Buying
1. There’s no such thing as a national real estate market.
Ifyou read the newspapers, you might get the idea that real estatemarkets are the same everywhere. If conditions are bad in San Diego orDetroit or Washington, DC they must be bad everywhere, right? Wrong! Real estate markets are local; when you’re looking to buy or sell inthe Shenandoah Valley, pay attention to sales price trends, volume andinventory in the specific neighborhoods, rather than to misleadingheadlines about national sales trends.
2. Local area home values are stable.
Themedian and average price of homes in the Harrisonburg & RockinghamCounty area has increased year after year, while other areas of thestate and country have seen declines in value. In fact, the averageprice of a single family home in Harrisonburg & Rockingham Countyhas increased 28% since 2004.
3. Housing demand in our local market is set to grow.
Thequality of life in the Shenandoah Valley attracts many people lookingto move their family, find a place for retirement, or relocating forjob opportunities. The local economy is greatly diverse and veryattractive to business, education, and industry. The population ofHarrisonburg & Rockingham County is expected to grow at 1.5% peryear over the next ten years.
4. A house is a place to make a home, not just a buck.
Most purchasers don’t buy a house to flip it. They buy in it to live in. The value of strong communities, rooted families, civic pride, comfortable retirement, and a higher quality of life can’t be expressed on a balance sheet.
5. Owning a home builds wealth in a way that renting can’t.
According to the Federal Reserve Board, the average renter’s net worth is $4,800 while the average homeowner’s net worth is $171,000. Clearly it pays to own a home.
6. The market favors first-time home buyers.
The typical first-time home buyer is 25 to 34 years old and are making a higher median income than ever before. There are attractive lending programs to assist these buyers in their first purchase. There is currently plenty of inventory for first-time buyers to choose from and many sellers are offering incentives such as assistance with closing costs. In a 2006 study conducted by the Virginia Association of Realtors®, 29% of all Virginia homes were sold to first-time buyers.
7. There are hundreds of reputable mortgage companies ready to lend.
Buyers with good credit and a realistic view of what they can afford should have an easier time obtaining mortgage approval. Help is also available for those with damaged credit or limited means through the Virginia Housing Development Authority and other organizations.
8. It’s prime time for second homes.
Savvy investors and prospective retirees know real estate is important to their portfolios. There is no better way to take advantage of the scenic Shenandoah Valley than to purchase a second home in of its beautiful areas such as Massanutten Resort or Bryce Resort. Investors should also take advantage of the growing rental market in the Harrisonburg area.
9. Use a REALTOR®; get up to 26% more for your home.
The median selling price of single-family For Sale By Owner homes in Virginia was $63,900 less compared to REALTOR® assisted sales during 2006. The advantage of developing an ongoing relationship with a professional REALTOR® speaks for itself. For details visit www.VARealtor.com/2006BuyerSellers
10. Now really IS the time to buy.
Housing inventory levels are the highest in years, and interest rates are low. If you’re a buyer, this market is for you. But...If you need to sell first, be patient and price your home correctly. Competitive pricing is important. Well priced homes sell faster.
*Information provided by the Virginia Association of REALTORS. Statistical data provided by the Virginia Association of REALTORS, Harrisonburg-Rockingham Association of REALTORS Multiple Listing Service, and Virginia Employment Commission.