This post is based on Harrisonburg and Rockingham County data — perform the analysis on your local market data to provide a similar guide to homeowners in your area…. The chart above is calculated based on comparing this year’s median sales price to the median sales price in each of the prior eleven years. Several [...]

I have had five transactions thus far this year where this dynamic seems to be at play…. The diagrams above are not showing the new reality for all lenders — it is just a reflection of my experience with many lenders recently. For whatever reason, (many) lenders (on many transactions) seem to be waiting to [...]

In talking to several potential clients this past week, I have explained that there are two sets of buyers we need to consider when preparing to list, market and sell your home. The first set of buyers – on the sidelines, ready to pounce . . . Depending on the price range of your house, [...]

Here’s a reminder of how the typical home inspection process works in Virginia…. And a brief reminder of a few of the timing issues….. When completing a home inspection contingency (to the contract) a number of days will be filled in (10? 14? 15?) that will dictate the timeframe in which the buyer must inspection [...]

Source:  KCM Above you will see the state-by-state change in home prices over the past 12 months.  The majority of states (yellow, orange, red) have seen a decline in prices over the past 12 months — but not Virginia!

In another positive sign for Virginia’s economy and thus housing market, there seem to be more people moving into Virgina than out of Virginia. Of note, Virginia is one of only 9 states where this is the case! Source: KCM Blog  

Perhaps it doesn’t always happen with such extreme price variations, but certainly you have had a seller who priced their home very competitively and then was shocked by an extremely low offer brought from someone locally.

Have you ever wondered how Virginians heat their homes? The Market Leaders Over Time:  Coal… Oil… Electric And for the graphically inclined…. Source:  U.S. Census  

Several decades ago (and earlier) home buyers would wait to purchase a home until they had at least 20% of the purchase price saved up in their bank account, and they would only buy if they were going to stay in the same home and town for many years.  At the time, the percentage of [...]

Here’s an interesting report from NPR telling the story of an employee of Freddie Mac who manages an online calculator that has (intentionally or unintentionally) been telling web users that home values will only go up! Read more from NPR: Housing Guy Apologizes For Housing Bubble It is interesting — I do wish home values [...]