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If you will be buying a home soon, you should understand buyer representation |
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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, I will be performing tasks such as:
You should also note that it is possible that you will fall in love with a property where I already represent the seller. As we tour homes, I will tell you whenever I represent the seller of a property we are viewing. If you want to make an offer on such a home, we'll have two options:
Each year, I have multiple buyers who choose each option. Some buyers choose Option #1, because they want advice and guidance on pricing and negotiations. Some buyers choose Option #2, because they intend to make all negotiating decisions independently. If you decide you want to purchase one of my listings, we will discuss and determine a new game plan. Of note - my compensation for representing you will be paid by the seller's real estate company or by the seller. Beyond buyer representation, there is a lot more to know about and think about regarding the home purchasing process. Read more at.... | |
When do buyers start buying in earnest? (Now!) |
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The buyers are coming, the buyers are coming! As you can see, above, buying activity starts creeping up as soon as February, more so in March, and APRIL is the third hottest month of the year for buyers to be signing contracts. Timing is everything -- so if you're thinking of selling this Spring/Summer let's talk about how the data above might speak into your real estate plans. Read more about recent market trends in the most recent version of my monthly housing market report, found online.... | |
Local Housing Market Shows Continued Strength in February 2016 |
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Learn more about this month's Featured Property: 120 Cantermill Lane I just published my monthly report on the Harrisonburg and Rockingham County real estate market. Jump to the full online market report, watch the overview video below, or download the PDF, or read on for highlights.... First, a video overview.... Next, let's take a look at the overall market performance in February.... As outlined above, there are several indicators of a strong local housing market....
The pace (and price) of single family homes are often a good way to understand the overall trajectory of a local housing market -- because it takes rental properties (and the impact of investors) out of the mix. As such, it is good to see the price of these home sales increasing (quite a bit) even if the pace of sales has not significantly increased over the past few years. Inventory levels are still hovering around 530/540 -- but are on the brink of increasing significantly, which will likely happen over the next 30 to 60 days. Hang on tight! In Summary.... BUYERS -- You should have plenty of additional options to consider in the coming months, but houses that are priced well will likely sell quickly. Strike while the iron is hot -- and relish the opportunity to still have super low (sub 4%) fixed mortgage interest rates. SELLERS -- Price, Condition, Marketing. If you are getting ready to put your house on the market, let's make sure we have your house priced well compared to what has recently sold, that your house is in a condition to have a broad appeal to buyers, and of course, let's market it thoroughly and professionally. More and Much, Much More.... There is more, oh so much more, in my full real estate market report. I have even made it very easily accessible for you to read online.... And as is always my encouragement -- if you will be buying or selling a home in the near future, become a student of the housing market! Learn what has been happening recently, what is happening now, and what is likely to happen next. Being informed will allow you to make better real estate decisions. Finally, here are two handy references to prepare yourself to buy or sell.... And if you are ready to get the process started, simply contact me at 540-578-0102 or scott@HarrisonburgHousingToday.com. | |
How are buyers searching for homes these days? |
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Buyers across the country have spoken -- the graph above shows the information sources that are used "frequently" during the home search process. As such, we need to align the marketing strategies for your home with how buyers are actually looking for homes. | |
Revitalization of Downtown Harrisonburg shows that Government, Market Can Unite For Good |
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An excellent Open Forum yesterday in the Daily News Record.....worth reading, maybe twice.... Gov't, Market Can Unite For Good Posted: March 8, 2016 By Andy Perrine No holds are barred in the pitched battle for presidential nominations in the party primaries. Every channel of media is filled with candidates on both sides of the aisle pointing out how government has failed, and promising that unless they are elected, America will fail. Amidst such a negative barrage, it is wise and refreshing to remind ourselves that government can be a positive force. We need look no further than home. The successful and ongoing revitalization of Harrisonburg's urban center demonstrates clearly how government, with the involvement of private sector forces and engaged citizens, can play an enormously positive role in improving our American quality of life. You may have seen that Harrisonburg Downtown Renaissance recently celebrated the blossoming of economic activity downtown by welcoming a new leader and celebrating the accomplishments of its founding director ("Bumbaugh Honored As ‘Downtown Hero,'" Feb. 23). Former City Council members who voted 13 years ago to create HDR attended this celebration for Eddie Bumbaugh. At the time of the historic vote, the City Councils Republicans and Democrats agreed that funding the recovery of our local identity and bringing economic growth to a blighted and forgotten downtown district was a good idea. They knew risk was involved. Yet, ultimately their wisdom and bipartisan agreement to improve our city is without doubt a convincing testament to how government can be a positive force. Once a place to avoid, downtown was filled with crumbling sidewalks, worn buildings, vacant storefronts and faded pride. When council approved funding for HDR, many residents believed it was a mistake, that downtown was a lost cause. Today, it is Harrisonburg's heart. For the last six years, the Daily News-Record's Annual Reader's Survey proclaimed downtown the best use of taxpayer money. For five years, the same survey named downtown the best thing about Harrisonburg. Since HDR began operating in 2003, 250 historic preservation projects have been completed. The number of downtown dwellings has grown from 150 units to 550. Twelve restaurants were downtown in 2004. Today there are 35. Private investment in downtown through the last 13 years totals $66 million. And, downtown Harrisonburg received the National Main Street Center's "Great American Main Street" award in 2014 — recognizing our community as a model for others throughout the U.S. to follow. Of course, the city's decision to fund HDR is not solely responsible for downtown's success. And this is the key point. That success is shared among the developers who, working in the free market, purchase and refurbish decaying buildings; restaurateurs, artists and retailers who open businesses; volunteers who donate precious time to planning committees and events; and donors who contributed their hard-earned money. When council voted to fund HDR, our community got the kick-start it needed to get the public and private sectors working together. Such positive action can happen at any level of government — municipal, state and federal. Government, citizens and the free market working together with a clear set of objectives can accomplish great things. This has always been true, and it is a distinctly American mode for advancing society and improving everyone's standard of living. It's the core of how America became history's greatest nation. As you watch the increasingly negative depictions of government during this especially distressing presidential campaign season, remember, the rhetoric is nonsense. Our system of government can work very well if we the people stay positive and involved. Andy Perrine is president of Harrisonburg Downtown Renaissance. | |
Master Plan for Sentara RMH Medical Center |
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click here for a larger, clearer PDF Sentara RMH has applied for a rezoning of their 238.61 acre campus from B-1C (General Business District with Conditions) to PMR (Planned Medical and Research). In a nutshell, the original rezoning of the hospital campus took it from A-2 (agricultural) to B-1C, which was the most appropriate zoning at the time. Since that time, the County has adopted a revised zoning ordinance that includes this new "Planned Medical and Research" classification. This new zoning district (PMR) is "designed to provide flexibility for large-scale medical facilities and to promote the mixture of uses and increase density of development." So -- nothing to wild or crazy with the rezoning -- seems to be appropriate re-alignment of the zoning of the property with the current and planned future use. The fun part (to me, I suppose) is the updated MASTER PLAN provided as a part of the rezoning request. This paints a picture of how the campus may continue to develop in future years. Download: | |
Buyers likely to have many more choices in coming months |
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If this year is like last year (and just about every year, ever) buyers will have many more choices in coming months. As shown above, inventory levels are likely to steadily increase over the next three to their peak in June. If you are hoping to know about every new listing, as soon as it hits the market, check out NewListingsInHarrisonburg.com where you can sign up for email alerts for new listings. | |
Learn, Laugh, Lament Lender Ludicrousness |
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Do you have plans this evening? If you missed seeing "The Big Short" at Regal Cinemas, maybe you should make a point to catch it at Court Square Theater over the next few days. Per Wikipedia.... The Big Short is a 2015 American biographical comedy-drama film directed and co-written by Adam McKay.[4] It is based on the non-fiction 2010 book of the same name by Michael Lewis about the financial crisis of 2007–2008, which was triggered by the build-up of the housing market and the economic bubble.[4] The film stars Christian Bale, Steve Carell, Ryan Gosling, and Brad Pitt.I haven't seen the movie yet (I plan to see it at CST) but I have heard that it does a fantastic job at explaining how the housing bubble created a financial crisis in 2007/08. Showtimes include....
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The Three Main Hurdles when Buying (or Selling) a Home |
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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. 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. | |
So.... 65% of Home Buyers Compromise, Will You? |
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The odds are, you'll have to compromise on SOMETHING when you are buying your next home. The question becomes -- what are you you willing to compromise on? The easiest (at first) sometimes seems to be price -- you still get everything you want, you just have to pay more for it. But if you're drawing a firm line on price, then likely some other need or want will have to be imagined differently. Here is what buyers tend to compromise on based on the the 2015 Profile of Home Buyers and Sellers from the National Association of Realtors.... | |
Explore Harrisonburg History through Sanborn maps of 1886, 1912, 1930 |
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As excerpted from the Feb 27, 2016 article in the Daily News Record.... A website developed by two James Madison University staff members may teach Harrisonburg residents a thing or two about their city. [...] Visitors to the site [...] might learn Liberty Street was named German Street before World War I. They might discover a tannery once stood where the Water Street parking deck now is, or that the county courthouse was less than half its size 130 years ago.Read the full DNR article here, or start explore Harrisonburg's history via the new website.... http://www.gtsc.jmu.edu/shps/map/Enjoy! | |
Leap Day Special on Mortgage Interest Rates |
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There seems to be a LEAP DAY SPECIAL on mortgage interest rates -- though the rates are diving down low, as opposed to leaping up high. The current average mortgage interest rate (on a 30 year fixed rate mortgage) is an astonishing 3.62%. This is well below the average over the past year (3.86%) and in fact, is the lowest rate we have seen anytime in the past year! Lock in your interest rate today -- and Happy Leap Year and Leap Day! | |
Walk through 120 Cantermill Lane (Mount Crawford) |
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Take a few minutes to walk through this four bedroom, two and a half bathroom home with a two car garage in the Turner Ashby school district offers a spacious and open floor plan with a two-story foyer, formal living room (or study, music room or art room), an eat-in kitchen, a large family room and a formal dining room with a gas fireplace. This home adjoins farmland in the rear of the house and offers beautiful views from the deck and many rooms of the house. Don't miss the hardwood floors in the foyer, living room and dining room, ceramic tile in the kitchen, the laundry room with a sink, the extended garage with lots of storage space, and the storage building in the backyard. Click here to walk through this home, on your computer, phone or tablet. Or, visit this home's property website. Or, view high resolution photos of this home by clicking the collage below.... Find out more about this 3D Walk Through technology at WalkThroughThisHome.com.... | |
Olive Garden, Krispy Kreme MIGHT open in Harrisonburg |
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Olive Garden and Krispy Kreme **MIGHT** open in Harrisonburg. Per today's Daily News Record article....
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Preston Lake Sales Update |
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It has been a while since I posted a sales update on Preston Lake -- the area's largest (intended) mixed use community that was started just before the real estate boom, was foreclosed on, was purchased by a new developer, and now seems to be gaining some momentum. The pace of single family home sales jumped up quite a bit in 2015.... Sales of rowhouses - the original, large, upscale, ornate townhouses built by The Hine Group slowed (stopped) in 2015.... The new developer at Preston Lake launched several new townhouses concepts, which started selling in 2014.... Finally, a new "villa" product was launched in 2015 -- at the lowest price point (and size of home) yet.... Of note -- these sales (above) are all of the sales shown in the MLS. It is likely that there have been a few other sales direct from the builder/developer to buyer that are not reflected in the MLS. If you have questions about Preston Lake, check out their website, or email me (scott@HarrisonburgHousingToday.com). My dad lives at Preston Lake and I am over there quite a bit. | |
Non Student Apartments in Harrisonburg |
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This was another helpful data set in the housing study prepared for the Harrisonburg Housing and Redevelopment Authority.... Non-Student Apartment Complexes in Harrisonburg and Rockingham County:
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Economic Development Announcements |
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A recently completed housing study prepared for the Harrisonburg Housing and Redevelopment Authority had a helpful and informative snapshot of recent economic development announcements.....
Do you know of any additional recent economic development announcement? Are any of those on the list above now inaccurate or out of date? | |
The 50 Most Valuable Properties in Harrisonburg |
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The list above shows the 50 properties in Harrisonburg with the highest assessed values per the 2016 assessments. As you can see, JMU, apartment complexes and City schools are many of the most valuable properties. Let's take a closer look at the top 10.... 017 B 1 900 S MAIN ST VISITORS JAMES MADISON UN $314,295,600 085 A 3 UNIVERSITY BLVD COMMONWEALTH OF VA VISITORS OF JMU $183,758,900 017 C 0-17 235 MARTIN LUTHER KING JR WAY VISITORS OF JAMES MADISON UNIVERSITY $72,134,500 081 A 17 250 CHESTNUT RIDGE DR COPPER BEECH TOWNHOME COMMUNITIES $49,952,800 018 D 2 3 5 VISITORS JAMES MADISON UN $47,061,600 086 D 1 UNIVERSITY BLVD VISITORS JAMES MADISON UNIVERSITY $45,777,400 117 A 2 935 GARBERS CHURCH RD HARRISONBURG CITY SCHOOL BOARD $44,560,100 078 C 3 1925 E MARKET ST SM VALLEY MALL LLC $41,596,500 051 A 1 1301 HILLCREST DR EASTERN MENNONITE COLLEGE & SEMINARY INC $34,447,800 072 A 16 LINDA LA SCHOOL BOARD OF THE CITY OF $33,905,400 | |
Top Property Owners in the City of Harrisonburg |
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Sorting properties in the City by their owner results in the data outlined above. These are likely some of the most prolific property owners in the City of Harrisonburg. One important disclaimer, however, is that this summary does not account for people who own properties under multiple ownership entities. A more owner specific notes....
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Did your Harrisonburg Tax Assessment Go Up or Down? |
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Did your 2016 tax assessment go up or down? As shown above, most properties had the same tax assessed value in 2016 as compared to 2015....
Also of interest....
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Scott Rogers
Funkhouser Real
Estate Group
540-578-0102
scott@funkhousergroup.com
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Commonwealth of Virginia
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