Welcome! This blog tracks the real estate market in the Central Shenandoah Valley, featuring market data and analysis, an exploration of common buying and selling questions, and candid commentary on all things real estate.
If you are interested in discussing any of the topics on this blog, or the details of your specific real estate situation, call or e-mail me!
This beautiful home on College Ave, near Eastern Mennonite University, offers gorgeous Western views and a 2 bedroom in-law suite.
You could also continue to rent the in-law suite, offsetting your mortgage payment by $650/month --- giving you a $300K mortgage payment on this $425K home!More details can be found here: http://www.1897CollegeAvenue.com
Admittedly, there are still quite a few (38) homes for sale in this price range compared to the number that are selling (perhaps 9 or 10 per year) but it is encouraging to see buyer activity bouncing back in this price range.
HarrisonburgTownhouses.com has been updated with sales data from 2013-Q3, and many townhouse communities are (finally) starting to see median prices increase again.
So, are you wondering about property values in your townhouse community? Or considering purchasing an investment property? Whatever the reason for your interest in townhouses in Harrisonburg, you will likely find the information you need at HarrisonburgTownhouses.com, including (for each townhouse community):
The townhouse communities featured on HarrisonburgTownhouses.com include:
Don't miss it --- this Saturday, from 10 AM - 2 PM --- in downtown Harrisonburg. This year's event will include....
Find out more on the HDR Blog.
View many more local economic indicators here: HarrisonburgHousingMarket.com
As reported in the Daily News Record last month, the large data center on North Main Street in Harrisonburg was sold to DBT-Data for $35M last month.
Here is the history of the property....
A recent press release offers further insights on the facility....
It will be interesting to see if DBT-Data can now make good use of this data center, and bring in government and private sector clients for their data storage needs.
These neighborhoods (shown above) are all conveniently located close to Rockingham Memorial Hospital, and offer a variety of housing options. Click on a link below to browse currently available homes for sale:
The Glen at Cross Keys
Mortgage interest rates have stayed relatively stable over the past few weeks, despite the shenanigans going on in Washington.
The current average rate for a 30-year fixed rate mortgage is 4.28%.
JMU just published updated enrollment projections as recently approved by the State Council of High Education for Virginia.
There are plenty of different figures that can be used to understand JMU enrollment, but the most pertinent relative to our local housing market is the "Total On-Campus Headcount" as shown in the graph above. This figure is the best reflection of the number of students who will need housing, either on JMU campus, or off campus. These figures, and their changes over time, are the best numbers to be using when analyzing the need for off campus student housing in Harrisonburg.
First, as you can see, JMU is still growing and intends to keep growing for years to come. This is good in many ways for JMU, our local economy, our community, etc. The question that is of interest to me, however, is how this all relates to Harrisonburg's off campus student housing market.
A lots can happen in 5 short years (2008-2013)....
Over the past five years, there has been an increase of 1,445 students needing housing....and during the same time frame, housing was built for 3,792 additional students. This has led to a significant oversupply of student housing, with real world implications such as....
And yet, at the same time....
Why did it all happen?
So, we apparently have a tremendous oversupply of student housing in Harrisonburg -- many wonder why it happened. Read my theories here.
Given this new data (at the top of this post) about increases in JMU enrollment (Total On-Campus Headcount) what can we say or know about the future?
This is a lot of information -- if you have questions, feel free to email me at scott@HarrisonburgHousingToday.com.
Have you ever wanted your name in the Guiness Book of World Records?? Mark your calendar for October 19 for your chance & bring your kids!
Come join The Roberta Webb Child Care Center and JMU's Fraternity and Sorority Life attempt a World Record for the most people dancing the hokie pokie with hula hoops!
The following outlines the itinerary for the day!
11:00am-2:30pm: Day-of RegistrationDemonstrations and practice of the routine will be available on the top of every hour.
Each participant will receive a t-shirt, a commemorative bracelet, hula hoop, and box lunch for the first 1,200 to register and registered for the World Record.
Directions to the James Madison University Field Hockey Field can be viewed in the link below.
Learn more at n2Hoops.com.
As reported in the Daily News Record today, the Town of Bridgewater is moving forward with the development of a new park on Main Street that will feature a skating rink (in the colder months), a farmers market (in the warmer months), and if all goes well, a restaurant.
Click here to read more via the DNR.
The Glen at Cross Keys, Harrisonburg's first paired home community, is located just east of Harrisonburg on Cross Keys Road.
The latest floor plans are the Sycamore and Paired Sycamore model (pictured above) that feature an open first floor plan with a two story great room.
Click on the image below to view a photo set from a recent Sycamore home at The Glen at Cross Keys.
Click here to view available homes at The Glen at Cross Keys.
As home sales have improved over the past several years, sellers have negotiated less on their sales price.
Read more about our local housing market at HarrisonburgHousingMarket.com.
Featured Home: 880 Mockingbird Drive, Harrisonburg, VA
I have just released my October 2013 Real Estate Market Report for Harrisonburg and Rockingham County. Click here to download the 28-page PDF, or read on for some highlights.
Let's start with the big news....
The annualized pace of home sales has been steadily increasing over the past several years, but we have now passed the 1,000 home sales per year mark -- which we last experienced in October 2008! In all of 2012, there were only 864 home sales, so this is an indicator that home sales might surge past 1,000 for 2013 in its entirety.
Above you will note that after declining for several years, home prices are now heading back up. After a 1% increase between 2011 and 2012, we have seen a 2% increase thus far in 2013.
Buyers will be glad to note that mortgage interest rates have (remarkably) started to head back down again. We may not see any rates below 4%, but it does not appear that we're headed up to 5% yet either.
There is a LOT more the full report, so click here to download the full October 2013 Harrisonburg & 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.
click here for a larger version of this image
Heritage Estates is an active adult community located in Harrisonburg, Virginia featuring superb French Country architecture with flowing interior floor plans that are wonderful for entertaining. You'll also enjoy spectacular views of the Blue Ridge Mountains, the golf course immediately beside Heritage Estates, the community swimming pool, and a maintenance-free lifestyle.
Updates at Heritage Estates....
Dayton, VA has a population of a little over 1,500 yet on the first Saturday in October this small town erupts with energy during The Dayton Autumn Celebration also known as Dayton Days. Streets are blocked off days before and vendors locally and from all over the country start arriving set up their booths for the event that will last all day. Cars will line up route 42 and at times people will walk shoulder to shoulder to the event.
Dayton Days is officially open from 8:30am – 4:00 pm, the food is incredible, the artists are creative, and the prices are right.
Read more at the Funkhouser Real Estate Group Blog.
Check out Amazon.com's new Home Automation department for lots of fun products including these items and more:
If you haven't heard, a partial government shutdown happened earlier today (midnight) and it may affect your financing if you are in the process of buying a home. Here is an overview from the Virginia Association of Realtors.
CNN has the answers, but here's the gist:
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