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The Week In Review |
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Weekly Residential Market Report Week Ending September 25, 2009 BRIEF ANALYSIS New Listings were once again below the yearly averge for the third week in a row. Under Contracts were also below yearly average this week. Here are the numbers for this week:  Current Properties Available on the Market: 914 Current Properties Under Contract/Pending:151 Average Listings During A Week in 2009: 35 Average Under Contract A Week in 2009: 18 Average Sold A Week in 2009: 15 | |
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The Week In Review |
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Weekly Residential Market Report Week Ending September 18, 2009 BRIEF ANALYSIS New listings are down this week and the yearly trend line has now shifted to a negative slope! This is good news for equality in supply and demand. This week was one of the most level markets conditions we have seen this year with 23 new listing and 23 under contracts. Here are the numbers for this week:  Current Properties Available on the Market: 921 Current Properties Under Contract/Pending:155 Average Listings During A Week in 2009: 36 Average Under Contract A Week in 2009: 18 Average Sold A Week in 2009: 15 | |
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Will Housing Sales Fall As The Season Does? |
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Step outside and enjoy the Fall season! Low humidity, leaves changing colors, preparing for tailgate parties, kids back in school....so many reasons to love this time of the year! But, what does the season mean for housing sales? Before we get to what historical numbers tell us, lets look at why this year may show stronger than normal sales numbers: 1) The $8,000 Federal First-Time Home Buyer Tax Credit expires the last day of November. 2) Historically low interest rates. 3) Access to many financing programs for today's buyer. 4) Large invetory of homes allowing buyers room to negotiate in most cases. The combination of these buying incentives have not existed in the past. Today's buyers should be in the market and taking advantage of these rare conditions. These factors should lead to strong sales throughout the Fall season. Historic numbers would suggest this will not be the case. Since 2005, sales have dropped on average nearly 3% between the 2nd and 3rd quarters and nearly 27% between the 3rd and 4th quarters. These numbers indicate this Fall will push sales to the lowest numbers we have seen in many years. Will the advantages of today's buyer's market overcome historical data? What do you think? Stay tuned for sales data as we 'Fall' into the seasonal market.  Source: Harrisonburg-Rockingham Association of Realtors Multiple Listing Service. This information is believe to be accurate, but cannot be guaranteed. | |
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The Week In Review |
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Weekly Residential Market Report Week Ending September 11, 2009 BRIEF ANALYSIS A slightly slower week as new listings, under contracts and solds dipped below the yearly average. Now that football season is here and kids are back to school, it will be interesting to track market activity as we head into the fall season. Check back this week as we write about the history of the local housing market during the fall season. Here are the numbers for this week:  Current Properties Available on the Market: 928 Current Properties Under Contract/Pending:148 Average Listings During A Week in 2009: 36 Average Under Contract A Week in 2009: 18 Average Sold A Week in 2009: 16 | |
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The Week In Review |
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Weekly Residential Market Report Week Ending September 4, 2009 BRIEF ANALYSIS Score one for the supply side this week. New Listings jumped up 43% this week to a level not seen since the spring market. Homes going under contract decreased 10% since last week. Again, proof in the numbers that this is a great market for buyers in so many ways. If you are thinking about purchasing a home or investment property, now may be the right time for you. Here are the numbers for this week:  Current Properties Available on the Market: 917 Current Properties Under Contract/Pending:147 Average Listings During A Week in 2009: 36 Average Under Contract A Week in 2009: 18 Average Sold A Week in 2009: 16 | |
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Coldwell Banker Releases Luxury Home Survey Results |
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AFFLUENT HOMEOWNERS FOCUS ON LOCATION, LOCATION, LOCATION ACCORDING TO THE 2008 COLDWELL BANKER PREVIEWS INTERNATIONAL® LUXURY SURVEY High-End Homeowners Still Aspire for a Dream Home; 17 Percent Have Considered Moving to Obtain a Specific Zip Code 85 Percent Expect Home Prices to Increase Over Next Five Years Homeowners at the highest end of the real estate market still have a dream house in mind and zip code does play a factor in where some call home, according to the 2008 Coldwell Banker Previews International® Luxury Survey. Top locations for a dream home among those surveyed were on an island (27 percent) or in a rural country setting (22 percent), followed by the suburbs (18 percent) or an international destination (18 percent). Additionally, 17 percent of those surveyed confirmed that they have considered moving expressly to obtain a specific address or zip code. Eight percent of respondents actually admitted to having been influenced to purchase a property to "keep up" with friends or family. In addition, high-end homeowners remain optimistic about home values with a strong majority of the affluent homeowners surveyed (85 percent) expecting the price of their homes to increase over the next five years, a sharp increase from the 66 percent tallied in the 2007 survey. In addition, four out of five of these homeowners surveyed believe the increase in value will be "significant" to "moderate" (81 percent). "Key findings from our annual survey of the luxury market demonstrate that the typical million-dollar homeowner is invested not only in the value of their home as a current part of their portfolios, but also see long-term gains coming from this investment," said Jim Gillespie, president and chief executive officer, Coldwell Banker Real Estate LLC. "Interestingly while 44 percent of those surveyed indicated that they plan to stay in their primary residence for at least 10 years, they also dream of owning the perfect home." The 2008 Coldwell Banker Previews International Luxury Survey polled 305 When asked to identify a location for a dream home, the following were cited by respondents:
Second Homes and the Lure of the Beach The survey revealed that about half of the affluent homeowners surveyed (48 percent) own at least one secondary residence. Most of these properties are located in beach areas (45 percent). For those who own second homes, significantly more men than women cited that the primary purpose of the residence was a retirement property (17 percent versus 8 percent). Interestingly, a significantly greater percentage of older respondents (ages 65-plus) said they are considering purchasing an additional property as a new primary residence (42 percent versus 19 percent of respondents ages 64 and younger). For luxury homeowners, the following are the desired locations identified by respondents for a secondary home:
"Must Have" Luxury Amenities Whether inside or outside, "must have" luxury amenities such as designer kitchens, formal landscaping, water views, customized home entertainment centers and swimming pools are the top amenities of choice for luxury homeowners. "Must have" luxury amenities in the home that respondents either currently have or are considering getting, include:
"High-end kitchens, a well-kept appearance outside of the home, and swimming pools have become the standard for luxury homeowners," said Gillespie. "These areas of the home attract attention and have long been critical factors when considering the value of a property." Formal landscaping was, by far, the amenity mentioned most often by respondents as something they currently have surrounding their primary residence (77 percent). The following are additional luxury amenities that are found surrounding affluent homes:
Relative to maintaining luxury homes, those surveyed indicated that landscapers (95 percent) and housekeepers (62 percent) were a must. Of note, housekeepers were significantly more common among those ages 54 and younger (72 percent versus 55 percent of those ages 55-plus). Best In Show Approximately three in 10 respondents have specific rooms in their homes that are used to impress houseguests (29 percent). Among these respondents, the living room (72 percent) is the primary room that is used to impress houseguests. Only one in 10 or fewer respondents said any other rooms in their homes are used to impress. The survey was conducted online by independent market research firm, ICR, in April 2008 and commissioned by Coldwell Banker Previews International®, the exclusive Coldwell Banker® service dedicated to luxury real estate. In 2007, the Coldwell Banker system participated in more than 25,000 transaction sides of homes priced at $1 million or more in 2007 with a total sales volume of $46.6 billion. * The survey questioned 305 owners of homes with a primary residence valued at greater than $1,000,000 and investable assets greater than $1,000,000. The survey questioned owners of homes valued at $2 million and up in the state of About ICR ICR is a full-service market research firm specializing in designing customized methodologies across 12 industry sectors and a leading provider of omnibus research services. Our Advanced Research Methods group designs and executes custom research and solutions to complex business challenges on a wide range of issues, including global research in over 90 countries. About Coldwell Banker® Since 1906, the Coldwell Banker® organization has been a premier full-service real estate provider. In 2007, Franchise Times magazine's prestigious Top 200 issue ranked the Coldwell Banker system No. 1 in real estate for the eighth straight year and 12th among franchisors in all industries. The Coldwell Banker System has approximately 3,600 residential real estate offices and 111,500 sales associates in 47 countries and territories. The Coldwell Banker System is a leader in the industry in residential and commercial real estate, and in niche markets such as resort, new home and luxury property through its Coldwell Banker Previews International® division. It is a pioneer in consumer services with its Coldwell Banker Concierge® Service Program and award-winning Web site, www.coldwellbanker.com. Coldwell Banker Real Estate LLC is a subsidiary of Realogy Corporation, a global provider of real estate and relocation services. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. Each office is independently owned and operated. # # # | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Virginia Home Sales Up 48% In Second Quarter |
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The Virginia Association of Realtors has released its Second Quarter Home Sales Report. The report showed that many areas in Virginia are seeing positive signs for the real estate market while other areas continue to face challenges. Some of the many positive aspects of the report are: * # of homes sold in second quarter is up 48% over the first quarter * Median home prices are up 6% across the state * Local markets in Northern Virginia are seeing greater sales and contract activity. Some of the challenges in the Virginia Housing market include: * In 2 1/2 years Virginia has gone from the 41st state in the nation in foreclosures to the 11th. * Most foreclosures have been in Northern Virginia, Virginia Beach, Richmond and Winchester. * The Virginia unemployment rate ticked up to 3.8% in May, but is still well below the national rate at 5.5% Click Here for the complete 'Trends in the Virginia Housing Market Second Quarter 2008 Report'. | |
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Coldwell Banker Funkhouser Realtors
Coldwell Banker
Funkhouser Realtors
- Contact Us -
info@cbfunkhouser.com
Licensed in the
Commonwealth of Virginia
