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.  

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While mortgage rates ticked up this week just above 3%, mortgage applications continue to outpace last year!  Each market across the Shenandoah Valley is experiencing a different story.  Inventory is up in Harrisonburg & Rockingham County as other areas continue to see a large drop from last year.  Closings are up in the northern part of the Valley and falling behind in the southern markets.  

There are great opportunities in today's market for both buyers and sellers.  It it important to discuss your particular situation with a qualified professional.  Contact us today to connect you with a REALTOR who knows your neighborhood!

Dipping below 3%, interest rates have it another record low! As interest rates continue at an unbelievable  low, buyers have a great opportunity to make their home purchase more affordable or purchase a larger home.

Click Here To Download The Full Report (pdf)

Kemper Funkhouser made a presentation today to the Luray-Page Chamber of Commerce on the impact of COVID-19 on the local real estate market.  Hear about current economic indicators and how the pandemic has changed our local real estate market.

The decrease in closings has lessened over the past week in certain counties.  This is good news as the market climbs out of the downturn from the pandemic.  While mortgage rates continue at an historic low, mortgage purchase applications continue to outpace last year.  This creates a positive environment for further increases in home sales in the coming months.  

​Click Here To Download The Full Report (pdf)

Interest rates remain at an historic low for another week at 3.13%!  Although home prices continue to increase between 6% to 10% across the Valley, overall affordability is more favorable than last year due to lower rates.  

Click Here To Download The Full Report (pdf)

Interest rates hit another all-time low at 3.13%!  Contracts are increasing throughout the Valley indicating a rebound in closings is on the way!  Although closings are down in some areas of the Shenandoah Valley, we are fairing much better than other areas in Virginia where closings are down nearly 21%.  Overall, we are continuing to experience strong demand for housing throughout the Shenandoah Valley and conditions are favorable for both buyers and sellers.

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The spring market is on the way!  We have heard from the top real estate economists that our traditional spring market activity would be pushed back to the summer due to the pandemic.  We are now seeing indicators of that through the mortgage purchase application index.  This week's index hit 322.5, the highest it has been since January of 2008!  This is great news showing upcoming purchaser activity. 

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Listing inventory continues to be a challenge across the Shenandoah Valley.  As mortgage applications continue to increase and more buyers are shopping for homes, housing availability is holding the market back.  In fact, there are 285 fewer listings this year.  This drop in supply is causing home prices to increase.

Download This Week's Report (pdf)