Just reduced to $127,900.  This 3 bedroom townhouse has over 1500 finished sq/ft and a full unfinished basement with room to expand.  This is located on Devon Lane very close to JMU campus.  This would be perfect for investors, JMU parents looking for rental income, or 1st time buyers!!  Call me now to see this one owner townhouse in a great location.  Visit http://74606.careykeyes.com for more information and additional pictures.

Interest rates are staying low.  The interest rates below are courtesy of VBS Mortgage 

30 year fixed conventional = as low as 4.75 percent

15 year fixed conventional = as low as 4.125 percent

FHA loans = as low as 4.5 percent

USDA/Rural Development = as low as 4.875 percent

Great rates for buyers that are in the market.  Prices are attractive right now.  Search for your next home in the Shenandoah Valley here!

The townhomes at Quail Run Subdivision are the newest townhomes in the Elkton, Virginia area.  These townhomes are conveniently located less than 1 mile from Route 33.  Approximately 15 minutes East of Harrisonburg.  There are two floor plans to choose from.  A traditional townhouse layout featuring 3 bedrooms and 2.5 bathrooms as well as a more comtemporary floorplan with two bedrooms on the first level as well as a bedroom on the second level and an office.  Visit http://73709.careykeyes.com for additional information.

After several weeks of interest rates rising it seems as though they have dropped in the past week.  According to bankrate.com the average 30 year mortgage is 4.95 % compared to 5.02 % last week.  Take advantage of these great rates and purchase a home today.  View all Shenandoah Valley listings here! 

Living in the Shenandoah Valley of Virginia, I think we sometimes take for granted the amenities and beauty of Massanutten Resort.  For the past few years home sales have been slow in Massanutten and inventory has continued to rise despite the slow sales results.  A quick look at data from the last year and those facts are changing quickly.  Lets look at the analysis....

Massanutten Home Sales In Past Year = 42  (Compared To 32 Massanutten Home Sales in the Previous Year)

Massanutten Homes Currently Under Contract = 3

Massanutten Current Active Listings = 34 (Inventory Was Well Over 50 For Years)

Massanutten Homes Months Of Supply = 9.7 months (Very Low Compared To Other Subdivisions)

Massanutten Home Prices = Range from $118,900 - $399,950 (Great Options For All Buyers In All Price Ranges)

In closing, it looks as though Massanutten Home Sales are on the rise and buyers are looking here as a possibility in their home search.  I will continue to track the progress of this area to see if this activity continues.  As of now, all signs point to a very active and healthy market on the mountain.  Stay tuned...

Midway through the month of February so I thought i would take a look at how home sales in Harrisonburg and Rockingham County are trending.  I was pleasantly surprised with the data.  Lets take a look....

Jan 2011 Home Sales - 39 (compared to 43 in Jan 2010)

Feb 2011 Home Sales - 12 (month to date) - (compared to 53 in Feb 2010)

OK, I know this data does not look promising but there is more to the story.  Contracts have been coming in fast and furious.  Lets take a look at contracts ratified in January and February.

Jan 2011 Contracts - 62 (compared to 59 in Jan 2010)

Feb 2011 Contracts - 34 (month to date) - (compared to 48 in Feb 2010)

We have seen great activity from buyers in the past two months as is evident by the amount of contracts written in January and midway through February.  February contracts are going to be substantially higher than the total of 48 in 2010. This increase in activity should lead to increased home sales (year over year) in February and March.  Will this pace of contracts continue to come in through the spring market?  That remains to be seen, but activity certainly is on the rise.  Stay tuned!

Buyers are always looking for a good deal when they buy real estate.  Many times, sellers are just not willing to sell their house without making a set profit they have in their mind.  You will find some sellers that are extremely motivated and will sell below market value.  This is sometimes difficult to find and very time consuming.  So where can buyers find a deal?

I have had several clients that have purchased foreclosed properties in the past few months.  Foreclosed properties are properties that lenders have seized because the owners have not been able to pay their mortgage.  Lenders will generally sell these properties well below market value.  It is a great investment opportunity for buyers.  Below are two examples of foreclosures that clients have purchased recently.

Property A - Timberville, Va - Paid $122,100 - Appraised at $140,000
Property B - Elkton, Va - Paid $125,000 - Appraised at $150,000

As you can see my clients did pretty well with their investments.  In both cases the buyers are in the process of renovating the properties and will sell at well above the current appraised value.  There is money to made by investors in the current market.  Buying foreclosed properties can centainly be a great investment opportunity. 

Call me if you have questions about foreclosures or if you want to get a list of current properties that are available.

Interest rates have dropped again.  According to JoDee Lambert at Planters Bank, you can get a 30 yr fixed loan as low as 5.375 percent.  These rates are fantastic and obviously make it a great time to buy.  Rates this low will push buyers to make a decision on a house to ensure they can lock in these low rates.  It is a great time to buy or sell!

According to statistics from the Harrisonburg/Rockinham Association of Realtors, Coldwell Banker Funkhouser Realtors is the #1 firm for sales in 2007.  This marks the 8th straight year the company has acheived this status.  There was a tremendous amount of hard work by management and associates to make this possible.  2007 was a great year and we are looking forward to exceeding these results in 2008!

Interest Rates continue to be very attractive for currents buyers.  30 year rates are still well under 6 percent.  Sellers are very motivated to sell over the winter months so it makes it a great time to buy. 

When purchasing a new home, lenders will require an appraisal be completed prior to closing.  What is an appraisal you ask?  An appraisal is a written analysis of a property prepared by a qualified appraiser.  The appraiser will come up with an appraised value for the property.  The appraised value is the opinion of the property's fair market value, based on the appraiser's knowledge, experience, and analysis of the property.

Lenders require the appraisal to ensure the amount of the loan does not exceed the value of the property.  With many 100 percent loans in the past few years, appriaisals have become very important.

In the past year there have been many cases where properties have not appraised at the contract price.  When this happens, the buyer and seller must renegotiate the sales price in order for the buyer to get the loan from the lender.

It is very important when you decide to put your house on the market that you price the property correctly.  My advice is to use comparable properties sold in the past 3 to 4 months.  This will ensure that your property is priced according to current market conditions.

Call or e-mail me with questions.

Carey

There are always closing costs associated with any real estate transaction.

Closing costs are expenses (over and above the price of the property) incurred by buyers and sellers in transferring ownership of a property. Closing costs for buyers normally include an origination fee, an attorney's fee, taxes, an amount placed in escrow and charges for obtaining title insurance and a survey.  Closing cost for sellers normally include commission, pest inspection costs, well and septic inspection costs (if applicable), deed preparation costs, and taxes.

The amount of closing costs will vary depending upon the lender and attorney or title company that you use.  Your lender should always give you a good faith estimate of what your closings costs will be.  This will allow you to adequately plan how much money you will need to bring to closing.

It is very important to understand that when buying or selling you will have some addiitonal closing costs in order to make the transaction complete.

Let me know if you have questions.

Carey

Interest Rates have climbed some this week.  You can still get a 30 yr fixed interest rate below 6 percent. 

Expect to see rates drop again between now and the end of the year.

Buyers are definitely active in the market with the rates being low.  I have noticed an increase in sales over the past few weeks. 

I will keep you updated on what rates do next week.

Carey

Just a quick look at a few statistics in the 3rd quarter.  According to sales data compiled from the Harrisonburg/Rockingham Association of Realtors Multiple Listing Service, average sales price has increased in 3rd quarter of 2007. 

In Harrisonburg, average sales price is up from $170,500 in October 2006 to $174,500 in October 2007.  This is an increase of 2.4 percent.  In Rockingham County there is also a slight increase from $246,082 in October 2006 to $246,752 in October 2007.

This is proof that national real estate trends do not coincide with local real estate trends.  Media outlets have painted a picture of home prices continuing to drop across the country.  Statistics prove that is not the case in the Shenandoah Valley.  We have a healthy market and all indicators point to an active market in 2008.

Call or e-mail me if you are interested in more statistics or if you have questions about the market.

Carey

Over the past few years many people have made huge money flipping houses!  It has become so popular that there are now numerous shows on television that tell stories of people that flip houses. 

Many investors have stopped flipping houses in the last year because of the return of a more normal market.  This leads to the question of is it a good time to flip houses?

My answer would be yes!  I have several clients who are still flipping several houses a year and still doing very well financially.  The only change is that holding costs have increased because the finished product is taking longer to sell.  Investors just need to plan accordingly and expect to hold the property for a few months longer than normal. 

The key to flipping is waiting until you find a very good deal.  It may take you making several offers on different houses before you find a seller that is motivated enough to sell their house below market value.  If you can purchase a house way below market value then you are already ahead of the game.  Updating and renovating the property will only add to the property value and increase your profit.

The large inventory of foreclosures are a welcomed sign to "flippers" now as well.  There are good deals out there waiting for you.  Just make sure you do your research before purchasing.  Call me if you are interested in a possible flip.  I am always looking for deals for my clients. 

Carey