You've been watching this house for three weeks.

Plenty of showings, apparently. But no offers. So you finally decide to go for it –– you make an offer –– and then, what do you know, the seller's agent calls to let us know that two more offers just came in.

Wait... what? Where were those buyers last week?

Here's what is often happening...

Some buyers, even when they're genuinely interested in a home, struggle to make a decision to make an offer when no one else seems to be moving. They're waiting for some signal that the house is actually worth wanting.

And then an offer comes in –– your offer –– and suddenly their thought of making an offer is confirmed as a good idea. 

This is not a completely irrational way for a buyer to think about making an offer.  When a home has been sitting for weeks, it's natural to wonder if you're the one missing something of why you shouldn't like the house. But sometimes there's no problem at all. Sometimes buyers just needed a nudge... from... another buyer, such as you.

So if you're genuinely interested in a home that's been sitting for a few weeks (or longer)... don't assume the lack of offers means you have all the time in the world. You might think it gives you leverage for negotiatoins –– and maybe it does –– but you might also be the one who accidentally starts a bidding war.

It's a quirky market sometimes. :–)
  

You are excited to buy a house, and you have made offers on houses, but we keep running into the same problem – another buyer is willing to waive their home inspection contingency entirely, and you're not.

So what do we do?

Let's explore some options you might not have considered yet...

Option 1: Keep doing what you're doing.

You make offers with a standard home inspection contingency –– typically giving yourself around 14 days to complete the inspection and decide whether to request repairs, terminate or move forward. If we're consistently losing to buyers who are waiving inspections, this approach may keep putting you at a disadvantage. But it's also the safest approach, and if you're patient enough, eventually you may find yourself in a situation where you're not competing against a buyer willing to take that risk.

Option 2: Shorten the inspection timeline.

Instead of asking for 14 days, you offer to complete your inspection within 5 days. This should indicate to the seller that you won't leave them in limbo for two weeks... and it does make your offer at least slightly more appealing. The trade–off, though, is that you'll need to work with whichever inspector is available on short notice rather than one you might prefer, and depending on your schedule, you might not be able to attend the inspection in person.

Option 3: Inspect, but agree not to request any repairs.

This is an interesting middle ground. You do the inspection –– you get the information –– but you tell the seller upfront that you won't be asking them to fix anything or provide any credits. You retain the right to walk away if something serious comes up, but the seller can feel confident they won't be hit with a repair list. For a seller who has had bad experiences with inspection negotiations, this can feel safer than a typical inspection contingency.

Option 4: Inspect, but only request repairs above a dollar threshold.

You agree that you'll only ask for repairs if something truly significant is found –– say, items that would cost (in total, with all other needed repairs) $5,000 or more to address. This eliminates the possibility of you coming back to the seller over minor issues like a dripping faucet or a missing outlet cover. It focuses the inspection on what really matters, and it gives the seller reasonable confidence that the process won't get nitpicky.

Option 5: Inspect, but offer your deposit to the seller if you walk away.

This one can really demonstrate your seriousness.  You do the inspection, but you agree up front that if you decide to terminate the contract based on the home inspection, the seller can retain your deposit.  This shows a greater level of commitment to buying the house, though if you do walk away, and give the seller their deposit – they still have to then find a buyer who wants to buy the house after another buyer decided not to based on inspection findings.

Option 6: No inspection contingency at all.

Yes, this is the most competitive option. And if you're buying a house you really like, and that seems to have been well maintained, with recently updated major systems, it might be a risk you are willing to take. This risk is not for everyone, and it's not for every house. But it's an option worth considering seriously if you've lost multiple offers and you find a home you really love.

So, what will you do next?

If you have lost two or three offers already using Option 1, we might want to chat further about Options 2, 3, 4 and 5 – or a combination of them.  These alternative approaches are still an inspection contingency – but they can potentially let you reduce the amount of risk the seller believes that contingency adds to the transaction.

If you'd like to talk through which approach makes the most sense for your situation, I'm happy to help you think it through.
    

It's a competitive market right now in some price ranges and areas –– particularly in and just around the City of Harrisonburg, for under $500K. If you've made a few offers and missed out to other buyers, you might want to keep reading...

Do you like the house (the next one we see) enough to pay more than the appraised value?

Some buyers are willing to make offers that say exactly that. 

For example...

Let's say a home is listed at $450K and five buyers make offers. It might look something like this:

Offer 1 –– $450K, contingent on appraisal
Offer 2 –– $450K escalating to $460K, contingent on appraisal
Offer 3 –– $450K escalating to $465K, contingent on appraisal
Offer 4 –– $450K escalating to $470K, contingent on appraisal
Offer 5 –– $450K escalating to $470K, contingent on the appraisal being at least $450K

Buyer #5 will probably get the house. Because they've essentially said: "We'll pay $470K even if the home only appraises for $450K."

What Does That Actually Mean?

If the home appraises at $450K and the contract price is $470K, that $20K gap often comes out of the buyer's pocket as an increased downpayment.  So the buyer needs to be comfortable bringing that extra cash to closing.  Maybe that's fine for them. Maybe they've missed out on three or four other houses and they've decided... this is the one, and they're not losing it over $20K.

Of note –– the house might end up appraising for $460K or $470K. Appraisals don't always come in low. But Buyer #5 has already made peace with the possibility that it might.

A Few Important Notes...

If you pay $470K for a home that appraises at $450K, selling it again in six months or a year could be challenging. But if you know (or think) you're going to be there for five or ten years? That will likely work out jsut fine.

Being willing to pay more than appraised value is not right move for every buyer for every house. But for some buyers, with some houses, it will be the strategy that helps you actually buy a house.

So... would you be willing to pay more than the appraised value? If the answer is yes, make that clear in your next offer. 
  

The first few weeks after a home hits the market are often busy ones. Buyers who have been watching the market –– sometimes for months –– finally have something new to look at. These buyers will schedule showings quickly. And pretty soon, the showing activity (or lack thereof) and offers (or lack thereof) will either confirm that the home and it's price are appropriately positioned in the market... or not.

Within the first few weeks, the market will have given you (as a seller) direct and important feedback about your home.

Every buyer who was going to be drawn to your home has made a decision. They've either walked through it and decided to make an offer, walked through it and decided not to make an offer, or have decided to not even walk through it.  

If showings slow dramatically after those first few weeks, the question often shouldn't be "should we wait a little longer?" but rather "are we priced where we need to be?" Waiting for a new wave of buyers to discover the home can be a long wait.  Most active buyers have already seen your home and didn't feel compelled to act.

The good news is this: the feedback comes quickly in the current market, and it is very direct and honest. If a home is sitting after two or three weeks with very little activity, that's extremely helpful feedback.

So what do we do with it?

Sometimes the answer is pricing. Sometimes it's presentation. Occasionally, it really is just timing.  But after the first few weeks, we should be talking through all of these possibilities and determining a game plan.

  

Between 2018 and 2024, the median price of a detached home in Harrisonburg and Rockingham County rose an astonishing 70%. That’s a remarkable run... and it’s worth knowing about whether you’re thinking of selling or just curious what your home might be worth today.

Since 2024, the median sales price of detached homes has  essentially remained flat. Prices are not dropping, but they are no longer rising as they were.

But... with resale home sales up 7% this spring and contracts jumping 33% over last March, there’s still plenty of buyer demand out there!

What Does This Mean For You?

Buyers:  Contracts are up sharply this spring and resale homes are moving quickly –– if you’re ready, let’s jump in soon.

Sellers:  Prices are holding relatively steady and homes are taking a bit longer to sell, so pricing carefully matters more than ever.

The story looks a little different depending on your neighborhood, price range, and property type. Reach out and we can take a closer look at what’s happening in your specific corner of the market.

  

"Let's just buy this home –– I'm sure it will work OK for us for at least a year or two."

Occasionally, I hear this, and I always encourage buyers to pause and reflect before considering that path forward.

Buying a home that you are fairly confident will only work for you for a few years can be a costly decision... and one that is easy to regret... unless the house ends up working well for you for longer than you anticipated.

Transaction Costs Are Real

When you buy and then sell within just a couple of years, you're looking at closing costs when buying, and when selling, and the cost of moving, updating/decorating, and furnishing a home.  All of those costs can add up!

On a $350,000 home, that could end up being $30,000 or more... and if you know on the front end that you will probably need or want to sell in a year or two, that's a steep price to pay.

What About Equity?

Some might want to rely on increases in home value to justify buying a house that you plan to sell a yar or two later –– but you'd need pretty strong appreciation in just 12 or 24 months try to break even on those costs. In a market with level–ish prices, or with very moderate price growth, that's far from guaranteed. 

The Better Question

Before making an offer on a house that you are sure only works for you for a few years, let's think through what you'll do when that time comes... will be OK with selling after just a year or two, despite the high cost of what ended up being a short term period of homeownership?  Will you keep the property as a rental property instead of selling?  Will you wish you had rented for another year or two?  Will you wish you would have bought a home that would work for you for 5+ years?

There will always be unanticipated life changes (for example, a new job out of the area) that can come up and cause you to sell after just a year or two –– but if you go into the purchase knowing you are almost certain to want or need to sell again after a year or two, let's dive into the what the total transactional costs might be and make sure you are comfortable with the overall financial picture.

   

Many homeowners who are thinking about downsizing start by thinking about what they need to do to get their home ready to sell.

That is a good question to be exploring... but it's only one of the two questions we should be considering.

The second question is... what will you buy next?

If you've lived in your current home for 20 or 30 years, it's easy to pour all of your energy into the selling side of things –– decluttering, making updates, freshening things up, thinking about the timing. And sometimes, the buying side of the equation can accidentally become an afterthought. 

Focusing on the buying side of the equation is just as important if not more important!  Sometimes these homeowners hoping to downsize are surprised that there aren't many single level homes (detached or attached) with lower maintenance needs on the market at any given time. If were to wait until you are under contract to sell your current home before we start exploring your purchasing options, you might find yourself with fewer choices than you expected.

So, if you're thinking about downsizing, it's important to invest energy into both sides of the equation from the beginning.

On the selling side, yes –– let's talk about what updates make sense, what doesn't need to be done, what your home might be worth, and when the timing might be right.

On the buying side, let's start exploring too. What kind of home are you hoping to land in? One story? Low maintenance? Close to town? Further out in the County? What's your budget going to look like after the sale? Some of these questions take time to answer. We might need to walk through a few homes just to get a feel for what you actually want –– and just as importantly, what you don't want.  

The good news is that both conversations can happen at the same time. If you're starting to think about downsizing –– even if it feels like it's a year or two away –– let's start chatting about both sides of the equation.

   

Likely, yes... unless it has a big flaw, a big need, or a big price.

Most homes in the Harrisonburg area are selling well right now. If you list your well–maintained home at a fair price, and you should expect solid interest and a contract before long. But "most homes" doesn't mean every home.

A Big Flaw

Some homes have a characteristic that a significant portion of buyers won't be excited about... a busy road... a steep lot... a tiny yard... an awkward layout. These aren't dealbreakers for everyone –– but they will narrow our buyer pool. We should acknowledge the flaw, and price your home accordingly.

A Big Need

A roof that's overdue. An HVAC system on its last legs. Floors and paint that haven't been touched in decades. Lots and lots of deferred maintenance. Buyers aren't afraid of older homes, but they are more cautious when a home feels like it needs one or more significant and costly upgrades in the near term. It's worth thinking about which of those needs are worth addressing before you list.

A Big Price

This one is the most controllable. An overpriced home can get skipped when buyers are deciding what to go see, or it can sit long enough that buyers start wondering what's wrong with it. If you want to go under contract quickly, make sure your price is in line with similar, recently sold, homes.

So... if you want your home to go under contract quickly:
1. Acknowledge the big flaws. 
2. Consider addressing the big needs. 
Don't accidentally give your home a big price. 

If we do these three things, you should be in good shape for signing a contract in a timely fashion.
  

After meeting at my office to talk about the home buying process and the market, we schedule a time to go see a house together.

When we walk in, you pretty quickly realize that the house is perfect or nearly perfect.  It has everything you said you wanted in a house, and it's in a great location relative to family, friends and work.  It doesn't need too many updates, and it has room to grow.

But... it's the first house we have viewed.

So, yes... it is absolutely the BEST house you have seen... but... I suppose it is also the worst house you have seen...

When we have looked at 5 or 10 houses together, you'll have a better sense of what you can buy, and how any given new listing compares to the options that have existed over time.  This context allows you to walk into a house and recognize when it is truly a unique house and one that will, uniquely, work really well for you.
 
But sometimes... the first house is the one.

So... if that happens... be open to it.  Don't talk yourself out of what you are feeling just because it is the first house.  Some buyers find their house on day one.

At the same time, if we write an offer on that perfect (but first) house and it doesn't work out –– and it might not, because a house that feels perfect to you can feel perfect to others too –– we'll need to trust and believe that there will be other perfect (or near perfect) houses to come.

It's Spring in the Valley (or, alternatingly summer and winter this week) and we'll see plenty of new listings hitting the market over the next few weeks.  The best house –– the perfect house –– your first house –– might be right around the corner!

  

Let's say you've found a house you really like. It's listed at $400K. We've looked at the comps together, and it seems like $400K is a fair price... though depending on the buyer, it could reasonably be worth $405K or $410K to some people.

Now let's say there are multiple offers. You have a decision to make.

You could offer $400K –– the list price. 

You could offer $400K with an escalation clause, bumping up above any competing offer in increments of some amount, maxing out at $410K (the top of what we'd call the reasonable value range). 

Or you could stretch a bit further and escalate all the way up to $420K, going above what most would consider to be the best comparable sales.

So how do you decide?

Sometimes, it can be helpful to ask yourself... if you lose at this number... will you regret it?

If someone else gets the house for $401K or $405K, when you offered $400K, how does that feel? If the answer is "not that bad –– it wasn't perfect anyway," then maybe $400K is exactly where you should be. We'll find you another house.

But if the thought of losing it at $401K makes you hesitate or wish you had offered more... that might be telling you something.

We can ask the same question at each number. If you lose at $410K, will you regret it? Maybe not –– maybe $410K already felt like a stretch. If you lose at $420K? That one might sting more, but it also might feel like you gave it everything you had.

There's no universally right answer here. 

Some buyers are perfectly happy to offer the list price and walking away if it doesn't work out. Others would rather pay a little more and know they didn't leave anything on the table. Both are valid approaches.

The next time you get stuck figuring out what to offer or how high to go with an escalation clause, let's put it in the context of whether you will regret it if you miss out by stopping at a particular price.

  

If you own real estate in Harrisonburg or Rockingham County –– or if you're thinking about buying –– there's some noteworthy news coming out of the local budget process this year.

Harrisonburg: Holding Steady at $1.01

The City of Harrisonburg is planning to keep its real estate tax rate at $1.01 per $100 of assessed value. No change from last year... though when you zoom out and look at the bigger picture, the City's rate has climbed 19% since 2017, when it sat at $0.85.

Rockingham County: Shifting down from $0.68 to $0.66.

The County is actually planning to lower its tax rate –– from $0.68 down to $0.66 per $100 of assessed value. Here's why... Rockingham County just went through a reassessment of real estate values, something that only happens every four years. Because property values have risen significantly over that period (reflecting market changes), assessed values went up across the board. That means the County will be collecting more tax revenue... and thus they can reduce the tax rate for the upcoming budget.  Since 2017, the County's rate has actually declined 11% –– from $0.74 to $0.66. 

I should note –– even with a decrease in the County's real estate tax rate, most homeowners will still be seeing increases in their County real estate tax bill because of an increased in assessed values.

What Does This Mean for You?

If you're comparing the cost of homeownership in the City versus the County, the tax rate difference is one factor to put on the table. A home assessed at $400,000 would carry an annual tax bill of roughly $4,040 in the City and $2,640 in the County. That's nearly $1,400 a year –– or about $115 a month –– in difference, just from the tax rate alone.

It's not the only factor, of course. Location, schools, amenities, commute... all of that matters too. But it's worth comparing the tax rates and how they will impact your monthly housing costs.

One final disclaimer... the proposed tax rates above ($1.01 and $0.66) are just that... proposed.  Harrisonburg City Council and the Rockingham County Board of Supervisors will review the proposals and finalize the tax rates in the near future.

  

Happy Thursday Morning!

If you've been watching the Harrisonburg market lately, you already know –– things are starting to move quickly.  New listings keep popping up, and buyers are ready and waiting to go see them... and in some cases, make offers quickly. I'll walk you through the latest trends in a moment, but first, three quick items to mention...

Each month I have a giveaway for readers of my market report.  After four years of these giveaways, you might note that I'll start to cycle back around to some past crowd favorites.  This month that place is Magpie... one of my favorite spots for breakfast or brunch in Harrisonburg. Enter here for a chance to win a $50 gift card to Magpie.

Five days a week, I send out a short email with something worth knowing about our local market –– a trend I'm noticing, a thought on buying or selling, something I hope you will find useful. It takes about a minute to read. Recent topics have included...

Want to stay in the loop between monthly reports? Subscribe to my daily email newsletter –– short, weekday notes on our local market, the buying and selling process, and more.

And finally... if you're thinking about buying or selling this Spring, I'd love to help. Reach out anytime by phone/text at 540–578–0102 or by email.  

Now... on to the data.

The chart above tells an interesting story... home sales are picking up, with the annual pace up about 4% from a year ago. But prices? Essentially flat over the past 12 months –– no meaningful increase, but no decline either. The one notable shift is how long homes are taking to sell. The median days on market has moved from 6 days to 9 days... a 50% increase, even if 9 days still feels pretty quick.

Interestingly, when we look at detached homes alone (ignoring townhomes, duplexes and condos) we find a slightly different story...

Here's where it gets interesting. While overall home sales are up 4%, detached home sales are actually down 6% over the past year. And despite that slowdown in sales, prices haven't followed –– the median sales price for detached homes is up 2%. Less activity, but still some upward price pressure.

Another interesting segment of the market to monitor is only resale homes... ignoring all of the new construction home sales...

Resale homes –– detached and attached combined –– are showing some encouraging signs. Sales are up 7% over the past year, and the median sales price has nudged up 3%. That's meaningful... because when you combine that with the 2% price increase we're seeing in detached homes specifically, it starts to suggest that prices aren't actually flat. They're probably still trending slightly upward. The market–wide number looks flat, but I think that's being pulled down by new construction in the mix. Existing homes tell a different story.

Moving on to some visuals, here's a look at monthly home sales activity...

February was an outlier. March? Much more normal. The 86 sales we saw last month were right in line with expectations –– just slightly ahead of the 82 from March a year ago. April is shaping up to be a busier month, with around 110 sales likely on the way.

Let's see how this year (thus far) stacks up to prior years...

Through the first three months of 2026, we're sitting at 281 home sales –– a stronger start than 2023 or 2025, though a step behind 2024's pace. Normal–ish, in other words. But Spring is just getting started... and that's when our market really gets going. We'll need to check back in a few months before deciding what kind of year 2026 is shaping up to be.

Looking for a visual of the overall market?

Keep in mind, again, that the graph above is looking at all home sales (existing + new) and all home types (detached + attached) and here is where we see a modest increase in the number of homes that are selling, but no change in sales prices.  This, combined with the data presented earlier, continues to point to no change or a very small change in home values over the past year.

Let's put the current flatness of prices in the context of the recent past...

The graph above tells a pretty striking story. Detached home prices climbed 62% over just five years... and then, starting in 2024, things went almost completely flat. A year and a half of very little movement in either direction. That's a dramatic shift from what we saw before. I'll keep watching –– and I'll let you know if prices start meaningfully rising again. We're not there yet.

Looking ahead, though, how about the pace of contracts being signed?

I expected March to be busy. I didn't expect 146 contracts. That's a big jump from the 110 signed last March... which tells me we're likely in for a strong month or two of closed sales as those contracts make their way to the closing table.

With all of those contracts signed, what is happening to inventory levels?

For the first time this year, inventory levels in March actually came in lower than the same month a year ago. That's likely a direct result of all those contracts being signed –– buyers absorbed a lot of listings last month. Whether that continues is the interesting question. Inventory typically climbs as we move into Spring and Summer... but if buyers stay this eager, new listings may not sit around long enough to pile up.

And what about how quickly homes are going under contract?

Homes are taking a bit longer to sell than they were six months or a year ago... and the graph above makes that trend pretty clear. The median days on market has been creeping steadily upward for about nine months now. The interesting wrinkle? Two years ago, days on market peaked right around this time of year before trending back down through Spring and Summer. Maybe the same thing happens in 2026. We'll see.

That's a wrap on this month's market update... but if you want to dig deeper, there are plenty more charts and graphs waiting for you over here.

Finally, some big picture takeaways for buyers and sellers...

1. Be ready to move quickly.  Contracts are up 33% over last March –– this market is active. When you find the right home, hesitating might cause you to lose out on the opportunity to buy that home.  But keep in mind that homes (overall) are sitting a few days longer than they were, which means you may have a bit more time to think.

2. Don't assume prices are flat for every home. The headline number says prices are unchanged... but detached homes and resale homes are both showing modest price increases. Home prices in your favorite neighborhood or school district are likely still nudging upward over time.

3. Watch the resale market closely. New construction is part of what's making the overall market look softer than it is. Resale homes are selling quickly and at higher prices. If you're focused on existing homes, you should expect serious competition.

For Sellers...

1. Price carefully. The days of pricing high and waiting for a dozen buyers to make offers in a day are fading. Homes are taking slightly longer to sell now than they were a year ago. A well–priced home still moves. An overpriced one will likely sit on the market.

2. Is Spring your moment? Contract activity just jumped significantly in March –– buyers are out and motivated right now. If you've been thinking about selling, this may be the window you've been waiting for.

3. Steady doesn't necessarily mean stalled. Prices aren't climbing the way they did from 2019 to 2024 –– that 62% run in five years is over, for now. But prices are not dropping either. If you are selling in 2026 you are likely selling in a stable market with steady buyer demand. 

Ready to talk? Whether you're thinking about buying, selling, or just exploring the idea... I'm happy to chat. Reach out anytime.

You can reach me by phone/text at 540–578–0102 or by email here.

Have a wonderful balance of your week, and if you didn't file your taxes yet, this is a friendly reminder that you are now one day late.  ;–)

    

Is it crazy to pay more than what the market might suggest a house is worth?  Maybe not... if the house has a feature that has extra value just for you.

For example, let's imagine...

We've been looking at houses for a little while now. We walk into one and it just feels right –– the layout works, the neighborhood is great, the size is perfect. And then there's that one thing... a feature that you know most buyers wouldn't care about, but for you? It's perfect.  You have been hoping to find a house with this feature but you didn't think it would be possible.  Maybe it's a workshop space that's exactly what your hobby or side hustle demands. Maybe it's a south–facing yard that's ideal for the garden you've always wanted. It might be something only you would fully appreciate, but you are glad that feature is in this home.

The seller is asking $365K, and when we look at comparable sales together, we agree –– that's a fair price. The house is worth $365K. You're ready to make an offer.

Then we hear that two other offers are coming in.

You were already willing to pay $365K. But because of that one special feature, you're wondering... would it be crazy to go to $375K? You'd be paying $10K above what the market says the house is worth.

I say no –– it's not crazy at all.  Here's why...

Market value is essentially what a typical buyer would pay for a home. It doesn't account for your specific circumstances or the things that would make a house genuinely better for you than for anyone else. For you, that extra $10K you overpaying –– it's you accurately valuing something that has real worth in your life, even if it doesn't show up in recent comparable sales.

Now, there are a couple of things worth keeping in mind. First, if you're financing the purchase, the home still needs to appraise. If it comes in below your offer price, you might need to be prepared to cover that gap out of pocket –– so make sure you have that financial flexibility for the offer you choose to make. Second, this logic works when the premium is reasonable and intentional. Paying $375K instead of $365K for a feature you'll use and love for years can make sense.  Paying $50K above market value because you fell in love with the kitchen backsplash... that's a different conversation. :–)

The bottom line is this –– you're not just buying a financial asset when you're buying a home. You're buying a place to live your life. If a home has something that genuinely improves how you'll live there, it's completely reasonable to reflect that in what you're willing to pay.
  

Let's say you've found a house you really like in Harrisonburg... listed at $495K.

We've checked the comparable sales and have concluded that the house is worth $490K to $495K... but you're hoping to buy it for closer to $485K, if possible.

So you offer... $420K.  (!?!)

The seller sees that number and doesn't respond. No a counteroffer... no response at all... your super low offer likely offended them.

You come back at $475K. Still nothing.

You try $485K. Still nothing.

Now –– because you really love the house –– you find yourself offering the full list price, $495K, to make sure you can buy the house after all.

I probably made this example extreme enough that you can anticipate what I am going to suggest next.

Might you have been able to negotiate down to $485K if you had started with a more reasonable offer?  Probably so.

The problem with an extremely low opening offer...

When a seller lists their home at $495K and genuinely believes it's worth that, an offer of $420K doesn't feel like a reasonable offer, or a serious buyer –– if often feels like an insult to the seller.  That can often shut down the conversation, and any potential negotiations, very quickly.  

Starting closer to market value opens is a better strategy...

If we had started at $480K or even $475K, the negotiations almost certainly would have looked very different. The seller counters at $493K. You come back at $483K. You land at $485K or $487K. You are pleased with your purchase price and the seller is reasonably pleased with their sale price.

So... if you're getting ready to make a below list price offer on a house because you hope to negotiate a little... maybe don't start with an offer price that is a LOT lower than the list price, the market value and where you hope to end up.

Let's know what the home is worth and make an offer that reflects that you're a serious buyer making a reasonable offer, even if you are trying to negotiate a bit.
   

When we get a home inspection report back, it can sometimes feel a little overwhelming. It will typically include pages and pages of notes, photos, some items flagged as major issues, some as maintenance items, and some as potential upgrades over time.  It can be a lot to take in.

As you decide if you will ask the seller to make any repairs... and if so, what repairs you will ask them to make... keep in mind that the way we approach repairs with a seller about repairs matters just as much as what we ask for.

Don't ask for everything.

If you come back to a seller with a long list of repairs –– major and minor –– they may very well push back and indicate they don't want to make any of the repairs at all and ask you to buy the house as it is, or to move on.

But if you take a step back, look at that inspection report, and focus only on the big stuff –– any structural issues, safety concerns and the major systems –– we'll hopefully be having a very different conversation with the seller. We'll be saying that you still want to buy the house... but that you want the serious items addressed.  Most sellers are much more receptive to this type of request.

The minor stuff? Loose doorknobs, a sticky window, a dripping faucet –– those are things you can take care of yourself after closing. They shouldn't be deal–breakers, but if you request those types of minor fixes alongside major requests, they may become deal–breakers for the seller.

I typically encourage buyers to sort the inspection findings into two buckets: major issues that will potentially be costly repairs... and home maintenance items that are a normal part of homeownership.  

Let's focus your repair request on that first bucket.  We'll likely get a better response from the seller. 

This buyer is making a full price offer... or... are they?

When pricing your home to sell, it's important to remember that buyers behave very differently depending on how they feel about a list price.

When a buyer walks into a home –– or even just sees it online –– one of the first things they're doing is thinking about the list price. Is it fairly priced?  Is it under priced?  Is it priced way too high?

If a buyer thinks a list price is at or just slightly under market value, they will be motivated to act and likely to act quickly and decisively.  They feel like there's something worth going pursing and they'll quickly be deciding what they can offer, how quickly they need to make an offer, and whether this is the one they have been waiting for.

But if they think the price is above market value? This typically causes buyers to slow down. They hesitate... or might even just move on and consider other houses. Even buyers who love the home will sometimes talk themselves out of making an offer on a home they think is overpriced –– because they don't want to overpay, and they don't think the seller is being realistic.

So what does this mean for sellers?

A well–priced home tells buyers that you know what you are doing, and it is worth the buyer's time to pursue the home.  An overpriced home sends the opposite message.

I've seen sellers in Harrisonburg price their home $20K or $30K above what the comps support... and then it often sits on the market for months without many showings.  Meanwhile, a neighbor priced theirs right, had multiple buyers competing, and had a strong contract in hand within the first week.

The irony is that trying to leave room to negotiate by pricing high often backfires. You won't have the opportunity to negotiate because you won't have an offer (or offers) to consider.

Pricing at or near market value draws buyers in, can create competition, and often results in a better outcome than reaching for a number the market won't support.

   

A few weeks ago, we sat down together and identified seven things to take care of before putting your home on the market. You've knocked out six of them and you are feeling so close to being ready to get your house on the market.

But that seventh project? It's going to take another month.

So now the question is... do you wait?

Probably not. But it depends.

Here's one way to think about it... 

Does that final project meaningfully change how a buyer is going to experience your home? 

If a buyer walks through without that project done, will they be hesitant? Will it raise questions, create doubt, or give them a reason to move on to the next house? 

If the answer is yes –– if that one remaining item is actually significant –– then it might be worth waiting the month to finish it before you go live.

But if the answer is no... then waiting probably isn't serving you well.

With six of seven projects complete, your home likely presents beautifully. Buyers walking through are going to see a well–maintained, well–prepared home. That seventh project might be a nice finishing touch, but it's probably not the difference between a buyer falling in love with your home or walking away.

And right now, timing matters. We're at the beginning of the spring market in Harrisonburg –– one of the best windows of the year to be listing your home. Buyer activity picks up, and we are likely to quickly find a buyer for your home.  Waiting another month to list means sitting out some of the best weeks of the spring market.

So my suggestion? Unless that last project is a real factor in how buyers will perceive or pursue your home, go ahead and list now. A home that's 97% of the way to perfect and hits the market at the right time will almost always outperform a 100% perfect home that shows up a month later.

If you're weighing this decision, I'm happy to talk it through with you.

The redbuds are blooming. The grass is getting greener. And if recent years are any indication, we are likely about to see quite a few homes hit the market for sale here in Harrisonburg and Rockingham County.

Sellers have been diligently preparing their homes –– painting, decluttering, making small repairs –– and are often ready to list their homes around this time of year. And buyers who have been watching and waiting through the slower winter months start to get more serious too.

So what does that mean if you will be buying or selling this spring?

If You're Buying

More inventory is good news. We've been operating in a market with relatively limited supply, so more homes hitting the market for sale is generally good news as you will have more options.  That said... more options doesn't mean less competition. The homes that are priced well and show nicely will still likely go under contract –– often within just a few days of hitting the market.  My advice: get your lender letter in hand now, before we're ready to make an offer.  

If You're Selling

More homes coming to market also means more competition for sellers. The spring bump in inventory is good for buyers, but it does mean your home may be competing against more options than it would have been in January or February.  No cause for alarm –– spring is still a great time to sell –– but keep in mind that while homes that are priced right and prepared well are still finding buyers quickly, homes that are overpriced or not well prepared for the market tend to linger on the market for sale.  The presentation and pricing of your home matter more when buyers have choices.

The Bigger Picture

I think we're heading into an active spring market here in Harrisonburg and Rockingham County. We should see more options on the market for sale over the next few weeks.  Buyers who have been patient are ready to move. And sellers who have been waiting for the right moment to list are likely just about ready to go.
   

Mortgage interest rates have been on a bit of a rollercoaster over the past year... and the most recent trend might be a bit frustrating for buyers hoping for continued relief.

A bit less than a year ago, rates were sitting around 6.85%. From there, they steadily declined –– all the way down to 5.98% in mid–February. That was a meaningful drop, finally getting below 6%. 

But then rates turned back upward. The current average 30–year fixed rate is now 6.42%... right back near the 12–month average of 6.4%.

So what does that mean for buyers and sellers here in Harrisonburg and Rockingham County?

For buyers... if you weren't able to secure a contract on a house (and lock in your interest rate) while rates were at 6%, it's likely a bit disappointing that they have bounced back up to their current levels.  But while the 6% (or just below) opportunities has at least temporarily vanished...the current rate of 6.42% is still below where rates were for most of last spring and summer.  If you've been waiting on the sidelines hoping rates would drop meaningfully below 6% before making a move... that does not seem likely in the near term.

For sellers... rising rates are a reminder that buyer affordability is still constrained. That doesn't mean homes aren't selling –– they are. But it does mean that pricing your home thoughtfully matters more than ever. Overpriced homes can sit longer on the market while many or most well–priced homes are still moving.

I encourage buyers and sellers alike to focus less on trying to time the market and more on making decisions that make sense for your own life and situation. If you need to move, let's talk through the numbers together and figure out what makes sense for you right now.