Selling
| Older Posts |
 |
 |
Who Is Winning In Our Local Real Estate Market In 2025 |
|
 Who is winning in our local real estate market in 2025? SELLERS are enjoying life with plenty of buyer interest, ever higher sales prices, homes usually going under contract quickly when they hit the market, and relatively low levels of competition from other listings. The only downside of the current market for sellers are the (relatively) high mortgage interest rates that could hold back even further or stronger buyer interest. BUYERS aren't really loving any aspect of the local housing market right now. Lots of buyers are buying which means more competition, prices keep going up, home go under contract quickly, inventory levels are low reducing options at any given time, and mortgage rates continue to stay above 6% and close to 7%. HOMEOWNERS are able to largely ignore most of the factors affecting the local housing market - though they are almost certainly happy to see continued increases in median sales prices, which mean likely further increases in their home's value as well. Will you be a buyer or a seller in 2025? How are you feeling about the market? | |
 |
 |
|
|
I Would Like To Buy A New (To Me) Home But Would Need To Sell My House In Order To Do So. Is This Possible? |
|
 Ah yes - a good question - buying and selling - can it even be done in 2025? You own a home, but you want to buy a new one. You can't buy the new one until you sell the existing one. So, what are your options? This list doesn't include all the possible ways to do it... but it includes quite a few options to consider and explore... Buy First, Seller Later. If you are qualified for a mortgage to purchase the next home before you sell your current home, this may be the way to go. This will allow you to make an offer on a house you love without a home sale contingency, which often won't be be accepted by a seller. Certainly, there are some risks to this approach -- you won't know how quickly your home will sell or for what price -- but it will be a lot easier logistically. In addition to being able to make an offer without a home sale contingency, you will also be able to move into the new home before having to move out of your existing home. List Your Home For Sale After Having A Contract To Buy The Next Home. Shifting pretty far from the prior strategy - the concept here would be waiting to list your home until you have secured a contract to buy the home you want to buy. But... this isn't necessarily a realistic strategy in the current market. Most home sellers aren't going to be interested in your offer if it is contingent on you listing your home, getting it under contract, working through any contingencies and then getting to closing. So... it's fine to make offers with this contingency but it is not necessarily realistic to think that a seller will go along with your proposed plan. List Your Home For Sale After Seeing The Perfect House To Buy. This one is a bit tricky from a timing perspective, but it's trying to end up somewhere between the two strategies noted above. This game plan would involve waiting until a perfect house comes on the market for sale, and then listing your home for sale. The hope would be that you could get your current house under contract quickly enough to then make an offer contingent on your (under contract) home making it to closing -- instead of contingent on your (not yet listed) home being listed, going under contract and making it to closing. Most sellers will be more excited about your offer this time -- since your house is already under contract -- but your offer will still likely be seen as less favorable compared to an offer without a home sale contingency at all. List Your Home For Sale, Contingent On You Finding A House To Buy. If you have tried the above strategy (listing your home for sale as soon as a perfect house to buy comes on the market) a few times without success -- because another buyer jumped on that perfect house before your house was under contract -- then maybe this strategy is for you. We can list your home for sale without knowing what you will buy. When a buyer is ready to commit to buying your home, we can propose contract terms that make the sale of your home contingent on you securing a contract on a home you would like to purchase. Some buyers might go along with this, but some won't like the uncertainty of whether they are really buying your house. This strategy is asking the would-be buyer of your house to take on the risk of whether you will be able to find a house to buy and have your offer on that house accepted. List Your Home For Sale, Hope For The Best For A Next House. If you have tried the above strategy (listing your home for sale, contingent on you securing a contract on a house to buy) and it didn't work -- because buyers don't like that uncertainty -- then maybe this strategy is for you. We can list your home for sale, when a buyer comes along we can propose a slightly longer (60-75 day) closing timeframe, and then hope that a perfect house comes along in the next few weeks, allowing you to (hopefully) contract on the next house, with both closings to coincide. Certainly, if the right house doesn't come along, or if that seller doesn't like your contingent (on home settlement) offer then you might not be able to secure a contract to buy a home -- and you would still need to sell your current house (and move out of it) per the terms of your contract with a buyer. Eek. List Your Home For Sale, Hoping For A Flexible Buyer. We wouldn't want to bank on this being possible -- but if we list your home for sale, and a buyer comes along that is either an investor (planning to rent out your house) or is very flexible about when they would move in -- then you could contract with this flexible buyer knowing you wouldn't have to move out right away when the settlement date rolls along. This might buy you a few extra months to find the right home to contract to buy -- either making an offer contingent on your home getting to settlement (if closing hasn't happened yet) or not contingent on a home sale at all if the closing has taken place. Come To Terms With Moving Twice. This is perhaps the least exciting logistically. Nobody really likes moving. Moving twice is just about twice as bad as moving once. But... if the fact that you need to sell your home limits your ability to purchase the home (or homes) that you want to buy -- then you may need to sell your home, move into a rental, and then make offers without having a home sale contingency. | |
|
|
|
|
I Plan To Sell My House Soon And Want To Better Understand The Market In My Neighborhood And Price Range |
|
 In the overall Harrisonburg and Rockingham County real estate market, home prices are on the rise. Here's how the median sales price has increased in our market over the past few years... 2020: +10% 2021: +10% 2022: +11% 2023: + 10% 2024: + 5% Wowee! But... to determine the value of your home we need to look not only at broad market trends, but also the sales prices in your particular neighborhood and price range. Some of the data we might analyze could include... [1] Home sales in your neighborhood over the past 6 to 12 months [2] Home sales in your school district over the past 6 to 12 months with a similar amount of finished living space and of a similar age. [3] Home sales in your school district or neighboring school districts over the past 6 to 12 months with a similar amount of finished living space, of a similar age, of a similar style, with a similar number of bedrooms and bathrooms. Basically, we'll be trying to find the best examples of what buyers recently paid for homes that are as similar as possible to your home. We'll broaden the criteria, if needed, to have enough data points to work with. We'll narrow the criteria, as much as we can, to have specific feedback on your home's potential market value. You can start sorting through some of the sales data on your own, if you'd like, here - but if or when you are ready to start making a plan for selling your home, let's talk further about how to best define the market segment that will most accurately point to your home's value in the current market. Reach out to set up a time to talk further about your home. You can contact me most easily by phone/text at 540-578-0102 or by email here. | |
|
|
|
|
Will 2025 Be A Good Year To Sell Your House? |
|
 Here are some of the reasons why 2025 might be a great year to sell your house AND the reasons why it might not be a great year to sell your house. 2025 could be a great year to sell your house... [1] If you are relocating out of the area. [2] If you need a larger home with more functional space for you and/or your family. [3] If you are ready to downsize to a smaller home because you no longer need all of the space your current home offers. [4] If you need to move to a low-maintenance, one-level home for mobility reasons. [5] If you have are ready to re-invest the equity from your rental property in other areas. 2025 might not be a great year to sell your house... [1] If you don't know what you would buy after you sell. [2] If your monthly housing cost would increase too much given how much lower your current mortgage's interest rate is compared to market rates. [3] If you love your home, neighborhood and location. :-) Most of the people reading this will not sell their home in 2025. If you are one of those who definitely will, or who is trying to determine if you should, feel free to reach out to set up a time to meet and discuss the reasons why it might or might not be the right time to sell your home. | |
|
|
|
|
Inventory Levels Are Likely To Continue To Decline For The Next Few Months |
|
 Inventory levels - the number of homes on the market for sale - are likely to continue to decline for the next few months. Above you can see the monthly inventory levels in Harrisonburg and Rockingham County over the past seven years. We typically see inventory levels declining at least through January or February. Of note -- this doesn't mean that new listings won't be hitting the market over the next few months -- they will. But there are likely to be fewer new listings and an equal or greater number of buyers, causing inventory levels to continue to decline. We should then start to see an uptick in overall inventory levels when we enter the spring market in March or April. If you are hoping to buy a home soon, you are likely to have fewer options than usual over the next few months. If you are hoping to sell a home soon, you are likely to have less competition from other sellers than usual over the next few months. | |
|
|
|
|
Should We Call An Almost Bedroom A Bedroom? |
|
 Consider these three houses... 1. A house with four bedrooms... plus... a room that has a window and a closet -- but is also a room you have to walk through to get to the sunroom. Is this a four bedroom house, or a five bedroom house? Maybe 4.5 bedrooms? 2. A house with three bedrooms with normal ceiling heights... plus... an additional attic bedroom with very limited areas where you walk around if you are taller than about 5 feet. Is this a three bedroom house, or a four bedroom house? Maybe 3.5 bedrooms? 3. A house with two bedrooms... plus... a third bedroom that you can get to only by walking through the second bedroom. Is this a two bedroom house or a three bedroom house? Maybe 2.5 bedrooms? But... we need to get to a whole number... so do you round up or round down? If you round down, it is likely that every buyer that views your home will find that it has enough bedrooms -- and they'll likely be pleasantly surprised at the additional sort-of bedroom -- but you might miss out on buyers who really need that other bedroom and thus don't even consider your house based on the bedroom count. If you round up, it is likely that many buyers that view your home will be disappointed to conclude that it does not have enough functional bedrooms -- though you will likely have more buyers looking at the house in general, because of the higher bedroom count. | |
|
|
|
|
November Home Sales Surge with 12% Year Over Year Growth and 5% Increase in Median Price |
|
 Happy Friday morning, friends! It's hard to believe there are only 19 days remaining in 2024! This year has flown by, and we'll soon be ringing in the New Year! Speaking of new beginnings, I'm excited to let you know about the latest news in our family - our son, Luke, is now also a Realtor!  Luke looks forward to helping individuals and families navigate the real estate market in the Harrisonburg and Rockingham County area and is also continuing his studies at JMU, pursuing a dual degree in Independent Scholars and Communication Studies with minors in Entrepreneurship and Honors Interdisciplinary Studies. In some other fun news, The Steel Wheels are hosting another Winter Roots concert in February at JMU's Wilson Hall. You can find the details of the concert here, buy tickets here... and... enter to win a pair of free tickets here! And now... after all that... let's hit the real estate data...  First up... look at those November home sales!?! Last November there were only 72 home sales in Harrisonburg and Rockingham County... this November... 130 home sales!?! This took me by surprise. Even if we considered November 2023 to be a bit slower than normal, when we look back at November 2022 there were only 93 home sales... so this November was certainly a surprising surge of home sales for our market. This surge of home sales in November lead to -- no surprise here -- continued improvement in how this year's home sales compare to last year. We have now seen 12% more home sales this year than last in Harrisonburg and Rockingham County when looking at 11 months of data. Of note... the 1,254 home sales seen thus far in 2024 is still quite a bit lower than the 1,482 home sales seen in the first 11 months of 2022. And how about those prices? The median sales price for all homes sold in 2024 in Harrisonburg and Rockingham County is now approaching $350,000... which is a 5% increase compared to the median of $330,000 seen last year. Moving on to look at few sub-sections of the market, first let's see what's happening in the detached home market - which excludes townhouses, duplexes and condos...  The main metric I have highlighted above is the median sales price in 2024 compared to 2023. A year ago the median sales prices of detached homes was $350,000... and we are now quickly approaching a median sales price of $400,000 in Harrisonburg and Rockingham County! This marks an 11% increase in the median sales price in the course of a year. Meanwhile, in the "attached homes" market -- which mainly includes townhouses but also duplexes and condos...  The median sales price is not climbing quite as quickly for townhouses, duplexes and condos... but that median sales price has eclipsed $300,000 for the first time in 2024. We can also learn a bit more about the nuances of the local real estate market but breaking things down between the City of Harrisonburg and Rockingham County. Here are the numbers for the City...  As you will note in the top half of the chart above... we have seen 9% fewer home sales in the City of Harrisonburg this year compared to last year... but as shown in the bottom half of the chart above... the median sales price has risen 5% to $295,000. Let's compare these figures to Rockingham County... you'll find they are quite a bit different...  In contrast to the 9% decline in the number of City sales... we're seeing a 19% increase in the number of County sales -- though the median sales price in the County has increased by 5% over the past year, just as the City price has increased by 5%. Slicing and dicing the data one more time, let's look at new home sales compared to existing (resale) home sales. First up, new home sales...  My oh my how the new homes are being built, and are selling. We have seen a 32% increase in the number of new homes that have sold in Harrisonburg and Rockingham Count this year (364) compared to last year (276) though - interestingly - we're right back to about the level (374) where we were two years ago. The existence of newly built homes in our community continues to be a significant factor in our overall housing market. And the existing home sales... did they increase by 32% Nope...  We are seeing an increase in existing home sales (+5%) this year... but nowhere near the 32% increase seen in new homes. This is not too surprising, as many homeowners simply do not want to sell their homes right now given the super low mortgage interest rates that many homeowners still have on their current mortgages. Now, then, you made it past the charts... let's see what we can learn from some graphs showing the latest trends in our local market...  This graph (above) paints the picture more clearly than the chart of data earlier on -- the 130 home sales in November 2024 was unexpectedly high -- way higher than last November (72 sales) and also well above the average (112) of 2020 through 2023. But, remember, this high number of closed sales in November 2024 would have been the result of buyers (and sellers) signing contracts in September or October... since it takes some time to get from contract to closing. Thus, we'll look ahead a bit further on in this report to see what contract activity took place in November 2024 to better predict home sales activity in December 2024. But first, how is 2024 stacking up compared to prior years?  Home sales are on the rise again! After declining in 2022 and 2023, we are now seeing an increase in the number of home sales taking place in Harrisonburg and Rockingham County. The 1,254 home sales seen in the first 11 months of 2024 puts us 12% ahead of last year. Visualized differently, here's how the trajectory of home sales and home prices have changed over the past year...  After multiple years of 10% annual increases in the median sales price (only one year of that type of increase is pictured above) we are now seeing a more modest 5% increase in the median sales price over the past year in Harrisonburg and Rockingham County. I think this is more likely to be what we see moving forward as well -- a 5% (ish) increase in prices over the course of a year. Meanwhile, the number of homes selling has certainly rebounded over the past year... bottoming out around 1,206 annual home sales a year ago, and now back up to 1,339 annual home sales. How does the current number of home sales compare to some past years, particularly pre-Covid? Let's take a look...  Looking back to the pre-Covid days (2016-2019) we were seeing an average of about 1,300 home sales per year in Harrisonburg and Rockingham County. Then, Covid. During the pandemic and it's aftermath, which included super (super) low mortgage interest rates -- we saw the annual pace of home sales quickly climb above 1,400 then 1,500 then 1,600 to then crest at 1,673 in 2021. But then, as mortgage interest rates rose (and home prices rose) the number of home sales fell rather quickly - back down to 1,206 in 2023. This year, however, with 1,254 home sales in the first 11 months, it seems likely we will get back to that 1,300-ish level by December 31. So, maybe we are now back to the 1,300 home sales a year range, after having been quite far above it, and then a good bit below it. Stay tuned in 2025 to see how this plays out. Now, about that contract activity...  You can see it clearly here (above) that a crazy high number of contracts in October 2024 was what lead to the crazy high number of closed home sales in November 2024. So what shall we expect over the next few months? The 91 contracts signed in November 2024 was a normal-ish number of contracts for a November -- it was higher than the 78 we saw last year, but slightly lower than the 2020-2023 average of 97 contracts. Thus, we should likely see around 80 - 95 home sales close in December 2024. With all of those closings in November, are there still quite a few homes under contract right now? Sort of, kind of...  Pending sales were higher than expected at the end of September and end of October... but perhaps unsurprisingly because of all of the closed sales in November... the pending sales count is lower at the end of November than we might have otherwise expected. This is also an indicator that we'll see a bit of a slower month of closed sales in December and likely in January -- though this is somewhat to be expected in these winter months. And inventory levels -- how do they compare to last year?  There are significantly fewer homes on the market now as compared to a year ago. Last September through November we saw inventory levels of 206 to 230 homes for sale -- while we are seeing a more consistent 160 to 165 homes for sale during the same timeframe this year. Last year's higher inventory levels were mostly a result of rapidly increasing mortgage interest rates that slowed the market, causing inventory to start building. About those mortgage interest rates...  They've been up, they've been down, they've been all around!?! Mortgage interest rates were steadily declining for quite a few months in the middle of 2024 (May - Aug) but they have now increased again, getting closer to 7%. I think we will likely see mortgage interest rates continue to fluctuate between 6% and 7% over the course of the next year. If you're waiting to buy until rates get below 6%, it might be a long wait. Now, for a brief summary of the big picture and the latest trends in the Harrisonburg and Rockingham County real estate market... [1] We are seeing 12% more home sales this year than last. [2] The median sales price has increased by 5% over the past year. [3] Detached homes are increasing in value faster than attached homes. [4] We are seeing a decrease in City home sales and an increase in County home sales. [5] We are seeing a much larger year over year increase in new home sales than existing home sales. [6] Inventory levels remain relatively low. [7] Mortgage interest rates continue to stick between 6% and 7%. So, as we prepare for 2025... Home Buyers should connect with a great lender, get a preapproval letter in hand, and go see houses within the first few days that the hit the market. Home Sellers should be realistic in the pricing of their homes given that prices are not increasing as quickly and mortgage interest rates are remaining quite high. Homeowners who do not plan to sell should enjoy their home, their likely low mortgage interest rate, and enjoy not having to engage in what can be a hectic and/or stressful process of selling and buying a home. As you think about YOUR year ahead, if it might include a housing transition (buying, selling, both) feel free to reach out so that we can chat about the market, the process, your hopes and dreams and so that I can know how to best support you in that potential move. You can contact me most easily by phone/text at 540-578-0102 or by email here. Until next year (!) have a wonderful remainder of 2024 - and I hope that you have the opportunity to spend some quality time over the next few weeks hanging out with, laughing with, having fun with, the people in your life who bring you joy! | |
|
|
|
|
Interest Rates And Home Prices Affect Home Sales Trends, But Life Events Do As Well! |
|
 It's easy to think, or say, that interest rates and home prices are the largest or main factors affecting whether sellers sell and buyers buy. But... sometimes life events or life changes eclipse the impact of interest rates and home prices. You are a new grandparent and you want to spend more time with your new grandbaby who lives eight hours away? I'm not at all surprised that you plan to sell your home and move. You have a new job opportunity with an exciting company in a city three hours away? I'm not at all surprised that you plan to sell your home and move. You are retiring in northern Virginia and your two kids both went to JMU and still live in Harrisonburg? I'm not at all surprised that you plan to sell your current home and move to Harrisonburg. There are lots and lots of life events or life changes that can cause a homeowner to all of a sudden be ready to sell... or can cause someone to all of a sudden be ready to buy. These buyers and sellers that became such because of life events will still stop and consider interest rates and home prices... but the life event is typically what will actually cause them to decide to make a move. | |
|
|
|
|
Do Not Be Surprised If You Have Lots Of Showings Of Your Home. Do Not Be Surprised If You Do Not Have Very Many Offers. |
|
 This is not the case for all houses, or all new listings, but... in the current market I'm often seeing two things happening... 1. Lots of showings of new listings. Inventory levels are quite low right now, so plenty of buyers want to go see new listings if they are anywhere close to what a buyer might hope to purchase for their next home. Low listing inventory results in lots of property showings. 2. Fewer offers than the large number of showings would suggest. But... home prices and mortgage interest rates are quite high right now, compared to where they have been over the past five years... so plenty of buyers who came to look at your house might decide not to make an offer. Sometimes it just comes down to the numbers (your home price, current mortgage interest rates) and sometimes it's that the house is not "right enough" for the buyers. So... hopefully you'll have plenty of showings of your home when it hits the market (this is likely) and hopefully you'll have lots of offers (this is less likely). The market (buyers) responds differently to every home as it hits the market for sale, so don't take this as universal advice or insight across all price ranges, locations and property types. For further insights on what you might experience if you list your home for sale, touch base and we can dive further into the more specific details of the sub-market for your home. | |
|
|
|
|
How Many Homes Are Going Under Contract Within Three Days, These Days? |
|
 Only about a quarter of homes that are going under contract are doing so in three days or less. And actually, only about half are going under contract within a week and a half... 11 days. So, it's taking 12+ days for about half of homes to go under contract. And it's taking 46+ days for about a quarter of homes to go under contract. All that is to say, homes aren't going under contract quite as speedily as they were a year or two ago. So, with some new listings - yes - you will need to make a decision (and potentially make an offer) very quickly - but not necessarily on most homes any longer. | |
|
|
|
|
If You Will Be Selling Your Home In The Spring, Start Preparing Now |
|
 Preparing your home to sell takes time, for most. Perhaps your home is neat and organized and show ready and we could take photos tomorrow to list your home for sale -- but this isn't the case for most homeowners. There will likely be a few small projects you will want to take care of before putting your house on the market... and you will likely need to do a bit of decluttering... and you might need to remove some items from counters, cupboards, closets and more to have your home show best. If you plan to sell your home this coming spring, but wait until spring to start on the projects -- it will likely seem overwhelming. If you plan to sell this coming spring, to downsize, or move to a retirement community or to move to be close to the kiddos, or to get a bit more space, or for any other reason -- let's talk now about what you can be doing over the next few months to prepare your home to sell. It will be a much more relaxing process if you start making small steps in the right direction now or soon -- rather than waiting until early spring to begin. | |
|
|
|
|
How Much Slower Are The Winter Months In Our Local Housing Market? |
|
 It is common knowledge that the winter months are the slowest when it comes to home sales -- in our local market, and beyond. But just how much slower are they? The graph above shows the average number of *contracts signed* per month during the winter (Dec, Jan Feb) as compared to during the spring (Mar, Apr, May) based on the past three years of home sales in Harrisonburg and Rockingham County. So... Is 100 buyers buying a month a significantly slower pace of buyers committing to buy than 142 buyers buying a month? Yes. Is 100 buyers buying a month still a pretty solid amount of buyers buying per month in the context of the spring market only comprising of 142 buyers buying a month? Yes. Is it possible that the number of buyers buying per month during the winter is artificially constrained by a lower number of sellers being willing to sell per month? Yes. So... if you are thinking about selling your home in the next six months... should you wait until spring? You could, but I don't think you need to if you would rather sell and move sooner than springtime. There will still be plenty of buyers buying over the winter, even if it is not as many as will be buying in the spring. | |
|
|
|
|
Find The Balance Between Optimistic And Realistic Home Pricing |
|
 For much of the past few years, being optimistic and being realistic about pricing your home were one and the same. The last similar home sold for $450K? Let's price your home at $475K. Three offers within days. Yahoo! But now, higher mortgage interest rates are pricing some buyers out of the market - which makes it ever more important for home sellers to find the balance between being optimistic and realistic when pricing their home. The last similar home sold for $450K? Perhaps we price your home at $449,500. A competing home has been on the market for 60 days priced at $455,000? Perhaps we price your home at $445,000. We can't just throw any price on your home and hope for the best -- we must do a careful analysis of the market, including past sales and current competing listings before determining a final pricing strategy for your home. | |
|
|
|
|
Room Size Is Difficult To Understand Solely From Real Estate Photos |
|
 Darn those wide angle lenses. ;-) It's pretty a pretty common phenomenon these days... we'll go walk through a house that looked FANTASTIC online... only to find out that all (or most) of the bedrooms are TINY! I don't really blame the seller, or the seller's agent, or the photographer... it's going to happen these days given high quality photography and wide angle lenses. My takeaways, generally, are... 1. It's important that we go walk through homes to get a sense of room size, house layout, where furniture will and won't fit, etc. Viewing a house online, alone, is not enough. 2. Don't feel bad about taking the time to go see a house that ends up not being a great fit after we walk through... that is often the only way to get a true sense of the house. 3. Sometimes we will be able to review room dimensions or floor plans prior to visiting a house... which might help us notice particularly small spaces... but walking through is still important. 4. I don't think sellers need to mention how small particular rooms are... or not use a wide angle lens... but you should price your home accordingly if many buyers will disqualify themselves based on room size. | |
|
|
|
|
How Much Would You Value Not Having To Prepare Your Home For Showings? |
|
 Most home sellers would assign some amount of value to not having to prepare your home for the market. This might allow you to skip... 1. Touch up paint 2. Final organization 3. Final cleaning 4. Photos 5. Showings You can likely skip some or all of these if you are in touch with a buyer who you know wants to buy your house. But... you probably wouldn't put tooooo high of a value on not having to prepare your house for the market... If you believe your home will sell on the market for $375K... and the known buyer wants to pay $370K for your house, you'll probably go for it. If they want to pay $365K you might still go for it. But if the buyer only wants to pay $360K for your house... many or most sellers will go ahead and take the time to make the final preparations to get their house on the market. After all, why potentially leave $15,000 on the table by selling to the known buyer who wants to pay that lower price for your house. This also does not account for whether your house might fetch multiple offers and sell for a bit above the asking price. If you hope to sell for $375K... and a known buyer wants to pay $360K... and you end up selling for $385K when you get your house on the market... you would have left $25,000 on the table by selling to the known buyer before listing your house for sale. But... every seller's situation is different. Let's think through and talk through what works best for you... and what your priorities are when it comes to pricing, timing and ease of sale. | |
|
|
|
|
One Out Of Four Homes Is Taking Longer Than A Month To Sell |
|
 Plenty of homes are still selling (going under contract) plenty quickly. But, not all of them. Over the past three months (Aug 10 - Nov 10) we have seen 315 home sales in Harrisonburg and Rockingham County as recorded in the HRAR MLS. Of those 315 home sales... 85 of the homes took more than 30 days to go under contract. Thus -- 27% of homes are taking longer than a month to go under contract. So... if you are getting ready to sell your home, I am hopeful that it will be under contract within a matter of days... or weeks... but it could take more than a month to sell. Not too many years ago, this was quite normal and not at all unusual -- but over the past five or so years, the pace of the market has increased so much that it might seem unfathomable that it might take more than a month for your home to sell. | |
|
|
|
|
Home Sellers And Buyers Will Often Disagree About Needed Updates |
|
 A homeowner selling their home, especially if they have lived in it for a while, is often likely to only see small updates that might be needed in the home - and would likely describe them as elective...
But a potential home buyer considering a purchase of that same house might see things quite differently...
I'm not here to say that either party is right or wrong - I understand where the seller is coming from (the house doesn't need many updates) and where the buyer is coming from (I would want to make lots of updates). The challenge, of course, is when all of this is converted into pricing. A seller will likely price (value) the home higher given their minimal view on needed updates. A buyer will likely value the price at a lower price point given their broader view on needed updates. | |
|
|
|
|
Last Call (Just About) For Selling Your Home In 2024! |
|
 Most contracts (and buyers and sellers) have been making it to closing within about 30 to 45 days. Which means, that if you decide today that you're going to sell your house, and we have it on the market by the end of October, and it is under contract within 7 to 10 days (by Nov 7 or Nov 10) a buyer might be proposing a closing date of December 15 or 20 or 30. So, as much as it might seem like there is plenty of time left this year... if you are hoping to sell your home this year, or before the holidays, you will likely need to start putting plans in place now (over the next week) to get your house on the market. You can, of course, list your home in November or December and plan to close in January or February -- but if you want to have it sold and closed by the holidays, or by the end of the year, the time to act is now! | |
|
|
|
|
Sometimes An Offer Is So Strong A Seller Will Not Wait For Other Imminent Offers |
|
 Wahoo! An exciting new listing just hit the market. You are excited to go see it and will definitely consider making an offer. You know it will likely be a popular listing, with the potential for multiple offers, but you have already been pre-approved for your mortgage, you are going to see the house on the first day it is on the market, and you will likely make an offer on the second day that it is on the market. That should be enough, right? Well, maybe. Sometimes, an offer shows up that is strong enough to cause a seller to adjust how they were otherwise planning to receive and consider offers. If an offer comes in on the fictional house above on the afternoon of the first day that it is on the market... that is above asking price, cash, without an inspection, with a closing to take place in 20 days, with the seller able to rent back for free for up to three months... 1. Who could blame the seller for going ahead and accepting this very (very!) strong offer. 2. Who could blame buyers if they are disappointed when they find out on the second morning that the house is on the market that they are too late to submit an offer. So... 1. Buyers - Be willing to make a strong offer, quickly, if you want to try to get the seller to respond before considering other offers. 2. Also, Buyers - Know that an early offer from a motivated buyer might very quickly eliminate your opportunity to compete to buy a house that you really like - so, make an offer just as quickly as you are ready to do so. | |
|
|
|
|
If You Will Be Moving To Sunnyside, VMRC Or Bridgewater Retirement Community, We Should Talk Sooner Than Later |
|
 We are fortunate in this area to have many wonderful retirement communities, such as Sunnyside, Virginia Mennonite Retirement Community (VMRC), Bridgewater Retirement Community, and many others. So, if you have lived in this area for a while, and are of a stage of life where your next move might be to one of these retirement communities, we should probably talk sooner rather than later. While your move to a retirement community might seem (and might be) well off into the future... it also might sneak up on you faster than you suspect. Once you are "on the list" at one or more of these retirement communities, you will start to receive periodic calls to let you know that a home or apartment is opening up -- with the big question of whether you want to make the move now. Oftentimes your answer might be "no" - but sometimes "just the right place" will become available at the retirement community, and all of a sudden you will be ready to make the move - and, likely, you'll need to move forward pretty quickly with getting ready to sell your home. So... if you are thinking you might move into one of these retirement communities over the next few years (or even sooner) then let's talk sooner than later to discuss what preparations you do or do not want to start making to be able to sell your home when the time comes. | |
|
|
| 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
