Buyers
If you are looking to buy a house, in general, a Realtor does not cost you anything. Let me repeat that, using a Realtor to help you buy a house is generally FREE to you. In the event that you buy a home where the selling party does not offer compensation to buyer's agent, you may be responsible to pay your Realtor's fees. In general, this only happens in For Sale By Owner transactions and in the Harrisonburg area, most for sale by owners offer commission to an agent procuring a buyer. Sellers Realtor fees for both sides of the transaction (Buyer and Seller) are part of the sellers responsibility. These fees are always agreed to and understood before the seller signs the contract. You will need to speak with a realtor to find out what their fees are. If you are thinking of selling your home, feel free to ask me about my marketing packages.
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Thinking of moving to Harrisonburg? Or, are you interested in finding out more about what Harrisonburg and the Shenandoah Valley have to offer? Click here for an Interactive Map of Harrisonburg. Here is an excerpt from Harrisonburg's Community Connection page on Arts and Culture. Civil War Orientation Center and Civil War Trail "At the crossroads of two major turnpikes in the central Shenandoah Valley, Harrisonburg and Rockingham County played a pivotal role in the Civil War. With two major campaigns in the area, there are plenty of sites to visit (23!), all with easy-to-find markers along the Civil War Trail. Confederate Gen. Thomas J. “Stonewall” Jackson waged his famous Valley Campaign here in 1862, and Union Gen. Philip H. Sheridan ordered “the burning” of the Valley in 1864. A stop at the Civil War Orientation Center at the Hardesty-Higgins House Visitors Center steers visitors on their way to exploring this period of the Valley’s history. For more information, call 540-432-8940. Court & Market Days Court & Market Days, held in June, gives city and county residents a chance to experience life in Harrisonburg as it was in 1850. The event is held on the grassy lot next to the Turner Pavilion, where the Farmers Market is going on, too. The day features skits by re-enactors, wagon rides, live music, lectures by historians, and demonstrations by artisans. Court Square Theater In the heart of downtown Harrisonburg is Court Square Theater, a 250-seat auditorium that features live theater and music as well as foreign and independent films. The Playhouse, a local theater group, puts on productions at the theater, too. The theater’s art deco décor incorporates the gargoyles and crests that were part of the Rockingham Motors showroom, which occupied the space in years past. It’s part of a mixed-use complex that also includes a restaurant and brewery, wine shop, and office space, all with shared entrances. Edith J. Carrier Arboretum and Botanical Gardens Visitors to the Edith J. Carrier Arboretum and Botanical Gardens can walk along winding trails in shaded woods, view the Virginia native plants and botanical gardens, or just relax on a bench by the pond. The arboretum offers educational and cultural events on site every season of the year. It’s a quiet retreat from the busyness of the surrounding city of Harrisonburg and the campus of James Madison University. The arboretum is a place to learn about environmental preservation and study the important natural resources, plants, and trees. For information about events, call 540-568-3194. Harrisonburg Farmers Market Started in 1979 by a local farmer, the downtown Harrisonburg Farmers Market quickly became a popular spot to be on Saturday mornings. Then, in 2006, a local family donated $100,000 for the construction of a pavilion for the market. “The new Turner Pavilion makes the market much more visible to the public and provides a uniquely pleasant setting for the community to buy local foods and crafts,” says Radell Schrock, president of the Harrisonburg Farmers Market Association. “There is an ever-increasing appreciation for the quality, freshness, flavor, and health benefits of buying local food from farmers you know.”
Forbes Center for the Performing Arts at JMU
When it opened its doors in August 2010, the Forbes Center for the Performing Arts at James Madison University had already become a cultural center in the Harrisonburg community and the region. The 174,524-square-foot building houses venues for theater, music, and dance, as well as rehearsal and support rooms, classrooms, and faculty offices. The center features the Dorothy Thomasson Estes Center for Theatre and Dance, with a proscenium theater, a black box theater for student productions, a dance performance studio theater, and customized academic and rehearsal space. The Shirley Hanson Roberts Center for Music Performance offers a concert hall and a recital hall. Situated directly across South Main Street from JMU’s Quad, the center is available to students, faculty, and the community. The National Register of Historic Places lists the quadrangle at James Madison University as a national treasure. The Forbes Center’s architecture meshes perfectly with the quad, being a thoroughly modern structure, yet with a façade of the famous bluestone that characterizes the quad’s older buildings. International Festival In the fall, Harrisonburg celebrates the many cultures of its community at the International Festival. Ethnic foods, music, dance, activities for all ages, a multi-language area, Teen Space@fest, and a World Bazaar featuring traditional folk art are all a part of this festive day. The annual event is held in the city’s Hillandale Park. Valley 4th Valley 4th in downtown Harrisburg is a full day of fun events. During the day, residents and visitors enjoy the Merchant Window Decorating Contest, walking tours with a local historian, a beer garden, live music, children’s activities, and more. A parade is held in the evening, followed by a concert. It all ends with — of course — a great fireworks display. ValleyFest ValleyFest, the Shenandoah Valley Beer and Wine Festival, is held in May and celebrated its 10th anniversary in 2010, making it one of the area’s favorite annual events. Virginia wines and microbreweries headline the event, along with other domestic and imported beers. Set the tasting to the tunes of live music, add some quality crafts and specialty vendors, and you have a fun and memorable day, all sponsored by the Harrisonburg-Rockingham Chamber of Commerce (540-434-3862)." Source: Community Link.com Harrisonburg VA Do you not have enough money saved to put down a full down payment but still want a house? An FHA loan might be the solution for you. Federal Housing Administration (FHA) started in 1934 and is a part of the U.S. Department and Housing and Urban Development (HUD). The FHA insures loans so that lenders can offer a better deals to borrowers.
First Time Home Owners? FHA can help you obtain loans with as low as a 3.5% down payment. In addition, a large amount of the closing costs can be included in the loan. FHA covers 1-4 unit properties. Got Equity? Need Cash? If you are 62 or older? If you live in the home, own it out right or have a low loan balance. You could qualify for an FHA reverse mortgage. This allows you to turn part of your equity into liquid assets: AKA cash. Wish Your House was More Energy Efficient? FHA Energy-Efficient Mortgage can cover the costs of making your house more efficient. Interested in Manufactured or Mobile Homes? There is a loan for people interested in putting the aforementioned on their own land and a separate loan for those wanting to be in a mobile home park. Find an FHA Lender Source: Hud.gov
Once you have a list, call up the Realtors for a phone or face to face interview. Explain your current living situation, your goals, and the types of houses you are looking for. What you are looking for is an Agent who listens to your needs and will provide a service that helps you fulfill your goals. What you don't want is an Agent who is only concerned with fulfilling their own needs. The agent you want will have good judgement, local knowledge, and tools to help you find what you are looking for. Most importantly, you want to feel comfortable with your agent. If you like them and they are competent, they are most likely good match. Sellers First and foremost, keep in mind that the number one complaint from home sellers is that their agent didn't practice good communication. We hear frequently about how agents "put up a sign and were never heard from again." So, pay attention to an agent's responsiveness while you go through the interview process. Again, ask around for recommendations and include the people you know in your list. Interview agents with the following questions. 1. How much is the house worth? 2. How long will it take to sell the house? 3. How should I prepare my house to sell? 4. What is your fee? 5. What will you be doing for your fee? Sources: hud.gov, harrisonburghousingtoday.com
Bring on the stats. Okay, why should you care about first time home owners in the housing market? It's because they make up 36% to 50% of the market. Needless to say, this is a significant chunk of the market. Why is this important? If you are thinking of selling your home, you should consider targeting first time home owners. To target first time home owners, it helps to better understand them. As we can see, 59% are in between of 25 to 34 years old. Of the first time home owners, the median age of married couples is 31 years old while unmarried couples is 28. Now, more important than the ages of these first time homeowners, for those considering selling their home, is what can these buyers afford? How much money do they make? The median first time homeowner, making $67,400 can roughly afford a $168,500 house. While the median married couple first time home owner, making $75,105 can afford roughly $187,762.5. In conclusion, when putting your house on the market, it's important to take into account the buyers. This is where a real estate agent comes into play. A good agent will take into account what has been sold in the area and what demographics are buying. Source: 2013 NAR Profile of Home Buyers and Seller
The map above may look like your weird aunt's wall, who read about sponge painting and decided to spice up the guest bedroom; however, this map is an incredibly informative way of looking for value "Hot Spots" in Harrisonburg. From this map, we can see that the developments along 33 East and the developments along the northern 81 corridor are sporting a concentration of high value homes.
We can also see that while the Median home value is $184,000, while compared to the median listing price of $169,000; which is 8% percent less. The median listing price is actually up 5.7% from June of last year while the median home value is actually down 4.1%; this could mean that the market is balancing out. I am most eager to see the average days in the system continue to drop. As we can see on the graph above, unemployment rates continue to decrease in Virginia and Harrisonburg specifically. Unemployment is bad for the economy in general, but how does unemployment effect the housing market specifically? The answer is that it effects the housing market cyclically.
The start of the cycle is the simple fact that with less people working, less people can afford to buy houses. This effects builders who don't have the demand to build. This means builders are out of work and the employment rate continues to rise. Furthermore, the lack of demand drives the prices of houses down; which means people get desperate and take a loss to get out of their house. Speaking of desperate, people out of work quickly figure out that they can't make their mortgage payments and possibly have to short sale or foreclose their home. The good news is that unemployment rates are down and the housing market is on the upswing! National Association of Realtors reports national inventories rose 14% while interest rates remain low. In May, Harrisonburg's inventory also grew, when compared to last year. See graph below. The graph above indicates that we saw a slight sale increase from the previous year. As with any market, there are countless factors that could have had an impact on this small growth. Here are a few possible reasons:
1. The increase in sales could be correlated to a late (and harsh) winter. The market may be catching up from the slow start to the spring market; which can be attributed to the prolonged winter. I think Ryan Donnellon made a good observation of this past winter, "I compare winter to be the Justin Bieber of Seasons; it was kind of cute and exciting when it first started out. Now it's a bit obnoxious and should just stay in Canada." 2. Prices were down from the previous year. Median sale prices were down from $189,700 May 2013 to $171,000 May 2014. 3. Or, the continued upswing in sales could indicate a steadily growing market. Mattias ClymerRealtor with Funkhouser Real Estate Group According to Saber Grills, Outdoor Living 2014, 83% said that outdoor living area is the favorite part of their home out of 1,500 home owners surveyed. Furthermore, approximately 81% of homeowners claimed that their outdoor living space was the heart of their home. This is surprising since the kitchen has generally been considered the heart of the home. Everyone knows that kitchens sell homes but if you're looking to improve your home, increase it's value, and sell it more quickly, should you renovate your kitchen or add a deck? The following stats, from the NAR, may surprise you. Cost Vs. Vaule Deck addition – 87.4% Major kitchen remodel – 63.6% Bathroom remodel – 63.6% New roof – 63.0% Basement Remodel – 77.6% In short, the kitchen is still very important and will still help increase the value/sell-ability of houses but don't overlook the out door living spaces. In fact, maybe you should focus on your deck instead of your kitchen. |
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