Does It Make Sense To Wait To Buy A Home?
Given high home prices and high mortgage interest rates, does it make sense to wait to buy a home? As usual, maybe yes and maybe no. Let's start with maybe no, you…
August Contract Activity Was Slower Than In Recent Years
We are seeing fewer home buyers signing contracts to buy homes right now... compared to the past few years. The graph above shows the numbers of homes that went under…
Yes, Mortgage Interest Rates Are Still High.
The current average 30 year fixed mortgage interest rate is 7.23%. That is the highest it has been in over 20 years. Actually... 22 years, it seems. The last time it was…
Home Buyer Demand Is Becoming Much More Variable By Price Range, Property Type And More
Between 2020 and 2022, despite record levels of buyer demand, I would still tell sellers... We can't know for sure how much buyer demand will exist for your home until it…
Fewer Home Sales, But Prices Are Rising!? More Contracts But Inventory Levels Are Rising!?
Happy Monday afternoon to you, friends! This monthly market report is one of some enigmas, some contradictions, some puzzlement. Some of these will be familiar, some new…
Two Startling (Nationwide) Stats That Show Why Many Homeowners Are Not Likely To Sell Within The Next Few Years
Current mortgage interest rates for a 30 year fixed rate mortgage are averaging at 6.9% per Freddie Mac. Here are the two startling statistics as reported by Business…
Far Fewer Homes Are Selling, But Sales Prices Keep Rising
Happy Friday Morning, Friends! As per the headline above, far fewer homes are selling this year, but sales prices keep rising. But before we dive into it... First, if…
How Could Housing Market Affordability Be Restored?
Here's an interesting article for your perusal... Morningstar makes a bold call that housing market affordability will be restored by 2025. Here’s how If you can't access…
Existing Home Sales Are Down 19% In 2023. Why?
We've seen a 19% decline in existing home sales in 2023 - which includes all home sales in the HRAR MLS except new construction sales. In the first five months of last…
Monthly Housing Costs Up 84% In Three Years
Over the past three years... [1] The median sales price has increased by about 10% each year. [2] The average mortgage interest rate has doubled. [3] The City real estate…
Homes Still Selling Quickly, At Record High Prices, Despite Decline In Total Home Sales
Happy Monday morning, friends! They say summer doesn't start until June 21st, but the 85 degree temps yesterday certainly felt like summer. Regardless of the formal start…
It Can Be Frustrating To Try To Buy A Home Right Now, But Keep At It!
Surely, homeownership isn't for everyone... [1] You might only know that you'll be living in the Harrisonburg area for a year or two, and thus it might not make sense to…