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!
The buildings shown above currently under construction on Reservoir Street -- at the previous location of the Albert Long baseball field. These apartments will be called Robinson Park, and will affordable housing -- with income limits for tenants who wish to reside at Robinson Park.
The developer was planning to expand Robinson Park into a second phase on the five acre wooded parcel shown above, adjacent to the current development, but the County tabled the developer's rezoning request.
A few snippets from this week's Daily News Record article....
click here for a larger version of this aerial image
Just a stone's throw away from this new student housing being built on Reservoir Street, you will find another large patch of bare earth in preparation for a new residential development.
This new community is being built on the site of the former Albert Long baseball field off of Reservoir Street (across from Fieldale Place) in Rockingham County. This complex will be called Robinson Park, and will include 88 garden-style apartments.
According to the developer, this will include:
A clubhouse / community building will also be constructed.
Per this Daily News Record article....
Read more from the Daily News Record....
Affordable Housing In Focus In City, County
N.C. Company Eyes Housing On Reservoir
It remains difficult to buy a single family home in the City of Harrisonburg for less than $100K. While the 2016 data point (above) is based only on the first four months of the year, it is clear that fewer and fewer detached homes are selling in Harrisonburg for less than $100K.
Here are the currently available detached homes for sale under $100K in the City of Harrisonburg: search now (4 listings as of 5/4/2016)
A bit more about affordable housing in the City of Harrisonburg, as we started to explore yesterday....
There are 149 residential properties for sale in Harrisonburg right now -- but if you're buying under $200K, and hoping for a single family (detached) home, it may be more difficult than you imagined. As shown above....
So, if you are looking to buy under $200K in Harrisonburg you may have to buy an old home or an attached home (duplex, condo, townhouse).
As the real estate market heated up, the opportunity to buy a single family home in the City of Harrisonburg for less than $100K cooled down. Now, however, there are more opportunities to buy such homes.
The even better news is that it's more affordable than ever to buy such a property.
The chart above shows the principal and interest payment on a $96,500 loan (a 96.5% FHA loan on a $100K purchase) given the interest rates over the last 11 years. This does not include taxes, insurance, and PMI.
If you are looking for an affordable house --- either from a sales price perspective, or a monthly payment perspective --- don't hesitate to contact me (scott@HarrisonburgHousingToday.com or 540-578-0102). I'd be happy to help you find a home to meet your needs.
The current VHDA interest rate is already low, at 5.875%. But for first time buyers looking for affordable housing, it can be tough to finance a purchase even at that low rate. So....how about 4.875%?
If you're buying at Covenant Heights, a neighborhood being developed by Hope Community Builders (a non-profit group), depending on your income levels, you may be able to have the current VHDA rate lowered by an entire percentage point!
And these are nice properties we're talking about here -- duplexes and townhomes with three bedrooms, all of which are pre-inspected and built to EarthCraft and EnergyStar standards.
If you have a friend or co-worker who is seeking affordable housing, do them a favor and tell them about Covenant Heights!
Hope Community Builders is a non-profit organization in Harrisonburg who builds and sells high quality, affordable housing for those who otherwise may not be able to afford to buy a home.
As an example, someone who can only qualify for a $140,000 mortgage, may still be able to purchase one of these brand new duplexes or townhomes in Covenant Heights that are selling between $168,000 and $175,000.
Here are some same financing scenarios from recent purchasers...
As you can see, there is a potential for $150 to $175 a month savings on mortgage costs.
For more information about Covenant Heights, either...
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