Subscribe!Welcome! This blog tracks the real estate market in the Central Shenandoah Valley, featuring market data and analysis, an exploration of common buying and selling questions, and candid commentary on all things real estate.
If you are interested in discussing any of the topics on this blog, or the details of your specific real estate situation, call or e-mail me!
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Virginia maintains strong credit rating! |
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 Amidst turbulent economic times across the country, Virginia is a bright spot! Governor Kaine announced yesterday that all three credit rating agencies (Moody's, Fitch, and Standard & Poor's) have assigned their triple-Abond rating with a stable outlook to the Commonwealth's GeneralObligation Bonds. "The triple-A ratings are a testament to Virginia's fiscal strengths,"Governor Kaine said. "They also underscore the timely efforts we havemade to address the impact on Virginia of the slowing national economy." Read more here, and be glad you live in Virginia! | |
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Making sense of turbulent economic times |
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It can be terrifying to watch the business news these days…
Low interest rates are now lower In large part because of the government takeover of Fannie Mae and Freddie Mac, mortgage interest rates have dropped considerably. Recent rates from local lenders are as low as 6.0% for a 30-year fixed rate mortgage, which is a great opportunity for buyers. Don't forget the first-time home buyer credit If you haven't owned a home in the last three years, you are likely eligible for up to a $7,500 tax credit if you buy a home before July 1, 2009. This is a great opportunity to get a boost up in the first year of homeownership by helping offset closing costs or moving expenses. High inventory empowers buyers As a result of the basic rules of supply and demand, the current elevated levels of inventory (in almost all price ranges) provide buyers with a great opportunity to buy a home at a competitive price. That isn't to say that home sellers are universally negotiating large chunks off of their asking prices, but simply that buyers often have the upper hand in negotiations. A strong and growing local economy While local economic conditions vary to some degree in different parts of the Shenandoah Valley, the economic climate in Harrisonburg and Rockingham County continues to be very favorable. Unemployment is still very low, and many companies are expanding or opening their businesses in this market. Buy smart As you consider, with excitement, a home purchase – remember that buying a home should be viewed as a long-term investment. Run the numbers with your Realtor or lender to understand your financial position 3 years, 5 years and 7 years after purchasing a home. Have reasonable expectations about how long you will stay in a home, and how that will affect the financial perspective of a home purchase. Despite the economic storm we are in the midst of nationally, it can still make good sense to buy a home in the Shenandoah Valley. Get to know your segment of the real estate market so that you are comfortable with the price you are paying, and the value of the home you are purchasing. | |
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Breaking Economic News: Rosetta Stone to go public? |
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 Rosetta Stone Inc., one of several prominent Harrisonburg-based technology companies, filed to raise up to $115 million in an initial public offering on Tuesday (9/23/2008).Of note from the MarketWatch report: "Rosetta Stone rang up net income of $2.9 million on revenue of $83 million in the six months ended June 30, compared to net income of $399,000 on revenue of $59.5 million in the year-ago period." Wow --- what an improvement in net income! This is likely to be great news for our local economy! Read more details/commentary at hburgnews.com. | |
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Wall Street Journal: "The Housing Crisis Is Over" |
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"The dire headlines coming fast and furious in the financial and popular press suggest that the housing crisis is intensifying. Yet it is very likely that April 2008 will mark the bottom of the U.S. housing market. Yes, the housing market is bottoming right now." The article goes on to make some very interesting observations based on housing market data and historical comparisons. It's worth a read! | |
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Yesterday (May 6, 2008), the Wall Street Journal ran an opinion piece entited " |
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"The Recession That Never Was is Now Over" -- Briefing.com |
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 Thanks to a client of mine for pointing me to this great economic commentary entitled "The Recession That Never Was is Now Over" from Briefing.com.Some interesting thoughts from the article in regards to whether we have been or are experiencing a recession . . .
And touching on why everyone seems to think we're in a recession . . .
Again, be sure to read the full article here, from Briefing.com. | |
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What Is The Big Economic News in Page County?? |
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I received this letter today. Does anyone have any insight into Thursday's announcement? | |
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Scott Rogers
Coldwell Banker
Funkhouser Realtors
540-578-0102
scott@cbfunkhouser.com
Licensed in the
Commonwealth of Virginia
