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
Thursday, 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.
