you will be putting any additional money into the transaction, etc. In green, I have identified your potential future mortgage payment and the net change in your monthly payment. All of the numbers without a background color will automatically calculate for you. Click here to download this worksheet as an editable Excel file. | |
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Many (Or Most?) Home Sellers Prioritize Certainty Over Price |
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![]() When a seller signs a contract with a buyer, they want to be as certain as possible that the contract will proceed to settlement. The king of all offers, providing the most certainty to a seller would be a cash offer with no contingencies whatsoever. As each of the contingencies below are added to a contract, the seller's certainty decreases...
It is important, as a buyer, to remember that most sellers are thinking about certainty alongside price. Which of these offers is likely to succeed?
When presented with these three offers I think many or most sellers would choose offer #1 even though it is $1K or $5K lower than the other two offers in hand. Give careful thought to the contingencies you do and do not include in your offer and understand how they affect the seller's view of the certainty that your contract will make it to settlement. | |
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Strong Contract Activity Continues Into April |
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![]() We saw a surprisingly high number of homes go under contract in March this year... 143 of them, compared to only 118 last March. And... this April is also starting off strong compared to last April. In the first 12 days of this month (through this past Friday) we saw 44 houses go under contract in Harrisonburg and Rockingham County compared to only 33 last April. It is turning into a busy spring in the local housing market! | |
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How Long Will You Stay In Your Home? |
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![]() It seems homeowners are staying in their homes much longer now than they did two decades ago... with the median homeowner tenure having risen from 6.5 years in 2006 to 11.9 years today. This analysis of homeowner tenure is thanks to a recent analysis by Redfin... A few reasons for this increase in homeowner tenure seem to include... [1] Older Americans staying in their homes longer. [2] More recently, the sticky-ness of low fixed mortgage interest rates. A few results of this increase in homeowner tenure seem to include... [1] Lower inventory levels of resale homes. [2] Continued increases in home values. When I ask folks that I encounter on a day to day basis how long they will stay in their current homes, I often am told that they will stay in their current homes for a very long time, if not forever. This is largely because... [1] They bought their home when home values were lower or significantly lower than they are now, and they are enjoying a relatively low mortgage balance compared to current home values. [2] They bought their home when mortgage interest rates were below 4%... or they refinanced their mortgage when interest rates were below 4%, and they do not want their housing payments to increase if they obtain a new mortgage above 6%. How long will you stay in your home? I plan to stay in mine for quite a while! | |
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How To Think About The Market Value Of Your Home When There Have been No Recent Sales In Your Neighborhood |
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![]() I think this is going to be a more common phenomenon over the next few years... In preparing to list your home for sale we start to take a look, together, at recent sales of similar homes to predict the price a buyer will be willing to pay for your home. But... there have been no sales in your neighborhood over the past year... or two years... or three years!?! What does one then do? It's probably best not to focus on sales prices in your neighborhood from more than two or three years ago as they won't be a very accurate indicator of the value of your home in the current market. We'll likely need to work to identify comparable sales outside of your neighborhood that are as similar to your home as possible to potentially include... [1] the same school district [2] a similar size home [3] a similar structure of home (one story vs. two story) [4] a similar age of a home [5] a home with similar interior and exterior materials and finishes We will then make adjustment to the sales prices of each comparable property based on differences in both the neighborhood and the other attributes listed above. It is certainly ideal when there are highly similar comparable sales right in your very own neighborhood to use as reference points when pricing your home -- but that is not always going to be our current context right now given that fewer homeowners are selling from year to year. | |
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Home Sellers In Many Price Ranges Still Need To Plan To Be Kicked Out Of Their Houses For A Few Days |
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![]() Plenty has changed since the times of real estate during a pandemic... [1] Mortgage interest rates are now 6% instead of 3%. [2] Sellers are often receiving a few offers instead of a flurry of offers. [3] Homes are often selling at or just above asking, instead of waaaay above asking. But some things have not changed... Home sellers in many price ranges (and locations and property types) still need to be plan to be kicked out of their homes for a few days when they list them for sale. Is this happening for all new listings? No Are all or most of the showings turning into offers? No Can it get a bit logistically challenging for sellers to have so many showings within the first few days on the market? Yes Do most sellers decide it is worth it? Yes Happy Spring, and let me know if you want to get kicked out of your home for a few days... ;-) | |
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Would You, As A Seller, Turn Down A Solid Offer In Hand For The Possibility Of One To Come? |
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![]() As usual, context matters, which I'll get to below, but... If you listed your home a few days ago and you have a solid offer... but are being told you might receive another offer in a day or two... would you turn down the solid offer? Or would you go ahead and decide to move forward. Let's add some context that might point us in a few different directions... House #1 - Listed for $750K (upper end of the market), three showings over five days, a full price offer with reasonable contingencies is received on the fifth day, and one of the other buyers that viewed the home says they might make an offer within a day or two, and no other showings are scheduled. Most sellers in this situation would probably go ahead and move forward with the solid offer - even though another offer might materialize. House #2 - Listed for $350K (highly active segment of the market), 15 showings scheduled over the first three days of being on the market, a full price offer with reasonable contingencies is received on the first day, after the third showing, and the buyer is anxious to have a response. Many or most sellers would hold off on responding to that first (solid) offer, for at least a day, given the other showings that are about to take place. These are two examples that are a bit more clear cut than many situations that sellers find themselves in -- having to balance the value of the solid offer in hand compared to the possibility of other offers to (maybe) come along soon. As we think through a response (or no response yet) we'll consider the context of your price range, the size of your market, the number of scheduled showings, the feedback we are getting from the showings, the length of time your house has been on the market and more. But there certainly is always plenty of value in the solid offer in hand! | |
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Scott Rogers
Funkhouser Real
Estate Group
540-578-0102
scott@funkhousergroup.com
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