Correction - - - High End Homes Actually ARE Selling! | HarrisonburgHousingToday.com :: Market Updates, Analysis and Commentary on Harrisonburg and Rockingham County Real Estate


Correction - - - High End Homes Actually ARE Selling!
By Scott Rogers • February 4, 2008
Last week an article ran in the Daily News Record stating that only eight "high-end" homes are selling per year. Unfortunately, I think many people read that portion of the article and thought "yeah, I knew people really aren't buying those expensive homes..." The Good News: The eight / year statistic is not at all correct! The Bad News: This still doesn't mean that high-end homes are selling quickly. I'm not sure how the eight per year figure was derived, but when searching in the Harrisonburg/Rockingham Multiple Listing Service for homes sold in Harrisonburg or Rockingham County during 2007 with sales prices of $500,000 or higher, I'm finding 27 properties! This changes the context of the story quite a bit. If 8 homes sold per year, the current inventory of 72 homes (66 at the time of the DNR story) would take 9 years to sell. With the actual figure of 27 homes selling per year, it would take 2.67 years to sell the active inventory. And thus the bad news becomes clear --- even with the corrected data on the rate at which these homes are selling, there is still an oversupply of homes on the market in this price range. I rarely meet a homeowner who hopes that it will take 2+ years to sell their home. One further correction . . . time to sell has not increased . . . The article implies that these high end homes often sit on the market for nine months, where as in a more normal market they would only take six months to sell. In actuality, the 27 homes that sold in 2007 took (on average) 6.6 months to sell. And in contrast (or lack thereof), in 2005 (a very active market), these high-end homes took (on average) 5.8 months to sell. One last clarification --- I am in no way indicating that it is easy or fast to sell a high-end home priced above $500,000 in the current market. However, if you need to sell such a home, it is important to know the facts to help you make the best home selling decisions. The property pictured above is that of Jack Miller, who was featured in the Daily News Record article. He says he is ready to sell --- any takers? Receive Updates by Email Recent Articles: Will Your Offer Terms Cause The Seller To Say YES Or To Seek Other Offers? The Comfortable Feel Of An Established Neighborhood Might Come With, Surprise, An Older Home That Needs Some Updates Home Sellers And Buyers Will Often Disagree About Needed Updates You Cannot Hear Traffic On A Nearby Road By Looking At Photos Last Call (Just About) For Selling Your Home In 2024! Sometimes An Offer Is So Strong A Seller Will Not Wait For Other Imminent Offers If You Will Be Moving To Sunnyside, VMRC Or Bridgewater Retirement Community, We Should Talk Sooner Than Later Sometimes It Makes Sense To Just Adopt The Timetable The Seller Prefers Fewer And Fewer Resale, Detached, Homes Selling In City Of Harrisonburg The Next Owner Of Your Home Might Love Different Parts Of It For Different Reasons, And That Is OK!
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 01, 2024 (unless otherwise noted).
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