Yes, We Need More Townhouses To Be Built!


Yes, We Need More Townhouses To Be Built!
By Scott Rogers • July 8, 2021
When you see more townhouses being built -- or when you see plans being discussed for more townhouses to be built -- you might be thinking... What!? More townhouses!? Don't we have enough townhouses!? But if you ask nearly any local Realtor who has represented the seller of a townhouse in or near Harrisonburg in 2021 they will tell you... Yes, We Need More Townhouses To Be Built! Whenever a resale townhouse comes on the market it is almost always overwhelmed with showings in the first few days on the market -- and then the offers start coming in, fast and furious. Buyers are offering over asking price. Buyers are waiving inspection contingencies. Buyers are desperate to find a townhouse to buy. But yet, when there are 12 offers on a townhouse, the seller is only able to accept one of those offers. As a result, there are still 11 would-be townhouse buyers circling the market waiting on that next townhouse to become available. As quickly becomes evident, demand for townhouses FAR exceeds supply -- so... Yes, More Townhouses Need To Be Built! If I dialed in a bit further on this issue, I suppose I should point out that... Many or most resale townhouses receiving excessive buyer interest are priced under $200K. Most new townhouses for sale are being offered over $200K and often over $250K. So, while it would be great to continue to see options over $250K, it would also be amazing to see new townhouse options much closer to $200K. Receive Updates by Email Recent Articles: An Absence Of Competing Listings In A Broad Price Range Does Not Mean You Can (Or Should) Round Your List Price Up To The Top Of That Range The First Buyer To Make An Offer Will Likely Not Include An Escalation Clause, At Least Not At First Home Buyers Seem To Be Drawing The Line In A More Rational Place Now When Making Offers Buy A House For Yourself, Not The Next Owner Home Sellers Will Not Voluntarily Sell Their Homes For Lower Prices Because Of Higher Interest Rates Unless Competition Forces Them To Do So Homes Are Still Selling Quickly, So You Should Know (Or Think About) Where You Are Going Next Before You List Your Home For Sale Are You Ready To Sell Your Rental Property? Should We Let Buyers View Your Home Before It Hits The Market? Almost Half Of Homes For Sale Are New Homes Where Are Most New Homes Being Built Right Now?
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 May 28, 2023 (unless otherwise noted).
Comments (0) or Subscribe