Declining home values don't bother today's buyers
Cars, clothes, and computers all lose value over time as we use them and as they age. Houses, however, typically increase in value over time. While we don’t get upset…
Tailwinds and Headwinds of Today's Housing Market
As we conclude 2011 and head into 2012, Virginia’s housing market will likely be strengthened by low interest rates, rising residential rental rates, pent-up demand, and…
Should I buy or should I rent?
Yesterday's Daily News Record had a thorough look at buying vs. renting from a variety of perspectives. Here are a few (long-ish) excerpts.... HARRISONBURG — Chris and…
Median rental payment now equivalent to median mortgage payment
There are plenty of ways to compare the opportunities of renting versus when buying. For example, a tenant in Avalon Woods recently discovered that he is paying more in…
Record low interest rates spur on buyer activity
Average 30-year fixed mortgage interest rates are now below 4.0%. Wow! I have shown houses to quite a few people over the past two weeks who are seriously considering a…
Impact of October 1 reduction of FHA loan limits
Come October 1, 2011 the loan limits for FHA mortgages will be reduced in many parts of the country. Some would have you believe this will be disastrous for the housing…
First Time Buyers Beware! You might accidentally set yourself up for long term financial success!?!
Frank is renting a townhome in Avalon Woods, and is paying $875 per month for the privilege to do so. He has thought about buying a home, but assumes he'd have to pay…
Mortgage interest rates drop...again...soon banks will be paying you to take their money!
How low can they go? Mortgage interest rates (on 30-year fixed rate mortgages) dropped again yesterday per Freddie Mac's Primary Mortgage Market Survey. The national…
August 2011 shows continued improvements in the Harrisonburg and Rockingham County housing market
After five years of a declining pace of home sales in Harrisonburg and Rockingham County it appears that the local housing market may finally be stabilizing. The latest…
Unwillingly keeping your townhouse might be your best (unintentional) financial move yet!
As I pointed out a few days ago, if you bought a townhouse a few years ago, you might be in a position where you can't sell it -- and thus end up being an accidental…
Sellers are now landlords, and buyers are now tenants
Five (or so) years ago, there were LOTS of first time buyers purchasing $150K new/newish townhomes in the City of Harrisonburg. Many of these buyers were young…
I heard (insert this, that or the other) about foreclosures. Is that going to affect us here in Harrisonburg?
If you hear something about the housing market on the news, it will likely mention the big (bad, scary) problem of foreclosures. Things you may have heard could include…