In multiple offer situations, sellers are looking at every aspect of each offer –– side by side –– comparing terms line by line. And when it comes to home inspections, they're usually comparing just two broad categories...

    Offers contingent on a home inspection

    Offers not contingent on a home inspection

For obvious reasons, sellers prefer the second option. An offer without an inspection contingency gives them confidence that the deal won't fall apart after the inspection takes place.

But sometimes buyers try to split the difference. They get creative...

    “We'll do an inspection, but we won't ask for repairs –– we just want the option to walk away.”

    “We'll only walk if there's a major issue, like something costing more than $5,000 to fix.”

    “We'll do an inspection, and if we back out, you can keep our earnest money deposit.”

While these modified inspection contingencies might all sound like reasonable compromises to a buyer, here's the reality:

    Yes, they're usually better than a standard inspection contingency.

    They're still worse than no inspection contingency at all.

So don't be surprised when your creative version of an inspection contingency doesn't win the house in a multiple offer situation. 

Sellers have choices –– and if another buyer is willing to move forward without any inspection contingency, that offer will likely look more appealing.

Bottom line? If you're buying in a competitive situation and you want the right to do a home inspection, be prepared for the possibility (or likelihood) that your offer will not be accepted. 
  

Are you starting to make preparations for getting your house on the market?

A good first step –– before decluttering, before cleaning, before listing photos, before the first showing –– is to take a short walk.

Yes, I know… it's hot out there. But... step outside, take a breath, and then walk through your own front door just like a potential buyer would do for the first time. Close the door behind you, pause, and look around.

What hits you first?

Do things feel calm or cluttered? 

Is the space inviting –– or are there visual distractions that grab your attention? 

How does the lighting feel? 

What do you smell? 

What do you hear?

These first 10 to 15 seconds matter more than you might think. Buyers make quick judgments –– often before they've taken more than a few steps into your home. That gut–level first impression sets the tone for how they experience the rest of the house.

If the entryway feels tight, dark, or crowded, think about what you can remove or rearrange. If it feels bright, clean, and welcoming –– we're on the right track.  

Remember, preparing your home for the market isn't just about making a space look decluttered, simplified and clean –– it's about helping buyers feel comfortable and at home from the very first step into your home.

If you'd like a fresh perspective on your home's first impression stacks up, I'd be happy to stop by and do that first impression check with you.
 

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.

When you're getting ready to sell your home, one of the most important things we will talk about is the asking price for your house.

While we will certainly focus primarily on the most recent sales in your neighborhood, or the most recent sales of similar homes, there is another critical factor to consider:

What other homes will buyers be comparing to yours?

In many ways, your asking price determines who your competitors are. If you price your home at $425,000, buyers looking in the $400K to $450K range are likely to see your home alongside several others in that same price range. So it's important to ask yourself:

If a buyer toured your home and three other similarly priced homes, which one would they choose?

To answer that question, we'll take a close look at current active listings – and even homes that are already under contract. These are the homes your house will be (or would have been) competing with for attention and offers.

Here are a few things to consider:

[1] How does your home's size and layout compare to others in the same price range?

[2] Are there homes with more recent renovations, new kitchens or bathrooms, or updated systems?

[3] Does your home show as well in photos and in person as the others?

[4] Are there differences in school districts, proximity to amenities, or yard space that might matter to buyers?

Once we've looked at the competing homes, we'll step into the shoes of a buyer. We'll be asking –– if all these homes were priced about the same, which one would we pick?

If your home stands out in a positive way, great – you will likely be positioned well. If it falls short in a few areas, we might want to talk about starting at a slightly lower asking price or make some strategic improvements to compare more favorably to other competing listings.

You can't control the what other homes are on the market for sale (and how they are priced) but you can control how you position your home within that context.

Looking at the homes buyers will be comparing to yours helps ensure your pricing is both competitive and compelling – which can make a big difference in how quickly we can secure a buyer for your home.

  

If it's been a while since you last sold a home, you might still think you need to purchase a new home afterwards to avoid paying capital gains taxes. That used to be true –– but it changed back in 1997.

Today, most homeowners benefit from a much simpler and more generous rule:

• If you're single, you can exclude up to $250,000 in capital gains.
    
• If you're married filing jointly, you can exclude up to $500,000.

This exemption applies to your gain, not the total sales price –– and you don't need to buy another home to qualify. You just need to have owned and lived in the home for two of the past five years.

Why it matters

In most cases, especially in our local market, homeowners don't make more than $250K – $500K in profit when they sell –– which usually means no capital gains taxes are due.

So if you're thinking about selling and wondering about tax implications, the answer is simple:

Chances are, you're in the clear.

There is a slight caveat if you used a portion of your home for business or rental purposes, so if you did, touch base with me and I can explain that a bit more fully or refer you to a great tax professional.

 I know it feels like Summer has just begun... actually, technically, summer didn’t begin until today… June 20th.

But, despite Summer just beginning... let's think ahead three to six months... especially (perhaps only) if you plan to sell your home this coming Fall or Winter.

If you will be –– or think you will be –– putting your house on the market this coming October, November, December, January or February –– this Public Service Announcement is for you!

PSA: Now is the perfect time to get a head start on one important detail: your exterior photos.

This time of year, your yard is likely looking its best. The grass is green, the trees are full, and plenty of landscaping is in full bloom. Come November, December, January, etc. –– those same scenes will be quite a bit less vibrant. 

Capturing your home’s exterior while everything is lush and colorful can make a big difference in the marketing of your home online.  Buyers often form their first impressions from exterior photos, and a bright, welcoming exterior can draw buyers in more than a fall or wintertime photo.  

So, if you're planning to sell your home soon (in the next 3 to 6 months) but not now... it can still be a good idea to capture exterior photos now or soon while the weather (and your yard) are still cooperating.

If you want to prepare for a Fall or Winter listing, let me know and I can work on scheduling exterior photos ASAP.

   

Given the current competitive housing market (in most price ranges) in Harrisonburg and Rockingham County, you might find yourself in a situation where your offer is competing with offers from other buyers.

In such a situation, some buyers will opt to NOT include a home inspection contingency.

Waiving an inspection can make your offer stronger and more appealing to a seller. Price still matters to most sellers, but waiving the home inspection can make a big difference when competing with other buyers.

Does that mean home inspections don't matter?

If you are making an offer that is not competing with the offers, and if the seller would likely accept an inspection contingency, should you just skip the inspection anyhow?

Not at all!

When you're not competing with other offers... don't skip the inspection!

A home inspection will almost always give you valuable information about the condition of the home you plan to purchase – including deficiencies you might not have noted when walking through the house, as well as pointing out areas where you might make improvements or upgrades in the future.

I always recommend a home inspection when the situation allows for it.

The Balancing Act – Wanting an Inspection, but Wanting a House!

To be clear, I understand the current reality in many segments of our local housing market... in a competitive offer scenario, including an inspection contingency will likely mean losing out on the home altogether. 

But when you do have the chance to include an inspection, it's smart to take it. Even if you don't end up requesting or negotiating repairs, it will still give you peace of mind and the opportunity to affirm your buying decision with more information about the house.

Every home and offer scenario is different.

I'm happy to talk through the pros and cons of including an inspection in your offer, based on the current market conditions and the specific home you're considering.  

We can talk about these sort of big picture issues in general ahead of time... but it will all change once we are walking through a house you want to buy.

A new Starbucks location is preparing to open at Stoneport... more specifically, at the intersection of Stone Port Boulevard and Stone Spring Road... across Stone Spring Road (more or less) from the new Chipotle, and across Stone Port Blvd from Dupont Community Credit Union...

Construction is still ongoing but it seems likely to open soon... and it has a drive through option.  

It also has a nice covered, outdoor seating area...

  

So, you're planning to stay in your home for another year or two... but then you know you will almost certainly sell your home... and you're wondering if you should update ___ or upgrade ___ in your home.  You wouldn't have much time to enjoy the changes yourself, so you're mainly wondering whether it is worthwhile to make the changes in order to sell for a better price or on more favorable terms.

The upgrades in question might be new kitchen countertops, new flooring, updating the bathrooms, painting the main living spaces, or any other number of other updates or upgrades.

So, should you make the changes?  Should you update your home in this way if you will be selling in a year or two?

One way to think about this decision is to look around at other homes... in your neighborhood, or nearby and in your price range.

Do these similar homes have the updates that you are considering?  If so, it would probably be best to make the upgrades as well.  If not, you might be fine not to make the updates!

Why does it matter?

If homes like yours – with similar square footage, the same general layout, of a similar age – have already upgraded the areas you are debating, that might be a sign that buyers will expect those features when you are ready to sell your home. On the flip side, if no one’s touched their original oak cabinets or oh so colorful 90's tile, you might not need to make the updates after all!

So, Should You Upgrade?

Before you commit to a project, check recent listings or recent sales in your neighborhood, school district and/or price range. Feel free to ask for help – I can help you find the best houses to be using as a context.

Happy Monday morning.. and Happy belated Father's Day to all the dads!

We're nearly halfway through 2025 now, and below I'll give you an update on the latest data and trends in our local housing market.  

But first... 

[1]  If you haven't snagged a ticket for Red Wing Roots Music Festival... do so now... the fun kicks off this Friday, June 20 at Natural Chimneys in Mt Solon, VA.  I'll be out there all weekend... see you out on the music meadow!  Buy your tickets (3–day or 1–day) here.

[2]  Speaking of Red Wing, one of the many great food vendors is Kline's Dairy Bar... and this month I'm giving away a $50 gift card to one of the readers of this market report.  Enter to win here. I'm hoping Lemon Gingersnap is one of the flavors at Red Wing again this year.  :–)

[3]  Learn more about our local housing market a little bit each day... subscribe to my daily email newsletter to hear more about buying, selling, the market, new developments, and more.

[4]  If you will be selling your house soon, or if you are starting to consider a home purchase, I'd be delighted to help you with the process.  Reach out anytime by phone/text at 540–578–0102 or by email.  

And now... let's get into a bit of data.  Quite a few charts, and some graphs, and I'll throw in my comments and perspectives as we walk through them.

First, the overall market in Harrisonburg and Rockingham County...

I have (much) more highlighted above than I'll actually reference below.  Some things I am noticing in this big picture overview of our local market...

[1]  We are seeing fewer home sales over the past six months than were seen a year ago at the same time.

[2]  We're seeing low single digit increases (1% to 3%) in the median sales price regardless of the time horizon we consider. 

[3]  Homes are selling (going under contract) just as quickly now as they were a year ago.

When we zoom in on only detached homes, we find relatively similar trends...

When considering only detached homes, we find...

[1]  A 16% decline in home sales in 2025 compared to 2024... whereas we were seeing a 13% decline in the overall market.

[2]  The median sales price over the past 12 months is up 7% from the prior year... compared to only a 3% increase in the overall market.

Whereas when looking at only attached homes...

When looking just at the attached home sales market...

[1]  There have been 15% more attached home sales over the past 12 months compared to the prior 12 months... while there has only been a 3% increase in the overall market.

[2]  While the overall market has seen a 3% increase in the median sales price over the past 12 months... attached home sales have only seen a 1% increase in the median sales price.

So... in summary, thus far...

[1]  Fewer home sales in 2025 than in 2024... though the decline has been sharper in detached homes.

[2]  Small increases in median sales prices of late... though the increase has been larger in detached homes.

Some buyers are shopping based on City vs. County... be that for the school system, or other geographic factors.

So, let's look just at trends in the City of Harrisonburg...

Some of these stats for the City of Harrisonburg jump right out at me...

[1]  We've seen 28% fewer home sales thus far in 2025... compared to only a 13% decline in the overall market.

[2]  We're seeing an 8% increase in the median sales price over the past 12 months... compared to only a 3% increase in the overall market.

We were seeing fewer detached homes... and a stronger increase in those median sales prices... and the same thing is occurring with City home sales.

Now, looking at Rockingham County....

In contrast to the City, here's what we're seeing in Rockingham County...

[1]  Fewer home sales (–8%) are happening this year in the County... though that isn't as much of a slowdown as we are seeing (–13%) in the overall market.

[2]  The median sales price in Rockingham County has only increased 1% over the past 12 months... compared to a 3% increase in the overall market.

So... just as the attached home market wasn't quite as squeezed... and prices didn't pop quite as much... we're seeing the same thing in Rockingham County.

Finally, let's see what's happening with new home sales lately...

When it comes to new home sales...

[1]  Fewer new home sales are happening thus far in 2025... note the 17% decline, compared to a market–wide 13% decline.

[2]  The median sales price of new homes has actually dipped 2% over the past 12 months... compared to a 3% market–wide increase.

Keep the two changes above in context, however, given that the availability of new homes can fluctuate based on construction schedules... and the median price of new homes can vary based on what products are being built and sold.

And how about those existing (resale) homes...

When it comes to existing home sales...

[1]  There have been 11% fewer sales thus far in 2025 than last year... pretty close to the 13% market–wide decline.

[2]  The median sales price has risen 6% over the past 12 months... compared to the 3% increase for all homes.

So, just like detached homes and City homes, existing homes are harder for buyers to find... and prices are rising more quickly.

Now, some graphs, for all the visual learners, me included...

Has 2025 been a slow (slower) year for home sales in Harrisonburg and Rockingham County?  Yes, yes, it has been.  

Each month thus far in 2025 has shown fewer home sales (red line above) than the corresponding month in 2024 (blue line above) and it doesn't seem likely that we will see that change anytime soon.

Here's the cumulative impact of five months of fewer sales...

Each of the past three years has seen more home sales in the first five months of the year (610, 500, 549) than we have seen this year (480) in Harrisonburg and Rockingham County.

Thus, extrapolating a bit, we are almost certain to see fewer than 1,227 home sales in 2025 by the time we get to the end of the year.

Next up, here's a slightly clearer look at trends in how many homes are selling and the prices at which they are selling...

On the top half of the graph you'll see that there has been a 4% increase in the median sales price over the past year... but that's down from an 8% increase the prior year.

On the bottom half of the graph, the annual pace of home sales is technically trending upwards (1,276 to 1,319) but we have seen steady declines in this annual pace of sales over the past five months.

Here's another view of a new trajectory for the median sales price in our area...

Lots of caveats here before anyone jumps to any conclusions...

[1]  The 2025 median sales price is just for January through May, whereas the 2024 figure includes all 12 months of last year.  We'll likely see more of a year over year increase in median sales prices by the end of the 2025.

[2]  Are sales prices and/or home values flattening out in Harrisonburg and Rockingham County?  They're certainly going up more slowly than they have been... but as explained a few different ways earlier on... it varies greatly based on location and property type.

[3]  Will we see a decline in the median sales price in 2025?  I don't think so, but I'll keep monitoring the data and will keep you informed.

Next up, contract activity... the best leading indicator of the next few months of closed home sales...

Nothing too wild or crazy to report here (just wait for the next graph!?!) when we look at contract activity.  Yes, April and May contract activity was slower in 2025 than it was in 2024... but not by much.  I expected we would see contract activity jump up in April and May (compared to March) and it did.

And now... the most surprising (and/or puzzling graph) this month...

Wait, what!?!  

Inventory levels (the number of homes on the market for sale) are quite a bit higher this month than any month in any recent year.  

We had seen inventory levels steadily climb between January and March... but only right back to about where they were in March last year.  

Now, we might be seeing a different trajectory... more homes for sale... or maybe it's just a one month blip.  Stay tuned!

Finally, the graph that isn't that surprising at all...

Those silly mortgage interest rates.  They go up a bit, they come down a bit.  They're still sticking between 6.5% and 7%... and I don't expect that they will leave that zone anytime soon.  Thus, I don't recommend waiting around for a 6% interest rate before you move forward with a purchase, if you're otherwise ready to buy.

The local housing market in 2025 is undeniably slower than last year, especially for detached homes and properties within the City of Harrisonburg. We're seeing fewer sales across nearly every segment –– but prices, while not surging, are still inching upward in most areas. Inventory is starting to climb, which could lead to more options for buyers in the coming months. All that said, market dynamics continue to vary significantly based on property type and location!

Buying Soon?

Be Ready: With homes still going under contract quickly, it’s smart to be pre–approved and ready to act when the right home comes along.

Explore All Options: Attached homes or those in the County may offer more availability and slightly less price pressure.

Don’t Wait for 6% Rates: Mortgage rates are holding steady between 6.5% – 7%. Waiting for lower rates might just mean paying more for the home.

Selling Soon?

Price Thoughtfully: Buyers have more choices now in some locations and price ranges. Pricing your home accurately is key to attracting interest quickly.

Presentation Matters: With more competition, the presentation and marketing of your home is key to making it stand out.

Detached Home Owners, Take Note: The home you will be selling remains in high demand, especially in the City – so a well–prepped listing is likely to still generate very strong interest.

Have a wonderful week!

  

When preparing to sell your home, especially in the year or two leading up to putting it on the market, it's worth stepping back and asking whether there is one part of your home that doesn't match the standard of the rest of the house.  Maybe you've updated most areas over the years –– kitchen, bathrooms, roof, windows –– but one space still feels dated or neglected.

Buyers often form an overall impression of a home based on consistency. If everything else feels like a "$450K home" but the kitchen (or flooring, or landscaping, or primary bathroom) looks more like "$375K," that mismatch can leave them questioning the value. Even if it's just one area, it can create hesitation –– or open the door for lower offers.

Even if you will only be in your house for another year or two prior to selling, it can be worthwhile to identify and invest in bringing that one last area up to the standard of the rest of your home. Whether it's old carpet that never got replaced, a kitchen that's still stuck in the early 2000s, or a backyard that has never had anything more than minimal landscaping, taking care of that final project can help your home feel complete to buyers.

Of course, every home is different, and not every upgrade pays off equally. But if one room or feature feels noticeably behind everything else, it's often worth addressing –– especially if most of your home already shows well. It can be the difference between strong buyer interest and a home that sits on the market longer than expected.

If you're unsure where to focus or how much to invest, I'm always happy to walk through your home with you and offer a few thoughts. Sometimes, that one last improvement can make the difference in helping your home sell quickly and for the best price.

  

If you've been reading the national news lately, you might have seen headlines like:

"Housing Inventory Surges in Many Markets"

"Home Prices Begin to Dip After Years of Growth"

These stories make it sound like the housing market is shifting dramatically –– with more homes for sale and prices starting to slide. But before you apply those headlines to Harrisonburg and Rockingham County, here's an important reminder:

What's happening nationally isn't always happening locally.

Our Market Looks Different

In most segments of our local market, we're not seeing a meaningful increase in housing inventory. Supply remains tight, and while home prices aren't rising as quickly as they did in 2021 or 2022, they are still rising in many or most parts of our market.

So why the difference?

Many national headlines are focused on large metro areas –– where prices may have overheated and are now correcting. 

Our local market has remained steadier, likely due to:

• A diverse local economy

• Stable employment from major local employers (JMU, Sentara RMH, Merck, public schools, etc.)

• A continued shortage of housing supply in many price ranges

Could It Change? Sure –– But It Isn't Right Now

No market is completely immune to broader economic trends. But just because you hear about corrections happening elsewhere doesn't mean they're happening here.

If you're trying to make sense of what the market is doing –– whether as a buyer, seller, or homeowner –– the best approach is to look at local data and trends, not national headlines.

And if you'd like to talk through what's happening in your particular neighborhood or price range, I'd be happy to help!
  

The kids have moved out, and suddenly the house feels larger than you need –– or more than you want to maintain. 

Whether it's the yard, the stairs, or just extra space collecting dust, you might be wondering… is it time to make a change?

You might be asking yourself:

1.  Should I keep the house in case the kids (and grand kids) want to visit for years to come?

2.  Should I sell and buy something smaller that fits the life I'm living now?

3.  What would I even buy if I sold?

4.  Should I move closer to one of my kids?

5.  What if I move… and then they move again?

These are big questions –– and it's OK if you don't have the answers yet.

I'm here to help –– even if it's not with actually helping you sell your house.  

Some people think they shouldn't talk to a Realtor until they know they want to sell. But really? You don't need to wait.

If you're starting to think through the questions (dilemmas) above, I'd be glad to sit down and talk. We probably won't be talking about actually selling your home –– we'll just be talking about priorities and motivations and exploring your options.

I've helped many folks navigate this transition, and I'm happy to help you too –– whenever the time feels right.
  

Just a few weeks ago, I was pointing out that city townhouse inventory finally seemed to be rising – twelve resale townhouses (built between 2000 and 2020) were on the market in Harrisonburg, and only four of them were under contract!

That moment… has passed.

As of today, eleven of those twelve are now either under contract or sold. That short–lived spike in inventory? It doesn't appear to have been a sign of a softening market.

If you were wondering whether buyer interest in this segment had slowed – think again. With just one resale city townhouse currently on the market, it's clear: the demand for these homes remains strong.

So, if you're a townhouse owner wondering about timing – yes, the market is still very much in your favor. 

And if you're a buyer waiting for a wide selection? You might have to be quick when the next one hits the market.

  

When it comes time to buy or sell a home, one of the first numbers people often focus on is the square footage. But not all square footage carries the same weight – especially when you’re comparing above grade (main living levels) to below grade (typically basement) space.

Let’s take a look at three homes, each with 4,000 square feet of finished living space:

Home A: 4,000 SF above grade; no basement

Home B: 3,000 SF above grade; 1,000 SF finished basement

Home C: 2,000 SF above grade; 2,000 SF finished basement

Even though all three homes offer the same total amount of finished space, they would not be priced the same – by buyers or appraisers.

Why? Because square footage above grade is generally more valuable than space below grade.

Key Takeaways...

1. Price Per Square Foot Can Be Deceiving

When calculating price per square foot, the total finished space is often used – regardless of whether that space is above or below grade. That can skew comparisons. A home with much of its living space in the basement might look like a great deal based on price per SF, but it's not apples–to–apples with a home where all that space is above grade.

2. Compare Like With Like When Pricing Your Home

If you're preparing to sell, it's important to look at recently sold homes that are structurally similar to yours – not just in size, but in how that space is distributed. A 3,000 SF ranch with a finished basement isn't directly comparable to a 3,000 SF two–story with no basement space.

3. Don’t Be Surprised by Pricing Differences

You might come across two homes with the same total finished square footage but noticeably different price tags. Often, the difference comes down to where that space is located. Buyers typically place a premium on above grade living space – especially for bedrooms, kitchens, and main living areas. Basement space can add value, but it's usually seen as secondary living area.

   

If you're thinking about listing your home for sale, you might be tempted to wait until Thursday or Friday – just in time for the weekend traffic, right? Not so fast. There are actually some solid reasons why putting your home on the market earlier in the week (think Monday or Tuesday) can work in your favor. Let's take a look at three of them.

1. More buyers are paying attention earlier in the week.

While weekends are popular for showings, many serious buyers are actively watching new listings the moment they hit the market – and that's often during the work week. If you list early in the week, your home has a better chance of being seen (and scheduled for showings) by those eager buyers keeping a close eye on their saved searches.

2. Buyers need time to talk to their lenders.

In today's competitive market, most buyers want to be pre–approved before they make an offer – and that often means a quick check–in with their lender. Listing your home earlier in the week gives interested buyers a bit of breathing room to get their financial ducks in a row before the weekend, when they might be ready to write an offer.

3. Weekends aren't as reliable as you'd think.

Yes, some buyers are out and about on the weekends, but many are also out of town, juggling kids' sports schedules, or catching up on errands or life. When your listing goes live early in the week, you catch the attention of buyers while they're still in town and in "house hunting" mode – not halfway through a weekend getaway.

The bottom line:

Listing earlier in the week can give your home more visibility, a better shot at weekend showings, and an edge with serious buyers who are ready to act. 

  

If you're buying a home in Harrisonburg or Rockingham County right now, you've probably noticed – there just aren't that many homes on the market.

When inventory is low, it's important to broaden your perspective just a bit. While we'll absolutely keep an eye out for the perfect house, we should also plan to visit homes that are close to what you're looking for –– even if they're missing a feature or two on your wish list.

Why? Because photos don't always tell the full story. 

Sometimes a home that looks just "okay" online feels much better in person. And every so often, a house that's slightly off your radar ends up being a surprisingly great fit with a little creativity or a small renovation.

So yes, let's keep that ideal home in mind. But let's also be open to the "almost right" ones –– they might just turn out to be perfect after all.

   

Sometimes a seller receives multiple GREAT offers on a house – but in the end they can only accept one of them.

It can be frustrating for qualified buyers who make strong offers to not be able to purchase a house that they love.

Sometimes, however...

1.  There are multiple buyers who love the house.

2.  There are multiple buyers who are very qualified to buy the house.

3.  There are multiple buyers who are willing to pay more than the asking price.

4.  There are multiple buyers who are willing to remove an inspection contingency.

Sellers in such a situation are typically delighted by the multiple strong offers –– but often find themselves having to say "no" to buyers who proposed very reasonable and strong offer terms –– because they can only say "yes" to one buyer.

To those sellers... congrats and good luck picking the best of multiple great offers.

To those buyers... condolences and know that the "no" you received may not have been a result of any deficiencies in your offer... just that there were multiple buyers making super compelling offers.

    

The average 30 year mortgage interest rate has been above 6% for the past three years (2022–2025) and sometimes we think of that in the context of mortgage interest rates having been below 4% between 2019 and 2021... but it can be helpful to look back even further for a broader perspective.

One way of breaking down the mortgage interest rates over time is as follows, with 5% and 7% being the break points.

1995 – 2002:  Rates were mostly above 7%.

2002 – 2010:  Rates were mostly between 5% and 7%.

2010 – 2022:  Rates were below 5%.

2022 – 2025:  Rates have been mostly between 5% and 7%.

Look ahead at the next three to five years, I think it is most likely that we will continue to see mortgage interest rates between 5% and 7%.

It is possible, but I think extremely unlikely that they will be below 5% again.

It is possible, but I think relatively unlikely that they will rise meaningfully above 7% and stay there.

If you're borrowing money via a mortgage to buy a house (most buyers are) then you will be paying some cost of borrowing that money in the way of a mortgage interest rate.  

The range of mortgage interest rates we have been seeing over the past three years seems likely to be what we'll see over the next three years... though perhaps we'll see rates drop a bit back towards 6% or even down to below 5% and 6%.

  

So, home buyers – don't wait for ultra–low rates to return – we are likely to be staying in the 5% to 7% range for a while – so focus on finding a home that fits your budget in the current mortgage interest rate environment.

And home sellers – with buyers more sensitive to monthly payments, pricing your home competitively is key to attracting serious interest.

  

Inventory levels (the number of homes for sale) have risen over the past several months in Harrisonburg and Rockingham County...

December 2024 = 138

January 2025 = 140

February 2025 = 150

March 2025 = 170

April 2025 = 176

But, let's keep it in perspective...

Inventory levels are (slightly) lower now than they were a year ago (175 vs. 186) and they are lower now than they were in 2018, 2019 and 2020.

The last time inventory levels rose above current levels (for more than a month was between July 2023 and February 2024.

If you are hoping to buy a home now or soon, you have somewhat more choices now than you would have had for most of the past year –– but not by much –– and it largely depends on your price range and the type of property you would like to buy.

If you are planning to sell a home soon, you might have slightly more competition –– maybe –– again, depending on your price range and the type of property you will be selling.

To make this data more meaningful for you, we will dive a bit deeper into the data to look just at a particular property type, location and price range.