LIFE is the trump card of our local real estate market!
Scott P. Rogers
In talking to a client last evening, I was asked why our local real estate market isn't doing as poorly as some others in the region or across the country. Some real estate markets have seen a 30% to 40% decline in home pricing, and we haven't seen that here. After talking for a few minutes about the strength of our local economy, I was then asked whether people are even buying homes right now in the midst of such turbulent economic times in our country. They are, although it is at a slower pace, and we began to contemplate why that might be.
My conclusion is that LIFE is the trump card --- it explains why even amidst troubling economic times in our nation, people are buying houses in the Shenandoah Valley. Here are some of the reasons why....
- People are moving into the Harrisonburg area with new jobs -- many of them aren't going to rent a house while they wait to see how January's stimulus package will affect the economy -- they are going to buy a house, and they'll buy it now.
- Babies are being born, and as families grow sometimes a larger house is needed. Many of these families aren't going to stay squeezed in their current home until the stock market goes up -- they are going to buy a new, larger house, and they'll buy it now.
- Individuals and couples are retiring to the Shenandoah Valley -- many of them aren't going to rent a house because they want to wait and see if the American auto manufacturers will get bailed out -- they are going to buy their retirement home, and they'll buy it now.
