Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Wednesday, February 17, 2021
It's a tough time to be a home buyer. In most locations and price ranges there are VERY FEW homes for sale! As shown above, the number of homes for sale at any given time has drifted lower and lower and lower over the past 13 years to the very lowest point EVER this month with only 107 homes for sale in all of Harrisonburg and Rockingham County.
This shortage of housing inventory has quite a few impacts...
- Buyers should be prequalified before looking at homes so they can be ready to make an offer quickly.
- Buyers should plan to see houses on the first day they hit the market.
- Buyers should plan to make a decision about an offer on the first day they hit the market.
- Buyers should be ready to compete with other buyers in a multiple offer situation.
- Sellers should anticipate quite a few showings per day over the first few days on the market.
Moving forward into the spring season, which will eventually happen after another 5 to 10 snow storms...
- We are bound to see plenty of new listings.
- These new listings are likely to keep going under contract very quickly.
- The higher number of new listings will likely not have much of a net impact of increasing overall inventory levels.
So, welcome to yet another, stronger, seller's market as we look forward to spring 2021!
