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Harrisonburg Rockingham MSA Community Profile |
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![]() Click here to download the Harrisonburg Rockingham MSA Community Profile from the Virginia Employment Commission, current as of 02.21.2014. Or, click here to go download a variety of other community profiles. | |
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At least 60 buyers will sign a contract to buy a house next month. How do we make them pick your house? |
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![]() Last March, 67 buyers signed contracts to buy homes in Harrisonburg and Rockingham County, and I expect about the same number to commit to properties this March. With 556 homes on the market, how do we make sure they pick your home? PRICE - First and foremost, we need to examine how your home stacks up to the competition when it comes to pricing. Are most other comparable homes priced below your list price? Very close to your list price? Perhaps we need to undercut the competition to make a buyer ready to commit based on the value and opportunity offered by your home. MARKETING - Is your property marketed broadly and effectively? Does the marketing plan for your home focus first on the primary three ways (internet, sign, Realtor) buyers find the homes they purchase? Do the property photos, brochures, and online presence accentuate your home's strong points? CONDITION - To the extent that we can generate showings through competitive pricing and appropriate and effective marketing, let's also make sure buyers are even more impressed when they view your home in person. Eliminate distractions and potential objections that buyers might perceive when walking through your home. FOLLOW UP - We'll also need to proactively and persistently follow up with buyers (or their Realtors) that have viewed your house. What are their questions, their hesitations, their objections? What additional information can we provide them, or solutions can we research for them? There are certainly some aspects of selling your house that are out of our control, but we do have the ability to affect the price, marketing and condition of your home to maximize the possibility that a March buyer picks your home! | |
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Why is our local real estate market recovering? |
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![]() Supply and Demand! More and more buyers.....fewer and fewer sellers. Eventually, this will also lead to some slow and steady increase in median sales prices. | |
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Harrisonburg Downtown Streetscape Plan |
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![]() Have you checked out Harrisonburg's Downtown Streetscape Plan? With the rapid growth and unique challenges in our downtown area, the need for a comprehensive planning document for public infrastructure has arisen. To meet this need, city staff, along with a committee of key stakeholders, have been working to update the Downtown Streetscape Plan. This plan will build upon the 2005 Downtown Streetscape Plan by expanding the study area and covering additional elements that are necessary to clarify the vision for downtown.There is a 36 MB, 89-page PDF here that has lots of exciting details about the Downtown Streetscape Plan. Happy reading, and I'll draw out a few highlights in coming weeks. | |
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High End Home Sales Bounce Back in 2013 |
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![]() As shown above, after some slow years in 2011 and 2012, the over $500K housing market bounced back in 2013. ![]() The over $600K market had an even more dramatic recovery in 2013. Search for $500K+ homes at HarrisonburgLuxuryHomes.com. | |
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Population trends indicate housing market has more room to grow |
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![]() The population of Harrisonburg and Rockingham County is increasing. If we take the average of 2000 and 2001 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....
Based on the data presented above, I believe the new "usual" number of people to be buying per year may be around 1,150 home sales -- which is still a decent amount of growth beyond the number of home sales (1,013) seen in 2013. And here is the data behind the graph....
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The best deals (compared to list prices) are behind us. |
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![]() It seems that 2011 and 2012 were the years when sellers had to negotiate the most off of their list price -- giving up over 5%, on average. Now, that has shifted down to less than 4%, and I expect that average amount of negotiating will continue to decrease through 2014. | |
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Did you sell your (over $300K) home in January 2014? |
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![]() Probably not. That's right -- there was only one (one!) home sale over $300K in all of Harrisonburg and Rockingham County during January 2014. We should see those home sales starting to pick up soon, but as you can see, January is not typically a time when a lot of homes in this price range sell. | |
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Homes Sales Increase 9% in January 2014 |
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![]() Featured Property: 3050 Baybrook Drive, Harrisonburg, VA I just published my monthly report on the Harrisonburg and Rockingham County real estate market -- and home sales in January were higher than any of the previous three months of January.... ![]() After strong gains in the pace of home sales during 2013, we are likely to see continued strong home sales in 2014. Two factors that will likely contribute to a strong local housing market in 2014 are the low mortgage interest rates and declining unemployment rates.... ![]() ![]() Hopefully we will see some additional listings coming on the market in the Spring, as inventory levels are still quite low compared to previous years.... ![]() But wait, there is lots more news to read.... Click here to read the full February 2014 Harrisonburg and Rockingham County Real Estate Market Report. ![]() An Important Caveat: Yes, our overall housing market is improving. But no, that does not apply equally to all price ranges, locations and property types. We can chat about your specific property to see whether that segment of the market is performing better or worse than the overall market. And as always, if you're interested in talking to me about buying a home in Harrisonburg or Rockingham County.....or if you are interested in selling your current home.....just drop me a line by email (scott@HarrisonburgHousingToday.com) or call me at 540-578-0102. | |
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Harrisonburg VA, The Dining Destination of the Shenandoah Valley |
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![]() Click here to watch a great video explaining why Harrisonburg, VA is the Dining Destination of the Shenandoah Valley. Also, if you hadn't heard, Harrisonburg is now the first city or town in Virginia with a Downtown Culinary District! City Council approved establishing the district Tuesday night (Jan 28, 2014), making Harrisonburg the first city or town in the state with such a designation, said Eddie Bumbaugh, executive director of Harrisonburg Downtown Renaissance.Read the full Daily News Record article here. Or read more on the Virginia Main Street blog. | |
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Byers Street Bistro coming to Harrisonburg? |
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![]() It sounds like Staunton's Byers Street Bistro may be expanding to Harrisonburg --- into the downtown building previously occupied by Dave's Taverna. Learn more about Byers Street Bistro: website | facebook | |
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Buying an Investment Property in Harrisonburg, VA |
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![]() Here are some good primers to what you'll need to know if you are considering purchasing an investment property in Harrisonburg.... Types of Investment Properties In HarrisonburgIf you're thinking of buying an investment property in Harrisonburg, let's set up a meeting to discuss your goals and review some of the basics. | |
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Housing at the new Ice Factory |
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![]() From the Matchbox Realty blog.... The Ice Factory is one of Harrisonburg's most exciting 2014 projects. The project features over 130,000 square feet of mixed use (commercial/residential) space offering a unique mix of both recreational and living space.View more details (and fun photos) here.... Ice Factory overview | |
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Long Term Mortgage Interest Rates Trending Down Again |
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![]() Will they keep going down? Lock in now....or soon! | |
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Tech Startup Firms Setting Up Shop in Downtown Harrisonburg |
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![]() There are plenty of tech startups creating their homes in Downtown Harrisonburg, including.... There was a great article in today's Daily News Record discussing this growing trend.... Brian Shull, the city's economic development director, sees it as an upward trend that's helping to further diversify Harrisonburg's economy and provide good jobs.Read the entire Daily News Record article here.... A CULTURE OF ENTREPRENEURSHIP | |
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Will we be printing our houses in the future? |
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![]() Image: Contour Crafting Researchers are working on 3D printer that could construct a 2500 square foot home in 24 hours. Wow! Read more here: The Answer to Affordable Housing Could Lie Within a 3D Printer | |
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Your Home May Be Your Largest Financial Asset |
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![]() Most people consider their home as a place to live, where families grow, and make memories together. But beyond simply serving as a shelter, your home may also be your largest financial asset. As such, at least from time to time, you should think of it in that light, and make decisions accordingly. First, let's examine the magnitude of your home as a financial asset. A young couple that purchases a $150,000 home at age 30 with 5% down will have paid it off by age 60, and will then have a $364,000 asset assuming 3% per year appreciation. A neighboring young couple that rented during that entire time frame would have needed to put over $600 per month (beyond their rental payment) into an investment account with a 3% return in order to match that $364,000 asset after 30 years. Thus, owning a home becomes a relatively simple way to accumulate savings that can later allow you to retire and have assets to use for your living expenses. Given this potential for a significant future value wrapped up in one's home, homeowners should spend the time, energy and money to care for and improving this asset over time. Keep ahead of the game with ongoing maintenance items such as changing furnace filters, having your HVAC system serviced, painting exterior trim, replacing interior flooring as needed, staining and sealing your deck, etc. Also, depending on how long you anticipate being in your current home, considering making some long term investments, such as planting trees and improving the overall landscaping of your home. The owning versus renting comparison doesn't even fall apart here --- the cost of these improvements are indeed above and beyond your mortgage payments, but with a fixed mortgage interest rate, your principal and interest payment will remain steady over time, as compared to a rental rate that is bound to increase over time. As you are likely to do as your life circumstances change, consider upgrading to a larger home to better suit your housing needs. Selling a home and then buying a new one involves some significant transaction costs which should not be taken lightly – but the cost of transitioning to a new home can be worthwhile if it works within your budget and works better for your family's needs. From a financial perspective, this becomes a one-time transactional cost to upgrade your investment to a larger asset. As you know, your home is much more than just a financial asset, but you must think about how your housing decisions affect your overall financial situation and the options you will (or will not) have in the future based on those housing decisions. Today's low fixed mortgage interest rates provide a unique opportunity to lock in your housing costs for years to come, and as allow for a wonderful long term investment and savings plan. Whether you own a home now, or are considering a purchase, it is worthwhile to examine your hopes, goals and dreams, as well as the financial side of the equation. | |
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State of the Union |
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![]() Don't forget to watch the State of the Union tonight at 9PM. And let's take this opportunity to see how our local real estate market is doing as compared to where we were one year ago.
Stay tuned this evening for an update on the state of our nation, but our local housing market seems to be much improved over the past year. | |
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What happens after a home inspection takes place? |
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All of this is subject to change, as the Virginia Association of Realtors just published a new version of the standard Home Inspection Addendum, but only time will tell if that form will be adopted locally. There are definitely some inherent challenges to the newly proposed form. So, until and unless things change, here's how the home inspection (and then negotiation) process works.... ![]() | |
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The Home Buying Process |
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Purchasing a home can be fun, exciting, thrilling, and fulfilling….but that very same process can also have its moments of being hard, frustrating, disappointing and overwhelming. In my role as a Buyer's Agent, I will be working with you through the entire home buying process to make it as educational and stress-free as possible. The very first step in this process is for us to discuss your needs, goals, dreams and desires. This may involve specifics such as the number of bedrooms and bathrooms, or may focus more on the layout of homes, the feel of a neighborhood, and the long term plans for your growing family. I will be focusing on listening well, and hearing what it is you are working to achieve with our home purchase – and then helping to identify the best housing options for accomplishing those goals. An important, parallel, part of starting the home buying process is to identify a target price range. This can best be determined through consultation with a reputable, local mortgage lender (just ask… I know who they are) but will involve more than just determining the highest priced home that they would allow you to purchase. It will be important to consider both your purchasing power, and your goals for how your housing costs will fit into your overall budget. You will also talk with your mortgage lender about how different loan programs might work better (or worse) for your situation. Once we have a shared understanding of what you are hoping to purchase, and we know what the price tag can and should look like, we can start to evaluate homes that are currently on the market. This will usually start online, perhaps through an exchange of emails, and saving some searches in your account on my web site. Then, you might choose to drive by some of the prospects before determining a list of homes to go view – or you may be ready to start seeing all of the homes on the list right away. As we view this first set of homes, we will learn a lot – about the opportunities in the market, and about your preferences. If we don't identify a home after looking at all of the homes on the market that seem to offer what you are looking for in a new home, we will either re-evaluate our criteria to expand our search, or we will wait to view new listings that come on the market. This extended home search process might take us weeks, or months, depending on the type of property you are hoping to purchase, and how often such a property becomes available. All along the way, I'll be following up on previous homes we have viewed to let you know if their prices have dropped, and will be letting you know of new opportunities as soon as those houses hit the market. Once we have identified the home you are hoping to purchase, we will prepare to make an offer. This will include researching similar home sales to guide our discussions of price, creating a negotiation strategy, and preparing and reviewing the pertinent contract documents. There is quite a bit of paperwork involved in making an offer on a home, and I want to make sure that you understand these contract documents and make sure that we have drafted them in a way to protect your best interests. Negotiating the final deal on the property you purchase may take a few hours, or a few days. We may go back and forth with the seller on price alone, or on many terms of the contract such as timing, contingencies, and more. Once we have a final agreement, all parties will sign and initial the final documents, and we will have a full ratified contract. Immediately following the ratification of the contract, we will need to schedule and perform a home inspection and radon inspection (assuming you are conducting both) to learn more about the property you are purchasing. If these inspections reveal new (detrimental) information about the property, we will have the opportunity to request that the seller make repairs to the property, which may result in a renegotiation on price. Typically, we are able to work through this second round of negotiations relatively quickly, so long as the seller is being realistic and rational given the new information about their property. Simultaneously with conducting these inspections, you will need to be starting the financing process to work towards obtaining full loan approval. This will start with signing your loan application and paying any applicable loan application or appraisal fees. Your lender will then be diligently working to further qualify you as a purchaser as well as the property via an appraisal. You will be providing many documents to your lender during this process as they work towards securing a loan for you to purchase the property. Within the first few weeks after your contract is in place, we will need to select service providers to coordinate the additional aspects of your home purchase. This will include a settlement agent or attorney who will conduct a title search of the property and prepare all documents for your settlement. You will also need to set up a new homeowners insurance policy on your new property, as well as schedule utility service to start in your name as of the settlement date. We'll now be just a few weeks before closing, and the final pre-settlement details will include reviewing the settlement statement (which shows all of the funds coming into and going out of the closing), conducting a final walk though of the property (to confirm the condition is as we expect it to be), and obtaining a cashier's check to bring the necessary funds to settlement. All of the details should be falling in place now, and if all goes well, we will be set for an on-time settlement. In nearly all real estate transactions (in this area) at your real estate closing you will sign all of the loan and settlement documents as well as receive the keys to your new property. The house will now be your new home, and you can take possession and starting moving in immediately after settlement. Later that day, the settlement agent will record the deed at the courthouse that officially transfers ownership of the property into your name. You are bound to have questions about the home buying process – before you begin, as we go, and even after settlement. I am here to answer all of those questions, or to guide you to the professional who can. There is plenty to learn about the home buying process, and I am here to help guide you through it and to help you make excellent decisions about your purchase of a home. | |
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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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