When preparing to sell your home, one of the first things we typically do is to look for comparable sales -- recent sales of similar homes in your neighborhood or school district (or part of the County) to help determine an appropriate list price.  But what happens when there are very few (or no) comparable sales to be found?

At first glance, a lack of recent sales might seem worrisome.  We might think that if homes haven't been selling, maybe there aren't many buyers in the market. But more often than not, that conclusion is off the mark.

In today's market, especially in Harrisonburg and Rockingham County, a small number of comparable sales within a particular segment of the overall market doesn't always mean there are very few buyers out there. In fact, it frequently means the opposite is true: fewer sellers who want to sell.

Over the past few years, we've seen a noticeable (significant?) decline in the number of homeowners choosing to sell. Some are holding onto historically low mortgage rates, while others are hesitant to jump into a competitive market as buyers themselves. As a result, fewer homes are hitting the market for sale -- and that scarcity means fewer comparable sales for prospective sellers to reference.

But fewer homes selling in your price range or neighborhood doesn't necessarily mean fewer people want to buy. In many cases, it's the other way around.  With limited options available, buyers are often waiting eagerly for the right home to come on the market -- especially in popular neighborhoods or price ranges.

So, if you're preparing to list your home and find there are very few recent sales nearby, don't assume there's no demand. The lack of sales might simply mean no one else has given buyers a chance to buy. And your home might be the one they've been waiting for.