It Seems Likely That Home Buyers Will Have Fewer (Resale) Options In The Next 12 Months Compared To The Past 12 Months

Not be Debbie Downer here but it seems likely that home buyers in Harrisonburg and Rockingham County are likely to have fewer options of homes to purchase in the next 12 months compared to the past 12 months.

Why, might you ask? 

Roughly 80% of homeowners have mortgage interest rates below 5%.

Mortgage interest rates are currently above 7%.

Raise you hand if you'd sell your home with a mortgage interest rate below 5% and purchase a replacement home with a mortgage interest rate above 7%.

<nobody raises their hand>

So... as long as mortgage interest rates stay above 7% we're likely to see a lower than historically normal number of homeowners willing to sell their homes.

So, if you're hoping to buy a home in the next 12 months, you should realize that you will likely have fewer options than in the recent past, and you might need to compromise a bit on what you are looking for in a home.

Even though it seems unlikely that you actually will compromise... because of, again, the current high(er) mortgage interest rates.  :-)