The Differential Value In Your Escalation Clause Should Likely Vary Based On The Other Terms Of Your Offer
HarrisonburgHousingToday.com Blog
by Scott Rogers
2d ago
We're still in a housing market where many new listings will have multiple offers within a few days –– not all new listings, and maybe not most –– but many. As such, if you are hoping to buy a home this spring or summer you may find yourself competing against another buyer (or buyers) when you make an offer.  If you are making an offer, and competing against one or more other offers, you may find yourself including an escalation clause in your contract. How does an escalation clause work, you might ask? An escalation clause allows you to make an offer at one price but include offer ..read more
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Even If You LOVE A House, You Will Probably Only Be Willing To Pay So Much Or Remove So Many Contingencies
HarrisonburgHousingToday.com Blog
by Scott Rogers
2d ago
Sometimes we end up searching for a home you LOVE for quite a while!   Sometimes we never find a house that you completely LOVE but we find one that you like, a LOT. But, yes, sometimes we find a house that you absolutely LOVE!!! And yet... 1.  You are probably only willing to pay so much for that house that you love. If a house is priced at $400K and that price is in line with recently sold properties, and it is an absolutely perfect fit for what you want in a home, and like nothing we have seen in over six months of searching... then you might be willing to pay $425K f ..read more
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Would You, As A Seller, Turn Down A Solid Offer In Hand For The Possibility Of One To Come?
HarrisonburgHousingToday.com Blog
by Scott Rogers
2d ago
As usual, context matters, which I'll get to below, but... If you listed your home a few days ago and you have a solid offer... but are being told you might receive another offer in a day or two... would you turn down the solid offer?  Or would you go ahead and decide to move forward. Let's add some context that might point us in a few different directions... House #1 – Listed for $750K (upper end of the market), three showings over five days, a full price offer with reasonable contingencies is received on the fifth day, and one of the other buyers that viewed the home says they migh ..read more
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Consider Reverse Buyer Remorse When Deciding Whether To Make An Offer On A New Listing
HarrisonburgHousingToday.com Blog
by Scott Rogers
6d ago
So, you followed my advice and we went to see that new listing on the first or second day it was listed for sale.  Great!  Buyers in most price ranges in Harrisonburg and Rockingham County still often need to see a home rather quickly when it hits the market in order to have a chance to make an offer. But now, you don't know what to do.  You like the house a lot... but maybe you don't love it.  You recognize that it checks off a lot of boxes of what you are looking for in a home... but you weren't immediately convinced that this was "the one" for you. So, what do you do ..read more
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Monetary Policy Enacted By The Fed Contributed To Current Housing Affordability Challenges But Monetary Policy Does Not Seem Likely To Fix The Problem In The Near Future
HarrisonburgHousingToday.com Blog
by Scott Rogers
1w ago
If you're hoping to understand the current housing affordability challenges (in many or most markets across the US) and how we came to be in the current situation, this article is a good one to read... The Fed won't fix the housing market (Yahoo Finance) Below are a few pertinent excerpts... "We're also well aware that when we cut rates at the beginning of the pandemic, for example, the ... housing industry was helped more than any other industry," Powell said in his January press conference. Indeed, the drastic rate cuts by the Fed at the start of the pandemic resulted in pandemonium in ..read more
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Home Prices In Harrisonburg, Rockingham County Might Not Shoot Upwards Quickly If Or When Mortgage Interest Rates Fall Because Prices Did Not Drop When Rates Rose
HarrisonburgHousingToday.com Blog
by Scott Rogers
1w ago
If or as mortgage interest rates drop, will we see home prices shoot upwards? Let's back up a few steps... When mortgage interest rates rose from 3.2% to 7.1% within 10 months (Jan 2022 – Oct 2022) some housing markets saw home prices decline. Understandably, if the mortgage interest rate doubles, a buyer's monthly housing payments will be much higher than the previous year –– directly and immediately affecting housing affordability. Thus, some markets saw prices decline during 2022 at least partially as a result of higher mortgage interest rates. Harrisonburg and Rockingham County, not ..read more
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If Or As Mortgage Interest Rates Decline, Buyers Will Likely Jump Back In Sooner Than Sellers
HarrisonburgHousingToday.com Blog
by Scott Rogers
1w ago
Mortgage interest rates peaked this past Fall at 7.79% and have been mostly declining since that time, to current levels of 6.74%. But, 6.74% can still feel high after interest rates were below 5% for 13 years... and below 4% for three years. As mortgage interest rates potentially continue to decline, perhaps back down to 6%, what will we see happening in the market? Will the lower mortgage interest rates spur on more home sales activity? Maybe, but perhaps not as much as you would likely expect. If / when / as mortgage interest rates move back down towards 6% –– or the low 6%'s or the ..read more
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Planning To Buy A Home? Yes, Talk To Me, But Talk To A Lender Too!
HarrisonburgHousingToday.com Blog
by Scott Rogers
1w ago
If you are getting ready to buy a home –– whether your first or your last –– you will probably have plenty of questions. questions about the buying process   questions about the current market   questions about what contingencies are typically included in offers these days   questions about timing   questions about logistics If you're new to home buying, or new to the area, you'll probably have more questions than some other buyers, and that is OK!   If you're getting ready to buy your fourth home and have lived in Harrisonburg for decades you might have fewe ..read more
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How Many More Single Family Detached Homes Will Be Built In The City Of Harrisonburg?
HarrisonburgHousingToday.com Blog
by Scott Rogers
2w ago
Over the past year this is where single family detached homes were built, as reflected by sales in the HRAR MLS... City of Harrisonburg = 3 homes Rockingham County = 58 homes When looking at development proposals in the City of Harrisonburg here's the breakdown of property types being proposed... Apartments = 74% or 2,747 homes Townhomes or Duplexes = 21% or 771 homes Single Family Detached Homes = 6% or 206 homes So, I suppose it is reasonable to ask or wonder... how many more single family detached homes be built in the City of Harrisonburg? Perhaps the vast majority of single fami ..read more
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Moving Beyond Photos When Evaluating Homes For Sale
HarrisonburgHousingToday.com Blog
by Scott Rogers
2w ago
If you're searching for a home these days one of the first things you are likely evaluating when a new listing pops is all of the photos of the house. Thankfully, many or most new listings include great photos of the house, sometimes even including aerial photos. But, the photos only take you so far. Before you even step foot into the home you can often understand the house and its layout a bit more than what the photos might allow by reviewing the floor plan, a 3D walk through or a video of the home. Not all new listings include these additional ways to understand and evaluate the house ..read more
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