Five Ways New Listings Are Playing Out in the Harrisonburg Market Right Now
Scott P. Rogers
For about five years, almost every new listing in the Harrisonburg area followed the same pattern. The house hit the market, showings poured in, and within two or three days there were multiple offers on the table. Sellers got used to it. Buyers were exhausted by it.
That still happens... sometimes... but not always or most of the time.
Here are five scenarios I've seen play out on multiple new listings over the past month or so...
1. Multiple offers within two days.
Yes, this still happens -- and when it does, it looks a lot like the market of a few years ago. The house is priced well, it shows well, and buyers are ready to move. If you're a seller, don't assume this will be your experience. But don't assume it won't be either.
2. No offers for five days... and then three or four all at once.
This one catches people off guard. The first week feels quiet and sellers start to worry. Then, seemingly out of nowhere, multiple buyers all decide to move at the same time. I think what's happening here is that buyers are thinking things through slightly more... whether it be the fit of the house, or the mortgage payment... and then a few of them reach the same conclusion around the same moment.
3. Lots of showings, lots of talk of offers... and then just one.
This is probably the most frustrating scenario for sellers. We see plenty of showings. Buyer agents are saying their clients are interested. And then after four or five days, only one offer materializes. Maybe the others buyers got cold feet. Maybe the price stretched just a little further than they were comfortable with. One offer isn't a bad outcome -- but it doesn't line up with what we were thinking we might receive.
4. Some showings, some interest, and eventually... one offer after two or three weeks.
The market is still moving here, just more slowly. A buyer finds the home, takes their time, and comes to the table. This is a completely normal outcome in a more balanced market -- it just requires some patience from sellers who expected things to move faster.
5. Steady showings over the first month, and still no offers.
This one is the clearest signal that something needs to change -- often the price. Showings mean buyers are interested enough to come look. No offers after four weeks means something about the home, the condition, or (most often) the price isn't quite working for buyers. That's important feedback for us to take into account.
So what does all of this mean if you're thinking about selling this Spring?
We will want set reasonable expectations, knowing that your home might go under contract in two days, or it might take two months. The outcome depends on your home's price, condition, the marketing and the breadth of the pool of buyers for your home.
That still happens... sometimes... but not always or most of the time.
Here are five scenarios I've seen play out on multiple new listings over the past month or so...
1. Multiple offers within two days.
Yes, this still happens -- and when it does, it looks a lot like the market of a few years ago. The house is priced well, it shows well, and buyers are ready to move. If you're a seller, don't assume this will be your experience. But don't assume it won't be either.
2. No offers for five days... and then three or four all at once.
This one catches people off guard. The first week feels quiet and sellers start to worry. Then, seemingly out of nowhere, multiple buyers all decide to move at the same time. I think what's happening here is that buyers are thinking things through slightly more... whether it be the fit of the house, or the mortgage payment... and then a few of them reach the same conclusion around the same moment.
3. Lots of showings, lots of talk of offers... and then just one.
This is probably the most frustrating scenario for sellers. We see plenty of showings. Buyer agents are saying their clients are interested. And then after four or five days, only one offer materializes. Maybe the others buyers got cold feet. Maybe the price stretched just a little further than they were comfortable with. One offer isn't a bad outcome -- but it doesn't line up with what we were thinking we might receive.
4. Some showings, some interest, and eventually... one offer after two or three weeks.
The market is still moving here, just more slowly. A buyer finds the home, takes their time, and comes to the table. This is a completely normal outcome in a more balanced market -- it just requires some patience from sellers who expected things to move faster.
5. Steady showings over the first month, and still no offers.
This one is the clearest signal that something needs to change -- often the price. Showings mean buyers are interested enough to come look. No offers after four weeks means something about the home, the condition, or (most often) the price isn't quite working for buyers. That's important feedback for us to take into account.
So what does all of this mean if you're thinking about selling this Spring?
We will want set reasonable expectations, knowing that your home might go under contract in two days, or it might take two months. The outcome depends on your home's price, condition, the marketing and the breadth of the pool of buyers for your home.
