The Annual Pace Of Home Sales Has Fallen 27% Since June 2022
In June 2022 the annual pace of home sales activity in Harrisonburg and Rockingham County peaked at 1,727 home sales in the previous 12 months. Now, as of the end of…
Fewer Home Sales, Rising Inventory Levels And Possible Slowing In Sales Price Gains
Happy October, Friends! October is one of my favorite months of the year... for quite a few reasons... 1. Cool mornings, warm afternoons and then cool evenings again. 2…
As Higher Mortgage Interest Rates Cause Some Home Buyers To Stretch Their Monthly Budget A Bit Further, It Is More Important Than Ever To Keep The Cost Of Future Home Maintenance In Mind!
An important first step in considering your first or next home purchase... is talking to a qualified mortgage lender to better understand your potential monthly mortgage…
Buyer Demand Still Exceeds Housing Supply, But Not For All Properties
In 2020, 2021 and 2022, almost every new listing had LOTS of interest and likely had multiple offers. There was some variation by price range and property type, but they…
Did The Federal Student Loan Payment Pause Spur On More Home Buying By Recent Grads Who Built Savings For A Downpayment And Closing Costs?
Federal student loan payments were paused for three and a half years. For graduates who attended public schools, the average federal student loan debt at graduation seems…
Maybe We Will See Seasonal Declines In Housing Inventory Levels Again This Year?
All the way through 2019, we would see a seasonal decline in housing inventory levels each winter. Inventory levels would typically be the lowest between November and…
Anecdotally And Quite Reasonably, Many Buyers Seem To Be Making Larger Down Payments These Days
Yes, I know, this is just based on transactions I am observing, and perhaps even just those that lodge themselves into my mind more than others, but... Home buyers seem…
It May Be Time To Adjust To These Mortgage Interest Rates And Not Wait Around Thinking They Will Decline
A year ago -- in October 2022 -- I commented on rapid changes in mortgage interest rates through the first ten months of 2022... January 2022 = 3.45% April 2022 = 5.00%…
Our Local Real Estate Market Keeps Testing Basic Economic Theories
Between 2019 and 2022 we saw an ever increasing number of buyers buying homes (or trying to do so) in Harrisonburg and Rockingham County. Demand for homes skyrocketed…
How Many Homes Are Selling For Less Than The List Price?
If we look at homes that have sold in the past six months... [1] 68% have sold for the list price or higher. [2] 32% have sold for less than the list price. [3] 40% have…
Sample Mortgage Payments In September 2023
Mortgage interest rates are on the rise... they were 3% two years ago, 6% a year ago, and just above 7% today. Let's see how those 7-ish percent mortgage rates translate…
Fewer Homes Are Selling, Though Prices Keep Rising, And Now Inventory Levels Are Rising Too!?
Happy Thursday morning, friends in and around Harrisonburg and beyond! After I process all the data... and create all of the charts and graphs... and doodle on them to…