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67 Four Bedroom Townhouses on Lucy Drive Instead of 107 Apartments, Retail, and Office Space? |
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 The owner of two parcels on Lucy Drive applied for a rezoning in mid-2018 to allow for a mixed use development that was to include (4) three to four level buildings with retail and offices on the first level and apartments on the upper levels. The (107) proposed apartments were intended to be (57) four-bedroom apartments, (37) three-bedroom apartments, (10) two-bedroom apartments and (3) one-bedroom apartments. That proposal was denied by City Council after 90 people showed up in opposition to the project. Now, the owners/developers are back with a new proposal -- 67 four bedroom townhouses.  Here's the full packet of information that will be considered by the Harrisonburg Planning Commission this evening, Wednesday, March 13 at 7:00 PM. This property is zoned R-3, which allows for townhouses to be built -- but the zoning ordinance requires that each townhouse lot have frontage on a public street, and the owner is applying for a variance to allow 32 of the planned 67 townhouses to not have frontage on a public street. Basically, if all townhouses need to have frontage on a public street, they could only build half as many townhouses. If the City allows them to have a private street for access to the townhouses they can build many more (67?) townhouses on the same amount of acreage. In the information packet linked above you'll note that City staff points out that there have been quite a few townhouse developments approved in the past 20 years with private streets -- but almost all of those variances that were granted were for subdivisions that were conforming to the Comprehensive Plan's Land Use Guide and planned densities - while this land is intended (per the Comprehensive Plan) for "limited commercial use". Bottom line - City staff is recommending that the request for the variance (and thus the preliminary subdivision plat) be denied. If the Planning Commission makes a decision as to a recommendation to City Council at the meeting this evening, this proposal will then go before City Council on April 9 -- without a public hearing, since it is a request for a variance, not a rezoning. Read the Daily News Record article (from yesterday) about this topic here. | |
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If Only We Had Two Or Three Of These Houses! |
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 Sometimes, these days, sellers are seeing more than one offer coming in at the same time on their home. Not always, mind you, just sometimes. All people in Harrisonburg are nice. OK, well, maybe not all, but most of them seem to be. As such, sometimes two super nice, awesome, wonderful people make offers on the same house -- and sadly, only one of them can buy it! Sometimes a buyer tries to set their offer apart (above?) other offers by including a personal, heartfelt letter about why they LOVE the seller's home and how they will live happily ever after in it. These are often meaningful, helpful, touching and effective. But shoot - sometimes there are two awesome buyers who wrote these emotion evoking letters, and again, only one of them gets the house. It stinks to be that second (or third) buyer - as it's often quite the letdown for the contemplated home purchase to not have worked out. It's a bit easier as a seller -- you're selling your house to buyer #1, even if buyer #2 is crying in the corner -- but it's still not ideal. Sometimes a seller even knows buyer #2 or buyer #3 and feels terrible about not being able to sell them the house as well, but... Anyhow -- it's a good problem for a seller to have -- multiple buyers vying to buy their house. But it's just simply no fun at all for buyers. I feel for them - whether I'm working with them as my clients, or if I am representing the seller who effectively had to reject them. Stay strong, buyers! Hopefully some new, exciting listings will be on the market soon to ease the pain of missing out on the house you had been convinced you would be buying! | |
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Home Sales Slow In February But Contract Activity Increasing |
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 Happy Spring! Yesterday's warm sunny afternoon was a welcome reprieve from our recent frigid temperatures - and it looks like we'll have continued warm-ish (or at least not frozen) days this week as well. And how about that local real estate market? Is it heating up as well? Breaking out of the winter doldrums? Well, maybe not quite - though technically this report only covers real estate activity through the end of February, so maybe we'll have to wait one more month for some more exciting news. But buckle up, and let's flip through the latest local real estate news to catch up on where things have been and where we're likely headed. Oh - but two quick notes, first:
And now, here we go...  As seen above...
 OK - lots going on above - this is where I break things down between detached homes (green) and attached homes (orange) -- where "attached" homes are townhouses, duplexes and condos.
 The red line above shows the sales trajectory for 2019 -- January sales (64) were right in the middle of the pack as January goes -- but February sales (63) were much slower (lower) than last year (81) though not too far off of the prior two years (68, 69). So - where in the world do we go from here? Do we see a relatively disappointing March with only 80 home sales (lowest since prior to 2016) or do things bounce back up to 95 or 100 home sales? Time will tell - but thus far the market performance has not been overwhelming in 2019 when it comes to the number of homes that are selling.  Now, looking beyond the month-to-month trends -- this graph (above) looks at a rolling 12 month timeframe to even out some of the ebbs and flows of market activity. The top (green) line shows that median sales prices have been relatively steady for the past six months -- hovering between $210K and $213K. The bottom (orange) line shows that the annual pace of home sales has actually been slowing in recent months. If home sales keep slowing down, eventually that could have an impact on sales prices, but for now they are holding steady. It is also certainly possible that the slowdown in home sales has more to do with a lack of available inventory than it does with any decrease in buyer interest.  Here (above) is another pretty graph to show the increasing home values in Harrisonburg and Rockingham County over the past few years. Though - curb the boundless enthusiasm for a moment - the annual increase was only 2% in 2018, down from 5%, 7% and 5% the prior three years. So -- 2019 will be a telling year -- will values hold steady, or increase slightly, or decline slightly? Stay tuned -- it's early yet.  And this (above) might be the missing piece of the puzzle. Buyer activity (blue line) is somehow staying steady-ish (except dipping a bit over the past few months) despite the quickly falling inventory levels (green line) over the past three (four!) years. I've said it recently but I'll say it again - it can be a fun time to be a seller right now - but it's not so fun to be a buyer. You'll be choosing from an ever smaller number of available properties, and potentially competing with ever more buyers.  Here's one graph of optimism as it relates to the next few months -- contract activity is on the rise with 92 contracts signed in February 2019, up from 90 last February and 87 the February before that. So - we will likely see a solid month of sales activity in March, and hopefully in April if we have another strong month of contracts in March. But, just to prepare you pretty early here -- I think it is HIGHLY unlikely that we'll see a month with 171 contracts like we saw last May.  And here is a visualization of those inventory woes I was describing earlier. The number of homes for sale has been creeping ever lower, hitting yet another new low at the end of February with only 255 homes for sale. Hopefully, maybe, possibly, we'll see that start to drift upwards as we get into March, April and May??  If buyers have anything (anything!?) to be glad about -- it's that their mortgage rate will likely be lower now than it would have been a few months ago. After average rates drifted all the way up to 4.86% -- and seemed to be ready to get back to 5% -- they started floating back down to their current average of 4.35%. If buyer activity increases over the next few months, they'll be enjoying more affordable financing of their home purchase. OK - admittedly - that was a lot. Kudos to any of you who made it all the way to the bottom of this commentary. Many trends stay relatively similar from month to month but it's always good to take a fresh look to give us a context to help make informed real estate decisions moving forward. If you're thinking of buying or selling soon... SELLERS -- even though it is a seller's market in just about every 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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How To Think About Home Inspection Negotiations |
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 A buyer agrees to pay a price for a house based on what they know about the house at that time. The home inspection process allows them to learn more about the house to confirm that it is the house that they thought. But sometimes, they discover problems with the house that they'd like the seller to address....
So, how do these home inspection negotiations usually proceed? The short (and vague) answer is -- well, it depends on the terms of your contract. But, overall, here is how the inspection process typically flows....  As you can see above, after a buyer requests repairs (based on the home inspection) the seller can choose to make some, all or none of the requested repairs. The transaction (and negotiations) can then go in a few different directions based on that response. Learn more about the home buying process at....  | |
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When A Realtor Represents a Home Buyer Do They Just Unlock Doors? |
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 It's a bit more involved than that -- we unlock doors AND turn on lights! :-) Just kidding, of course. There's more to representing a buyer than just unlocking doors and turning on lights -- so before you call the listing agent to see a home listed for sale, you should understand a bit more about buyer representation.
In representing you in your home purchase, your buyer's agent would be performing tasks such as:
So -- you can call the listing agent (who is contractually bound to represent the seller's best interests) or you can hire a Realtor to represent YOUR best interests as the buyer. Clearly, I recommend the second option. Beyond buyer representation, there is a lot more to know about and think about regarding the home purchasing process. Read more at.... | |
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What To Do If A Rezoning Sign Shows Up Next To Your House |
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 OK. Let's brainstorm...
Yeah, probably none of those. Now, some real suggestions...
City of Harrisonburg Planning Commission website: Rockingham County Planning Commission website: | |
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Three Main Obstacles Between Contract and Closing |
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 While every home sale is different -- with unique contingencies based on the needs and situations of the buyer and seller -- there are three main hurdles that most buyers and the houses they are purchasing must clear to make it to closing. So -- where is your contract in this process? Have you cleared 1, 2 or 3 of the hurdles, thus far? There will be plenty of other details to attend to, but these are the three main areas of focus. Evaluating the property condition, the property value, and the buyer's finances.... INSPECTION - This is an evaluation, by a home inspector, of the condition of the house. Clearing this hurdle typically involves requesting that the seller make some repairs to the house (or negotiate further on price) based on new information about the property condition discovered during the inspection process. APPRAISAL - This is an evaluation, by an appraiser hired by the purchaser's lender, of the value of the house. If the property appraises for the contract price (or higher), all is well -- otherwise, the buyer and seller may need to renegotiate the contract price based on the appraised value. LOAN APPROVAL - This is an evaluation, by a lender (and their underwriters) of the purchaser's financial situation. The lender must confirm that the buyer has the income to support the mortgage payment required for purchasing the home. Again - there are many other smaller hurdles (for example, a termite inspection) and larger hurdles (for example, a home sale contingency) that may need to be cleared in your purchase (or sale) of a home -- but these three main hurdles (inspection, appraisal, loan approval) are the three main mileposts during the contract-to-closing process that we'll be focused during the transaction. BUT WAIT -- THERE'S MORE.... Would you rather have three main hurdles to clear, or six? Let's imagine that you receive two offers on your house, which is listed for $250K....
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Are Home Sellers Waiting For Warmer Weather? |
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 OK, I know it's not Spring yet, but it's March! We're supposed to start seeing many more new listings coming on the market - finally - for all of the buyers who have been patiently waiting for more inventory from which to choose. But, it's just not happening yet this year. Or at least not at scale. Maybe it's the snow (despite a lack of accumulation) or maybe the frigid temperatures (looks like a cold week ahead) but whatever the cause, we're seeing much lower early March inventory levels as compared to the past few years. So, maybe mid-March? Maybe April? When will we finally see an increase in listing inventory? It hasn't happened yet! Sellers who are thinking of selling in April - maybe March is your month? Get ahead of the game -- avoid the competition! | |
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Watch What You Say When Viewing A Home As A Buyer |
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 As a buyer, when you are walking through a home, keep in mind that the seller might be listening! These days, there are plenty of ways that a seller could be monitoring their home, with a security camera, or other recording device that could allow them to hear every word you are saying while you are in their house. And, these cameras (or other listening devices) are less and less obvious and less and less expensive! So..... 1. Don't insult their house. It won't help during negotiations.One way around this is to pretend (as a buyer) that the seller is walking through the house with you. By the way, sellers, it may not be legal for you to record conversations in your home while you are gone. You should likely either NOT record conversations, or disclose that it is taking place. P.S. I am not an attorney. Consult one if you want an actual legal opinion. Ask me if you need a recommendation. | |
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A Map of Every Building in Harrisonburg and Rockingham County (and in America!) |
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 Here's a fun/cool resource to check out in your free time... The New York Times published an online, interactive map of every building in the United States! Each building is represented by a black box spec on the map. Here's another, wider view of our area...  Check out the actual article over at the New York Times for extensive analysis, commentary and other map examples. For example... "Where buildings are clustered together, in downtowns, the image is darker, dense. As suburbs stretch out with their larger lawns and malls, the map grows lighter. Your eye can follow the ways that development conforms to landscape features like water and slopes." Oh, and here's the entire country...  Find the full article and commentary over at the NY Times here... | |
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How Much Price Negotiation Should Home Buyers Expect? |
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 If you're looking to buy a home under $250K, should you only consider homes priced at or below $250K? Probably not - some sellers of homes priced above $250K will negotiate down to $250K. Should you look at homes priced above $500K? Probably not - most sellers of homes priced above $500K probably will not negotiate down to $250K. Both of those are probably obvious to most home buyers, but how do we understand the negotiability dynamics between those two mostly obvious statements? The data above is a first look at that puzzle - with some guide rails. Basically, I looked at one year of City/County home sales, but limited it to homes with 1500+ square feet, 3+ bedrooms, 2+ bathrooms, on less than an acre, between $200K and $400K. So, not a canvas of the entire market -- but a pretty reasonable chunk of the middle of our market not likely to be thrown off by lots of investors (lower priced or attached properties) or high end buyers (high priced properties). And - after that intro - here's (some of) what we find...
So - hopefully that provides some guidance as to what you might expect as a buyer. If you see a home listed for 11% above your budget -- there is likely only a 2% chance that the seller will sell at a price that works for you -- or, put another way, you might have to find 98 such properties (where the seller won't come down 10%) before you find the 99th and 100th where they will. Happy home shopping -- and negotiating! | |
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Aging In Your Current Home With Community Support |
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 Have you, or a co-worker, friend, neighbor, parent, lived in their home for many years? Are they starting to face challenges of keeping up with home maintenance, or accessibility of some aspects of their home based on their age or mobility? Here's an organization you might want to check out...  Valley Village (valleyvillagehbg.org) A member of the Village to Village Network From their website... The mission of Valley Village is to provide neighborhood members with community-building activities, and home-based services thereby promoting independence, convenience, safety and well-being, for those who wish to live in their own homes in a multi-generational community. The purpose of Valley Village is to ensure that all individuals have access to services needed to live independently in their community as long as possible. Find more out about Valley Village by visiting valleyvillagehbg.org. | |
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Mortgage Interest Rates Are Falling, Falling, Falling |
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 In what can only be described as good news for home buyers -- mortgage interest rates keep declining! In November 2017 interest rates had climbed to 4.94% and it seemed we'd soon be seeing 5.something% rates. But then they started to decline again, now all the way back down to 4.35%. If you're planning a home purchase this Spring, this is an extremely enticing time to lock in your interest rate! | |
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49 More Detached Homes Coming To The Crossings |
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 The Crossings, a neighborhood of detached homes straddling the City/County line, will be expanding - from 35 homes to 84 homes - after a slight rezoning of the land by Rockingham County. The first phase of the neighborhood included 35 building lots, most of which have been built upon and the homes sold. The new phase will include 49 home sites, with 40 of them in the County and nine in the City. Here's the site plan for the new phase...  Here is a somewhat recent aerial view of the area -- from about two years ago -- when many but not all of the homes had been built...  Dick Blackwell with Blackwell Engineering works with the developer and indicated at the Board of Supervisors meeting that the houses will cost about $200,000. That does seem possible given recent sales at The Crossings, many of which have been close to $200K...  Looking a bit further at the metrics, we find that the median sales price of homes at The Crossings in 2018 was $226K...  After lots of news of new rentals, condos and townhouses, it's nice to hear that some modestly sized/priced detached homes will be built in the near future as well! | |
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Rezoning Requested For 86 Condos on Boyers Road |
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 Randy Cosner (Cosner Investments, LLC) is requesting the rezoning of 5.9 acres of a 10 acre parcel on Boyers Road to allow for 86 condominiums to be built. The property is currently zoned A2, and the proposed zoning is Planned Multi-Family. This would allow for 86 condos with 1, 2 or 3 bedrooms, for a total of 186 bedrooms in four separate buildings surrounding common areas. The full rezoning request can be found here. Here's what the proposed site plan would look like...  Per the rezoning application, the development would be called Locust Grove Village and would "provide a unique living opportunity for those inclined toward the beneficial aspects of community and socialization in a rural setting." Here is a rendering of what the buildings might look like...  A few details from the developer's narrative include... "Specifically, Locust Grove Village will house no more than 86 individual condominiums containing a mixture of 1-, 2-, and 3-bedroom units. Units will be clustered into four buildings of 20-22 units apiece, with a majority of these units having a ‘townhouse' style and appearance. Building ‘corners' will be comprised of six condominium units served by a common entry and stairwell. Each pair of buildings will encircle a central green, with each townhouse-style condo having direct access through their own private courtyard. Half of the corner units will have balconies/courtyards that face the common green (interior), while the other half will face the exterior." "The central greens will be improved with tasteful landscaping (mixture of trees and shrubbery), paved walkways, a central gazebo, charcoal grills, and benches, intended to promote resident interaction and sense of community. If desired by residents, allowances will be made for community gardens, to be maintained by the residents themselves, and thereby promoting a sense of pride and ownership within the community. Pedestrian connectivity between the greens will be provided through walkways and a mid-block crosswalk through the parking area." "In sum, Locust Grove Village is intended to serve a growing desirability for attractive, communal living opportunities within a rural setting. Through emphasis of common areas and promotion of interaction between residents, Locust Grove Village will position itself as the premier condominium-based community within Rockingham County." The Rockingham County Planning Commission reviewed this rezoning request at their January 2019 meeting. Their main concerns, per the minutes, seemed to be:
The rezoning request was unanimously tabled at the Planning Commission meeting. We'll have to wait and see if the request will be reviewed and discussed again, but at this point these condos "might be" built -- because the rezoning has not yet been approved. | |
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32 Townhouses To Be Built on Boyers Road |
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 Randy Cosner is planning to build 32 townhouses on 2.741 acres on Boyers Road as shown above. Below is the intended site layout, which includes common areas with a fenced tot lot playground and a picnic area with benches and a fire pit.  The townhouses are to be built similar to the rendering below. Of note -- it is not clear whether these townhouses will be sold to individual buyers, sold to investors to then be rented, or retained by the builder to be rented. The townhouses pictured below are located on Leslie Court, located off of Vine Street, near its intersection with North Main Street. All 24 townhouses built on Leslie Court were purchased by investors (a total of perhaps four entities) and all 24 townhouses are now rented.  If you have driven by this location (Boyers Road) anytime recently you will have seen that all of the trees have cleared to prepare for construction. | |
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156 Apartments To Be Built on Reservoir Street |
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 Well, it looks like another 156 apartments will be built on Reservoir Street, just outside of the City limits in Rockingham County. The Board of Supervisors recently approved a rezoning of this 6.302 acres to essentially be a second phase of the Robinson Park apartments immediately adjacent to this new project. Per the Daily News Record the 156 apartment complex will be comprised of:
Apparently, the complex will also include a clubhouse and outdoor pool.  Further review of the minutes from the January 23, 2019 meeting of the Board of Supervisors offers these insights...
So, there you have it. More apartments coming soon on Resevoir Street... which may or may not make Harrisonburg a place young alums can call home for decades... | |
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Making Harrisonburg A Place Young Alums Can Call Home For Decades |
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 I recently lamented that most new housing that is being built is student housing or rentals -- as opposed to homes that can be purchased by homeowners. And the "why" is because of the highest and best use for development land... "So long as there are student housing, rental housing or mixed use developers willing to buy land at a high price/acre AND/OR as long as owners of development land are willing to hold out for that high price/acre -- then land is not likely to be sold to developers or builders at a price/acre that would allow them to build homes for buyers to buy." Katherine took it one step further (thanks Katherine!) to draw home the "so what" of my observation... "Students are a lucrative and seemingly inexhaustible market, but it's short-sighted not to give some thought to how we can keep more young alumni in the community after graduation. Attractive, affordable starter homes are a piece of this puzzle, as are businesses and services geared toward professionals rather than college students. (And good jobs are, too, of course.) Excessive catering to the student population will make Harrisonburg a town people "remember fondly," not one they call home for decades." I agree wholeheartedly with this sentiment -- I want Harrisonburg to be a town that young alums can call home for decades. As Katherine points out, this is not just about housing - but housing is certainly a big part of it. It is not immediately clear what this could / should mean for the City of Harrisonburg -- but I do think we could look back 10 years from now and lament the fact that there weren't enough new developments built to allow for young alums to settle into jobs, buy their first home, and start establishing this as their home for decades. | |
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Local Real Estate Market Holds Steady in January 2019 |
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 I hope you are finding time to enjoy this one sunny day this week - amidst clouds, rain and snow the rest of the week. Perhaps the bright news in this update on the real estate market will buoy your spirits when the clouds return tomorrow. :-) But before we dive into the data, be sure to check out the home pictured above, an immaculate brick Colonial in Highland Park, by visiting 4105LucyLongDrive.com. Oh, and as per my usual habits, you can skip right to a PDF download of the full market report here, or read on for my color commentary...  OK - starting off with an evaluation of the market as a whole, the chart above shows us that the exact same number of buyers (63) bought in January 2019 as bought in January 2018. Thus, it was the slowest month of the year - but exactly as slow as things started last year. (1) When we look at a longer timeframe (Feb 2018 - Jan 2019) we see that 1,303 buyers bought homes in Harrisonburg and Rockingham County -- which marks a 3.74% increase in buyer activity as compared to the previous year. (2) The median sales price of the homes that have sold in the past 12 months was $211,500 -- which is 5.81% higher than the median sales price during the prior year. So, perhaps prices are on the rise. Or, perhaps different homes are selling. Read on for more on this. (3) Homes are selling quickly -- QUICKLY! -- with a median "days on market" of 25 days over the past year, a 24% drop from 33 days the prior year. Now, let's break things down between detached homes and attached homes. Attached homes are townhouses, duplexes and condos...  There is a good bit to soak in here, on the chart above, as well. (1) The 942 buyers who bought detached homes over the past 12 months contributed to 5.25% more buyer activity -- for this type of property -- as compared to the previous 12 months. (2) The median sales price of those 942 detached homes was $228,000 -- a whole (not actually that exciting) 1.33% higher than the $225,000 value one year prior. (3) Talk about consistency -- 361 buyers bought attached homes (townhomes, duplexes and condos) in the past 12 months -- exactly the same number as during the previous 12 months. (4) The median sales price of those 361 attached homes was $167,811 -- a full 4.88% higher than the $160,000 value one year prior.  There it is, folks, the start of something great -- maybe? While it's true that January is the slooooowest month of the year for home sales AND this past January was the sloooooowest January seen in the past few years -- it is also true that last year was a near record breaking year of home sales, and we also started out with only 63 home sales in January 2018. So -- stay tuned -- perhaps this will be another vibrant year of sales activity for the local real estate market.  Staying steady - that's all I wish for our real estate market sometimes. The graph above shows a rolling 12 month value for the median sales price and the number of home sales taking place in our local market. You'll note that homes have been selling at a pace of around 1300-ish homes per year for the past six or so months -- and we've been hovering around the $210K-$212K mark for median sales prices. Staying steady-ish isn't too bad. I'd be happy with a 0% - 2% increase in the pace of home sales and a 2% - 3% increase in the price of home sales this year. We'll have to wait a few more months to get a better sense of if that is where we're headed.  If asked, I think home values have risen by 2% over the past year, and the graph above is why I'm sticking to that number. If you look at all home sales in the area (attached and detached) you'll come up with a higher increase in the median sales price -- but I believe the change in the median sales price of detached homes is the best indicator of trends in market value -- and there was a 2% increase in the median sales price of detached homes between 2017 and 2018. Stay tuned to see how we fare in 2019 as more data keeps coming in.  It's a great time to be a seller! As shown above, while the number of buyers in the market has stayed relatively consistent over the past (almost) two years, the number of homes on the market at any given point has continued to decline steadily. As such, this has become more and more of a seller's market. Homes are selling quickly and thus buyers must be ready to pounce on the home of their dreams when it is listed for sale. More on this at the bottom of this note.  On this graph it might be most interesting to look backwards in order to look forwards. After a predictable mid-80's month of contract activity in January, it seems likely (based on history) that we'll see around that many buyers sign contracts to buy homes in February. But after that, look out! Buyer activity usually starts in earnest in March and April, where you'll see a 45% (ish) increase in buyer activity between Jan/Feb and Mar/Apr. The big question this year would be whether we really will / could have anywhere near as stellar of a month as we had last May for contract activity. Maybe not??  It is quite possible that inventory levels have dropped just about as far as they can possibly go. Over the past year we saw a seasonal rise and fall back to a just-below-300 inventory level as we started out January and February. It seems likely we'll get back up to a 340-350 level in the summer months, but absent a large new construction development starting in the area, it seems unlikely we'll get back up to 400 homes for sale at any given point in 2019.  I said it earlier, but I'll repeat it. Homes are selling quickly! OK -- not all homes -- don't get overly distressed if your home is not under contract within 30 days of being listed for sale -- but quite a few (54%) of the homes that do sell are indeed under contract within 30 days of being listed for sale. If your home is not, let's talk about why, and what we might need to do to get it under contract within the next 30 - 60 days.  Refreshingly, after staying above 4% all year long in 2018 - and rising as high as 4.86% in October - they finally started to decline again and have continued to do so over the past few months. We're not back (barely) under 4.5% which is a nice relief for buyers in the near term. I'll pause there now, and commend any of you voracious readers of market updates who made it this far. :-) Read even more (!!) in the full PDF here, or feel free to shoot me an email with your thoughts, perspectives or questions on the market. And finally, a few quick links for you if you are thinking of buying or selling soon -- SELLERS -- even though it is a seller's market in just about every 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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Selling A Property Occupied By A Tenant |
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 Do you own a property in Harrisonburg occupied by a tenant? When you are ready to sell it, how will you go about that process? Will you list the property for sale while the tenant is still living in the property?
Will you list the property for sale after the tenant has moved out?
OK -- admittedly, I'm spelling out the worst case scenario of both sides of this issue -- hopefully making it clear(er) that there is no sure-fire easier, faster, better way to sell an investment property. There can be challenges in listing the property for sale while the tenant is still occupying the property, and likewise, if you list the property for sale after they move out. We'll need to work together to determine the best game plan for your property, perhaps considering...
It doesn't have to be difficult to sell a property occupied by a tenant, but we'll want to approach the process thoughtfully. Let me know if you're planning to sell an investment property in 2019. | |
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Scott Rogers
Funkhouser Real
Estate Group
540-578-0102
scott@funkhousergroup.com
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