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Local Home Sales and Prices Surge in July |
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 First, learn more about this fantastic home (my dad's house), via a 3D Walk Through and more by visiting 3120PrestonLakeBoulevard.com. Now, back to our local real estate market -- I just published my most recent monthly market report, and as usual, you can read on for an overview, download the full report as a PDF, read the entire report with commentary online, or tune in to my monthly video overview of our local housing market...  Now, let's take a look at some the trends we're currently seeing in our local housing market...  As shown above, it has been an exciting month -- and year -- in our real estate market...
 OK -- this one is a random snippet. Above you will find a STARTLING statistic about the housing market in the City of Harrisonburg -- not including Rockingham County. When we look at all homes that sold in the past 12 months, in the City, half of them were under contract within 14 days of being listed for sale! Wow!  Back to the big picture -- June 2018 home sales (all 174 of them) was the third highest month of home sales we have ever seen in our local market -- topped only by two summer months back in 2005 and 2006. I thought we'd see home sales drop off in July, as a result, but we had the best month of July sales in recent years -- with 127 home sales! Next month I'm not expecting we'll pop back up to August 2016 levels -- we're more likely to be in the 120 - 130 range for sales in August.  August, oh August, that magical month. Last year at this time (end of July) we had seem more home sales (in 2017) than during that same timeframe the prior year (2016). And then, August. After August passed, 2017 never caught back up -- and ended up being a slower year than 2016 when all sales were accounted for. So -- what will happen this August? Will we keep on pace with 2017? Or even with 2016? Will we fall behind again? Stay tuned.  When I see the YTD market-wide median increasing by 10%, I get a bit worried -- wondering if these are sustainable increases. Then, however, when I look at single family home sales alone, I am (at least a bit) reassured. You'll note that thus far the median sales price has increased only 4.2% between 2017 and 2018. This is much more in line with (or close to) long-term historical averages, and makes me think that the strong seller's market might not be leading to unsustainable price increases. Why, might you ask, is the single family detached market a better indicator of changes in market value? Mainly because it is not as easily affected by the number of investors engaging in our market. When the market gets hot we often see lots of investors buying properties -- often townhouses or other attached dwellings -- which can affect price trends. Most single family home purchases are made by folks who actually intend to live in the properties.  Which would you rather do, buy or sell in the current market? The answer should be "sell" -- given the strong seller's market we're currently experiencing. A few things to note above -- first, there are still plenty more buyers in the market than there are sellers. Second, the number of sellers in the market continues to decline (and decline, and decline). Third, after a brief slow down in buyer activity, the pace seems to be increasing again.  What comes next for our local market? Looking at contract activity (above) we can see the pop in May 2018 that lead to a wild month of June sales. Looking, then, at July -- we actually see a sizable increase from last July -- so maybe we'll have a stronger than expected month of sales in August after all!?  If you're buying soon, you might have already passed the time in our local market cycle when you would have the most options from which to choose. That's not to say that plenty of new listings won't be coming on the market in the next 30 / 60 / 90 days -- they will -- but inventory levels have likely peaked and will start to decline as we (eventually) head into Fall and Winter.  Lastly, how about those interest rates? We were actually close to 4.5% about 20 months ago -- but then dropped below 4% again. Now, over the past year, we have seen steady increases to where we are currently hovering around 4.5%. I have not seen this playing a major role in whether buyers are willing and able to buy -- but I do wonder if buyer activity (or interest or capability) would start to be affected if the interest rates rose to 5% or 5.5%. OK -- I'll stop there for now. Again, you can download the full report as a PDF, read the entire report with commentary online, or tune in to my monthly video overview of our local housing market One last note for anyone thinking of buying or selling soon -- SELLERS -- even though it is a seller's market in many price ranges right now, you must still focus on price, condition and marketing. For further reading on buying or selling in this area, check out.... | |
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[VIDEO] The Story behind Funkhouser Real Estate Group |
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 Click here to watch this video that tells the story of Funkhouser Real Estate Group. Funkhouser Real Estate Group was founded on the principles of Honesty, Integrity and Professionalism. We understand real estate is most likely the largest investment our clients will make in their lifetime. This is why our associates are equipped with the latest real estate tools and quality education to help our clients make the best decisions and guide them through a successful real estate transaction. | |
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[VIDEO] Upscale, Four Story Home in Highland Park |
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 This upscale, four-story, custom-built Highland Park home on a level lot with mature trees was built in 2000 and a three-story addition was added in 2005. The spacious first floor features a dining room, living room, eat-in kitchen, and a large family room that opens up to the backyard and stunning outdoor living spaces. All bedrooms in this home are of generous size, and the master wing features his and her custom walk-in closets, a fireplace and laundry room. The basement offers an additional family room and exercise room. Enjoy high quality features such as a full brick exterior, hardwood floors, granite countertops, stainless steel appliances, three fireplaces, built-in speakers, an irrigation system, large closets, a golf cart garage and 339 SF of storage over the garage. Click here to view a video overview of this beautiful property. Click here for high resolution photographs of this home. Click here to learn more about the property at 4121TravelerRoad.com. | |
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[VIDEO] Overview of August 2013 Harrisonburg Real Estate Market Report |
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 The video above (or click here) explores many of the trends we are seeing in our local housing market. Click here to watch the video OR click here to download the full August 2013 Harrisonburg and Rockingham County Real Estate Market Report. | |
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[VIDEO] Immaculate custom-built home on a two-acre wooded lot |
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This immaculate home was custom-built on a two-acre wooded lot and offers a peaceful, quiet setting yet within close proximity to JMU, EMU and the City of Harrisonburg. The beautifully landscaped grounds feature 200 year old trees, over 70 varieties of perennials and bulbs, 2 outdoor water features, a circular driveway, 4 outdoor seating venues and a walking trail. A thoughtful floor plan and large picture windows bring the outside in, offering views and plenty of natural light. This home offers many exquisite features such as a custom kitchen with Brazilian granite, a programmable Lutron light system, starry sky bedroom ceilings, a curved staircase, electric blinds and more. Plus, two home offices, a finished basement area, intercom and music system, and an oversized three car garage. Click here to view a video overview of this beautiful property. Click here for high resolution photographs of this home. Click here to learn more about the property at 2694EversoleRoad.com. | |
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[VIDEO] Brick, Custom-Built Home in Crossroads Farm |
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This all-brick, custom-built home on a cul-de-sac in Crossroads Farm features high quality finishes, attention to detail, fantastic eastern views and adjoins Lakeview Golf Course. Enjoy a large, open kitchen with custom cabinetry, stainless steel KitchenAid appliances, granite countertops with tile backsplash, an oversized island and butler's pantry. Also on the first floor, you will find a breakfast area, living room, formal dining room, and study. The master suite features a tray ceiling, walk-in closet and spacious master bathroom with tile shower and soaking tub. Attached bathrooms in two (of three) upstairs bedrooms. The basement features a guest suite, large family room, and unfinished space for workshop/storage. A new price offering a great value in Crossroads Farm. Don't miss the gas range and a microwave / convection oven, two built-in home audio systems, security system, upgraded trim, flat finish ceilings, wrought iron railing system, plumbing for kitchenette in basement family room, water softener, tankless gas hot water heater, the space for a wine cooler in the butler's pantry, and the down lighting on the front of the house providing exterior accent lighting in the evening. Click here to view a video overview of this beautiful property. Click here for high resolution photographs of this home. Click here to learn more about the property at 135BedfordPlace.com. | |
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[VIDEO] Overview of July 2013 Real Estate Market Report |
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Earlier this week I released my July 2013 report on our local housing market. The video above provides an overview of some of the main news surrounding this most recent report. Click here to view my video overview of the July 2013 housing market report. Click here to download the full market report (28 page PDF). Click here to read the report online. | |
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Get to know me, via video. |
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 If you are considering working with me to buy or sell a home, you might want the opportunity to get to know me beyond the articles I write on this blog about our local housing market. Now, you have that opportunity. Click here to view a variety of videos I have created, introducing myself, and talking a bit about the home buying and selling process. Are these professionally produced videos? Nope! Do I take myself way too seriously in the videos? Probably! Do these videos run the risk of scaring away potential clients? Undoubtedly! Enjoy! :) | |
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The October 2009 Harrisonburg and Rockingham County Real Estate Market Update . . . for auditory learners. |
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Enjoy this brief video segment discussing real estate market conditions in Harrisonburg and Rockingham County as of the close of October. What do you think? Why has our market remained stable? What will we see for the balance of 2009? | |
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Why Are Home Values Remaining Stable In Harrisonburg and Rockingham County? |
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In most areas of Virginia and the United States, home values have fallen quite dramatically over the past two years. Why, in Harrisonburg and Rockingham County, haven't we seen a similar decline? This video explores the reasons why I believe we haven't seen a decline in home values, primarily because of stubborn sellers, the non-effect of foreclosures, and because home prices didn't increase as much here as they did in other areas. Click here to view the video. | |
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Buying a Home and Selling a Home Simultaneously |
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Just buying, or just selling, can be challenging --- but doing them both at the same time often seems over daunting, especially if this is your first time to do so. There are several ways to tackle this challenge --- watch the video below to learn more... | |
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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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