Newer Posts | Older Posts |
![]() |
![]() |
Only Six Lots Remain at The Glen at Cross Keys |
|
![]() Only six lots remain at The Glen at Cross Keys - located just East of Harrisonburg, these 2100+ SF newly built homes feature an open floor plan with a two story vaulted ceiling in the kitchen, dining area and living room, which lead out to concrete patio. Buyers select from several upscale cabinet options from Classic Kitchen & Bath, granite kitchen counter tops, ceramic tile in the bathrooms, and much more. This Sycamore floor plan features the master suite on the main level, plus an additional room (office? studio? den?), plus two additional bedrooms and a full bathroom on the upper level. Check out more about this community at TheGlenAtCrossKeys.com - before they have all been built and sold! | |
![]() |
![]() |
![]() |
![]() |
Contract Activity Actually Slowed in April 2018 |
|
![]() This has been a ridiculously fast paced first four months of the year in my small corner of the local real estate world. As shown above, sometimes, my desk seems to be taking flight and I'm just fighting to keep up -- and, apparently, growing a beard because I don't have time to shave? :-)
146 buyers signed contracts during April 2017. 123 buyers signed contracts during April 2018. As shown above, contract activity actually slowed a bit when comparing this most recent month of April to last April. This (fewer contracts) could, of course, be related to buyers having limited options because of low inventory levels. Homes for Sale in early May 2017 = 411 Homes for Sale in early May 2018 = 323 I'll publish my full monthly market report in another week or so (if I can jump off this speeding train of sales activity for a few hours to do so) and we'll see what the other numbers show. For now, though, it is interesting to note that contract activity actually slowed in April 2018 as compared to last April. | |
![]() |
![]() |
![]() |
![]() |
New Images of Proposed (Privately Funded) Downtown Park |
|
I'm going to let these images speak for themselves (in a moment) but wanted to provide the update that plans are still progressing for a proposed privately funded park in downtown Harrisonburg. As per the Daily News Record earlier this week.... "The proposed park, with council's approval, would be built on city- owned land west of City Hall on South Main Street, stretching across the grassy area to South Liberty Street. It would include and expand the Harrisonburg Farmers Market's Turner Pavilion and stretch south to include Warren Street and a gravel parking lot." Read the entire Daily News Record article here. Download the higher resolution photos here: Watch a video walk through of the park here. (scroll down) Or, enjoy these photos.... (full disclosure, I am on the board for Build Our Park) | |
![]() |
![]() |
![]() |
![]() |
Understanding the Total Financial Impact of Selling AND Buying a Home |
|
![]() If you will be selling your home to buy another, there are a lot of numbers floating around....
Above you will see a spreadsheet I put together to help you think about some of these numbers as you are evaluating if and when you will make a move to a new house. In yellow, are all of the inputs you will need to provide, or that you and I can determine together, such as your current payment, your home's current value, your mortgage payoff, whether you will be putting any additional money into the transaction, etc. In green, I have identified your potential future mortgage payment and the net change in your monthly payment. All of the numbers without a background color will automatically calculate for you. Click here to download this worksheet as an editable Excel file. | |
![]() |
![]() |
![]() |
![]() |
What Does a Realtor Do in Representing a Buyer? |
|
![]() If you are purchasing a home, before you call the listing agent to see that home, you should understand a bit more about buyer representation. In representing you as a buyer 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.... ![]() | |
![]() |
![]() |
![]() |
![]() |
Hey Builders, Harrisonburg is an Increasingly Popular Place to Live, Keep Up, Please! |
|
![]() OK -- no numbers today. Just a few thoughts that have been coming up in conversation after conversation over the past year. Inventory levels (the number of houses for sale at any given time) have been quite low when looking at the City of Harrisonburg and immediately surrounding areas. Many buyers are having a tough time finding a home to buy. Many houses are selling quickly because there are many buyers who want to buy them when they hit the market. I believe a significant reason why housing inventory levels are so low is because people are deciding they want to live in (or stay in or move to) Harrisonburg faster than builders are building new homes for them to purchase. Sometimes it is young adults who just graduated from JMU, EMU, or Bridgewater College and who want to stay in the area. Sometimes it is a local college grad moving back after having had a taste of life in the big City. Sometimes it is parents of these college grads turned Harrisonburg residents who are moving to Harrisonburg to be close to the grand kids. Whomever it happens to be -- more and more people are deciding they want Harrisonburg (or close to it) to be their home. And I believe they are deciding this at a faster rate than new homes are being built. Side note -- lots of rental housing is being built right now. This sort of helps -- people can rent if they can't find something to buy -- but it is not a viable long-term solution. So -- builders -- let's get to building some new homes, why don't we? It is time -- the home buying population is growing, and needing housing.... | |
![]() |
![]() |
![]() |
![]() |
Today is the Great Community Give! |
|
![]() Today is the day! Join me in the first of its kind "day of charitable giving" for Harrisonburg and Rockingham County -- aptly named, the Great Community Give. Folks throughout our community will be coming together today to financially support 50+ nonprofit agencies participating in the Great Community Give. This is our opportunity to join together as Harrisonburg and Rockingham County residents to show our love for this community. Click the link below to explore the nonprofits in our community that YOU can support today to be a part of the Great Community Give! Donate Here View the Leaderboards | |
![]() |
![]() |
![]() |
![]() |
Should You Be Dejected If Your House Does Not Sell In One Week? |
|
![]() Should You Be Dejected If Your House Does Not Sell In One Week? It depends. For example -- in the City of Harrisonburg, 26% of homes that have sold thus far in 2018 have been under contract within seven days of having been listed for sale!?! So -- if day 8 rolls around, should you worry, complain, cry, immediately drop the price, what??? Maybe none of those. Having your home under contract within one week depends on demand for your home being high -- your type of home (detached or not), size of home, price of home, location of home, etc. If all of those overlays leave large portions of the home buying public finding your home to be interesting - then you are likely to have a speedy sale. If the type, size, price or location of your home (or multiple of those factors) limit the number of buyers who will have interest in the house -- then you may have to wait longer for your to be under contract. We can predict this, somewhat, looking at sales of similar homes, current inventory levels of similar homes, etc. If you are getting ready to sell your home, read up on the process and philosophy at SellingAHomeInHarrisonburg.com. | |
![]() |
![]() |
![]() |
![]() |
How Historic Are Our Current Low Housing Inventory Levels? |
|
![]() Just how historic are the current low housing inventory levels? Quite historic, it seems. The graph above shows the inventory level at this time of year (end of March) for each of the past 11 years. As you can see, we have been seeing steady declines since 2010 -- though things were relatively steady with around 600 homes for sale between 2013 and 2016. Last year, however, we saw a 33% decline -- and this year we have seen another 20% decline. Low inventory levels leads to homes selling much more quickly, and buyers often having a more difficult time securing a home to purchase. Stay tuned to see whether we start to see increases in inventory levels as we continue through the Spring and Summer. Read more about our local housing market at HarrisonburgHousingMarket.com. | |
![]() |
![]() |
![]() |
![]() |
Best First Quarter of Home Sales in Ten Years |
|
![]() Indeed -- this year is off to a FAST start. As shown above, we saw more home sales in the first three months of this year than any other year in the past 10 years! Wow!Read more about our local housing market at HarrisonburgHousingMarket.com. | |
![]() |
![]() |
![]() |
![]() |
Just How Speedy Does A Home Buyer Have To Be These Days? |
|
![]() Some homes are absolutely FLYING off the shelf -- under contract within 48 hours, with multiple offers, sometimes over the asking price. So -- are all homes selling that quickly? Nope. Homes are selling faster in the City than the County, so I thought I would break things down in the City based on sales thus far in 2018 -- 1/1/2018 through 4/16/2018. As shown above, about 25% of the homes that have sold this year did go under contract within a week. That is significant -- those were speedy sales, without much time for a buyer to think and process and decide what to do. Add in the homes that go under contract within the first month (but not in the first week) and you are starting to approach half of the homes in our market. So -- yes,depending on your desired location, price range, etc., you may need to be ready to act FAST! But -- all City homes listed for sale are not going under contract within a day or two. There are plenty that are taking a somewhat longer, normal, period of time. Read more about our local housing market at HarrisonburgHousingMarket.com. | |
![]() |
![]() |
![]() |
![]() |
Home Sales and Prices Rising, Time on Market Falling |
|
![]() Find out about this newly listed custom-built home with amazing views: 973SmithAvenue.com. 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 dive into some of the latest data from our local real estate market.... ![]() As shown above, most market indicators are quite positive....
![]() Two important items to note above....
One last tidbit.... As shown above -- contract activity declined slightly in March 2018 -- but -- wait for it -- year-to-date (Jan-Mar) contract activity is still 3% higher than last year. So -- perhaps we will still have a reasonably strong month of closed sales in April and May after all. 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 keep reading my blog in the coming days for further commentary. AND -- if you're 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.... Enjoy this cold-again, hot-again month of April! | |
![]() |
![]() |
![]() |
![]() |
Buying vs Building A $400K+ Home |
|
![]() Most buyers looking to spend over $400K (or certainly those looking over $500K) will also be considering building a new home. Typically, the tension between buying vs building is one of: 1. Goals 2. Money 3. Timing If you build, you can get the house you want, but you'll pay more for it and it will take a lot of time and attention. 1. Goals = Win 2. Money = Lose 3. Timing = Lose If you buy an existing home, you won't get exactly what you want, but you will pay less for the house and the process will not be a drain on your time. 1. Goals = Lose 2. Money = Win 3. Timing = Win Don't let my oversimplification of this issue fool you -- this is something that buyers can get stuck debating for months, or even years, often while looking at resale homes to try to convince themselves to buy instead building. If you are stuck in this quagmire, I'd be happy to meet with you to talk through some of the pros and cons and try to help you come to a decision you'll be pleased with in the short and long term. | |
![]() |
![]() |
![]() |
![]() |
2018-19 Rockingham County Budget Reflects No Change in Real Estate Tax Rate |
|
![]() The budget shown above is the proposed budget for 2018-19 in Rockingham County, VA. This reflects no change in the real estate tax rate -- it would remain at $0.74 per $100 of assessed value -- though the tax revenue will increase due to increases in assessed values. ![]() Interestingly (above) the real estate tax rate in the County has been above $0.70 before -- between 2000 and 2005 -- and at that time it was well above the City's real estate tax rate! Stay tuned for news of changes in the City real estate tax rate.... | |
![]() |
![]() |
![]() |
![]() |
220 Detached Homes, 175 Duplexes, 225 Townhouses To Be Built in County? |
|
![]() Two rezoning proposals are going before the Rockingham County Planning Commission this week.... 54 Acres on Island Ford Road in McGahesyville (shown above)
Update after Planning Commission meeting.... Island Ford Road rezoning recommended by Planning Commission "In other business, the commission unanimously recommended approval of Gary Sandridge's request to rezone 54 acres on Island Ford Road in McGaheysville from agricultural use to planned single family. Sandridge plans to build 220 units that would connect to the existing Whispering Springs subdivision, which is at the intersection of Island Ford Road and McGaheysville Road." Pear Street rezoning tabled by Planning Commission "Commissioners Brent Trumbo, Rodney Burkholder and Keith Sheets voted to table the request. Commissioner Bill Loomis, who raised concerns over the density of the project and its compatibility with planned development in the city, abstained from voting. Commissioner David Rees was absent." Read more here.... County Planning Commission Tables Housing Request | |
![]() |
![]() |
![]() |
![]() |
Be Careful What You Say When Touring A Home For Sale |
|
![]() 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. So..... 1. Don't insult their house. It won't help during negotiations.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. | |
![]() |
![]() |
![]() |
![]() |
City Council to Examine Plan to Build Downtown Park |
|
![]() Harrisonburg City Council has agreed to further explore an unsolicited proposal to build a downtown park from Build Our Park, a community-led nonprofit organization committed to facilitating the creation of a public park in downtown Harrisonburg. Full disclosure - I serve on the board of Build Our Park. ![]() This new downtown park would be built on 1.2 acres of City-owned property directly adjacent to the Harrisonburg Farmers Market pavilion and the City Hall Building parking lot, featuring amenities including:
During the next 45 days, City staff will review the proposed project and can receive additional competing proposals for building this downtown park. After 45 days, the City will decide to either proceed with the second review stage or to not proceed further with the proposal. If the City ultimately decides to work with Build Our Park on the project, they will enter into a comprehensive agreement where details will be determined regarding potential bonds, insurance, and terms and conditions. A group of Harrisonburg stakeholders formed in 2013 with the goal of facilitating the creation of a public park in downtown Harrisonburg. Originally known as Plan Our Park, the group rebranded and formed the nonprofit organization Build Our Park. In 2017, in order to balance parking needs and the desire for a community recreation amenity, the City directed Build Our Park to redesign its park concept to fit in the space behind City Hall between the Turner Pavilion and the tree line south of the Pavilion. Local architects who are members of the Harrisonburg Downtown Renaissance Design Committee, Adam Steiniger of Eugene Stoltzfus Architects and Randy Seitz of Blue Ridge Architects, volunteered to create the final concept design plan that the PPEA proposes. The Build Our Park Board of Directors has been working with City staff to plan the park's new design and would continue to work with them to plan the park's construction as well as on-going maintenance and operations. During this process, fundraising for the park has been on hold. On April 18, the organization looks forward to restarting its fund- raising effort in conjunction with The Community Foundation's Great Community Give. The Great Community Give is a single day of giving aimed at promoting charitable giving in Harrisonburg and Rockingham County. Through this initiative, the entire community will be invited to support Build Our Park and other nonprofits that meet needs, enrich lives, and build a community we can all enjoy. As Harrisonburg's downtown continues its reemergence as a dynamic environment in which to live, work, eat and shop, the thoughts of many have turned to the need for more public green space for gathering in the City's core. The downtown park's concept features a multi-use path, expanded pavilion, open space, play area designed to resemble nature, pergolas for shade, and splash fountains. It will incorporate the area adjacent to the Turner Pavilion that currently is used for community programming and events. The park would be designed to be flexible to accommodate a growing farmers market, public events, community gatherings, and wellness. Learn more about this potential future downtown park at BuildOurPark.org. | |
![]() |
![]() |
![]() |
![]() |
Increasing Home Values Can Lead To Increased Real Estate Taxes |
|
![]() It's exciting if your home value is increasing, right? Well -- mostly, it seems. Certainly, if you bought your home for $250K and it is now worth $260K or $270K or even $300K -- that can be a good thing. At some point in the future, you'll recoup that equity when you sell your home -- plus or minus any shifts in value between now and then. But in the near-term, increasing home values can actually hurt a bit. The amount of real estate taxes that a homeowner pays to their locality (city, county) are based on two factors -- the assessed value of the home, and the local real estate tax rate. In Rockingham County, the current real estate tax rate is $0.74 per $100 of assessed value.... ![]() Tomorrow, the Rockingham County Board of Supervisors will hold a public hearing to receive input before adopting a real estate tax rate for fiscal year 2019 -- which runs from July 1, 2018 through June 30, 2019. But here's the thing -- even if the tax rate remains the same (at $0.74) there are many homeowners who will see an increase in their real estate taxes -- because of increases in home values, and thus increases in assessed values. Rockingham County revises their property assessments once every four years -- and the most recent increase resulted in a 2% increase in the assessed value of an average home. This is good news for the County, as the increase in property values, even with no change in the real estate tax rate, will likely generate over $2 million in additional tax revenue. It is sort of good news for County property owners -- because it means your property value is (likely) increasing -- but it is also potentially bad news, as your tax bill will likely be increasing. To put some numbers to it:
And -- you can both celebrate and mourn the news that property values are increasing, and that your real estate tax bill likely will be as well. | |
![]() |
![]() |
![]() |
![]() |
Analysis of JMU On Campus Housing |
|
![]() (Post updated afternoon of 3/26/2018 with additional notes per the second phase of the East Campus residence hall -- thanks Matt Phillippi) The updated Master Plan for James Madison University offers a fascinating read as to the future plans of this institution that is a central part of Harrisonburg. Download the full master plan here. One area of interest from a housing perspective is JMU's analysis of current housing offerings and demand. ![]() As shown above....
New layout of Village area residence halls.... | |
![]() |
![]() |
![]() |
![]() |
If My City Home Is Not Under Contract In 18 Days Is The Price Too High? |
|
![]() In the past 12 months -- properties in the City of Harrisonburg have sold with a median "days on market" of 18 days!?! That is fast!! Perhaps faster than the speeding train shown above -- which, if it does in fact travel through Harrisonburg, must do so at speeds so fast that none of us see it. :-) The "days on market" metric measures the number of days between when a property is listed for sale and when it is under contract. Median indicates that half of all homes that sold were under contract in less than 18 days and half took more than 18 days. So -- of the 415 home sales in the past year, more than 200 of them were under contract within 18 days. Wow! So, then, let's say you list your home for sale in the City of Harrisonburg. And then Day 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17 and 18 pass. It is now Day 19. Hmmm. How do you feel? How should you feel? Is your price too high? Has the market cooled? Will your home ever sell? Maybe. Probably not. Probably. A few thoughts...
So, as Day 19 comes and goes, don't (necessarily) despair. It is certainly a good idea to constantly evaluate how your home price fits into the market, but just because your home did not sell as quickly as half of the homes in the past year does not necessarily mean that the price is too high. | |
![]() |
![]() |
Newer Posts | 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