Interest Rates dropped to another historic low at 2.81%!  Even though inventory remains low, this is a great opportunity for purchaser's to lock into greater affordability.  

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As we begin the fourth quarter of 2020, interest rates remain low and the real estate market across the Shenandoah Valley is strong.  All markets are outpacing last year with the exception of Augusta County where closings lag behind last year by 7%.  The Harrisonburg-Rockingham market continues to make gains over last year at 2% and Shenandoah County is up more than 11%.  Page County will most likely end the year with the largest gains over last year with closings up 17%.

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October is here and many people are beginning to think about the upcoming holidays.  While some are deciding what decorations to display, perhaps others should be thinking about planting a For Sale sign in their front yard!  The lack of housing inventory continues to frustrate buyers and hold back the Shenandoah Valley housing market.  

The inventory numbers above are very low for all areas of the Shenandoah Valley.  Basic principles of supply and demand tell us that prices will continue to increase with low inventory as demand for housing stays strong into the fall.  In fact, the National Association of REALTORS indicates a balanced housing market has six months of supply.  Unfortunately, our market is currently experiencing supply less than one month in one area and up to two months in others.

If you are thinking about selling your home to upsize, downsize, or just need a change of scenery; now may be a great opportunity to make a move.  Give one of our real estate professionals a call to learn about the market conditions in your neighborhood and what your home is worth in today's market.

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Summer 2020 ended with strong numbers in most areas of the Shenandoah Valley.  Contracts year to date are well ahead of last year (9% to 17%) with the exception of Augusta County where the market has slowed by 6%.  We expect a strong fall market this year as interest rates continue to stay below 3% and purchase mortgage applications ticked up again this week.  

While home prices continue to increase by 9% to 12% across the markets, low interest rates make this higher prices more affordable.  This remains a good time to lock in historically low financing options.

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The Harrisonburg-Rockingham County dashboard has now turned all green!  Closings within that market surpassed last year and contracts are now 9% higher than this time last year.  We expect all markets in the Shenandoah Valley to finish strong this year with the number of closings outpacing last year with the exception of the Augusta County market.

While the supply of homes still lag, historically low interest rates are enticing buyers into multiple-offer situations in median price ranges.  Give one of our real estate professionals a call today and learn how to better position yourself as a buyer or seller in today's market.

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Mortgage rates remain below 3% and mortgage purchase applications continue to stay strong!  We expect the local real estate market to stay strong through the coming months.  Indicators throughout the Shenandoah Valley continue to strengthen closing the gap from losses earlier this year and surpassing numbers from last year.

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Mortgage purchase applications continue to outpace this time last year indicating a strong real estate market as we begin to move past summer.  While inventory will continue to lag behind demand for the foreseeable future, the Harrisonburg-Rockingham market is the only area to have an increase in new listings year to date.  There are positive market signs in all markets throughout the Shenandoah Valley as closings in Page and Shenandoah County are greater than last year and the Augusta County market is seeing the gap in activity narrowing.  

Contact a real estate professional at Funkhouser Real Estate Group to see if the current market conditions are favorable for your real estate needs.

Click Here To Download The Full Report (pdf)

Interest rates ticked up this week and remain below 3%!  Inventory remains behind last year throughout the Shenandoah Valley with the exception of the Harrisonburg/Rockingham market where it has improved 6%.  Buyer activity continues to remain strong with multiple-offer scenarios in many price ranges.  Today's buyer needs to engage with a lender early in the home buying process to strengthen their offer. Contact one of our real estate professionals today to begin the process of buying or selling your home in today's market.  

This week hit another record low for interest rates!  Now at 2.88%, buyers have an incredible opportunity to take advantage of locking into lower payments.  While many people are working from home and kids prepare for remote learning, a larger home may be needed.  Give a professional at Funkhouser Real Estate Group a call to find the right home at the right price for you!

Interest rates dipped below 3.0% again this week!  Buyers are still making mortgage applications indicating a strong market will continue in the near future.  Housing inventory has improved since last year in the Harrisonburg/Rockingham market, but continues to fall behind in all other markets.  

Click Here To Download The Full Report (pdf)