You are here: Home / Archives for Real Estate Tips & Info / For Sellers

For Sellers

Tips for selling a home in the Shenandoah Valley

Sell a Home in Harrisonburg or Rockingham County

June 9, 2011 By Leave a Comment

Do you want to sell a home in Harrisonburg or Rockingham County?

To sell a home in Harrisonburg or Rockingham County requires a combination of key strategies that the Kai Degner Homes Team prides itself in providing home sellers.  The Harrisonburg-Rockingham County area is in a buyers market, which means selling real estate is a competitive process – only a combination of best home-selling strategies guarantees that your home is best positioned to sell (see the latest Harrisonburg-Rockingham County Real Estate Market Analysis).

The Kai Degner Homes Team focuses on key strategies to sell a home in Harrisonburg or Rockingham County.  There are many things you cannot change about your real estate, each of which may make your real estate more attractive or not (location, layout, neighborhood, slope of yard, the market, etc).  The Kai Degner Homes Team Key Strategies are based on what IS in the home owner’s control.

Professional photography can best present your home so online searchers will come to see your home.

  1. SMART Presentation – Make Your Home Shine!
    Your best opportunity to sell a home is when a potential home buyer comes to see inside!  What are the most important characteristics that buyers notice?  What should you fix before putting your home on the market?  Should you paint or not?  How can you best stage your home?  The Kai Degner Homes Team knows these answers, and we work with home owners to prepare their home to shine when someone visits the home!
  2. SMART Marketing – Be Where the Buyers are Looking!
    So, how do you get people INTO your home to see it?!  That’s where the Kai Degner Homes Team‘s comprehensive, strategic marketing plan comes into play. 

    1. Professional photography is critical: you should demand it, and we don’t settle for anything less (look at the amazing photography included in this article).
    2. Strategic online advertising is an absolute priority – almost 90% of home buyers searched online during their home search (that’s why professional photography is so important).  Do you know what the Top 10 Real Estate websites are?  We do – and your property will be featured on them.
    3. Strategic print advertising. Did you know only 3% (yes, THREE PERCENT) of buyers said they bought a home because they saw it advertised in print (like the newspaper)?  News flash: just printing newspaper advertisements is NOT effective marketing to sell a home today.  We balance print advertising so it is focused, and helps actually sell a home – we don’t rely on it too much (that’s a mistake).
    4. Much more! Contact us to learn about the rest of our marketing strategies to sell a home in Harrisonburg and Rockingham County (we’re obviously not going to put ALL (or even most) of our best marketing strategies on this page – we want to share those in person with you!).
  3. SMART Pricing & Market Analysis – The Most Important Decision to Sell a Home
    At what price should you sell your home?  How much higher than you are willing to take should you price your home?  This is the most important part of selling a home in Harrisonburg and Rockingham County.  It is no secret that this is not the best market for your home to sell: the average home sits on the market for over 200 days – many times because it’s priced too high.  This doesn’t mean you need to give your home away.  We are going to do the detailed research to show you how to price it so you can sell your home and get the most the current market will bear.  We will be honest and upfront with pricing, and give you the facts, to make a smart decision on pricing.
  4. SMART Innovations – What can YOU offer that NO ONE else can?
    What are some creative ideas that work in your home?  What can you offer that no one else can?  We will identify these and use them to sell your home in Harrisonburg and Rockingham County.
  5. SMART Negotiating – Let’s Make a Deal
    A home for sale that is marketed correctly, shines at the showing, and is priced competitively will receive an offer from the prospective buyer.  The Kai Degner Homes Team helps evaluate the many different components of the offer: price, closing date, financing contingency, home inspection contingency, personal property requested, and more.  Negotiations and communication will continue through closing.
  6. BONUS Strategy – The Kline May Realty Company of Real Estate Agents
    The Kai Degner Homes Team is proud to be part of Kline May Realty, the highest producing real estate brokerage in Harrisonburg and Rockingham County.  No other brokerage in the area sells more residential real estate than Kline May Realty (contact us for evidence of that claim – we’re happy to provide it).  Our agents work together extremely well, and assist each other in helping home buyers and sellers meet their goals.

If you need to sell a home in Harrisonburg or Rockingham County, give the Kai Degner Homes Team an opportunity to earn your business. We only get paid when we sell your home, and we put your interests first.

We know you have many options for real estate agents to sell your home, so we are prepared to give a full presentation of how we would prepare, market, price, and position your home so you have the best chance to meet your goals.

Contact us today - call (540) 442-0316, email Kai.Degner@KlineMay.com, or use this simple form.  Let’s start a conversation about how to sell your home in Harrisonburg or Rockingham County.

Share/Bookmark
Filed Under: For Sellers

A Tale of Two Markets: Over and Under $125,000

June 1, 2011 By Leave a Comment

Units Sold at Various Prices in the Harrisonburg/Rockingham Real Estate Market Jan-May 2010 vs 2011

So, we’ve finished May – five months are complete in the Harrisonburg/Rockingham real estate market.  This week, there’s been much national news about a home price “double-dip“, and I’ll explore whether that’s the case locally in terms of price in an upcoming post.  For now, let’s just compare the first five months of this year’s real estate market with the first five months from last year using the number of units sold at various price points.

Take a look at the embedded summary image of number of properties sold vs their price.  There has been a marked increase in the number of units sold priced at $125,000 or less.  This suggests investors and others are confident and able to secure these lower priced homes.  There was an 141% increase in number of homes sold priced between $75-100,000, and 60% increase in number of homes sold between $100-125,000.

And, then comes the rest of the market: all prices ranges from $125-300,000 saw fewer homes sold this year compared with the same period last year.  One part of the explanation is the 2010 home buyers tax credit, which was a motivating factor in 2010 but was available in 2011.

The $325,000 and $400,000 price points show drop offs in number of homes sold in Harrisonburg and Rockingham County.  No price range from $325-400,000 saw more than four properties sell this year, and no price range above $400,000 showing more than three units sold so far in 2011.

The spring season is one of negotiations and writing purchase contracts, so it remains to be seen how the units sold comparison will look through as we go through the summer months in Harrisonburg and Rockingham County.

Share/Bookmark
Filed Under: Featured Properties, For Buyers, For Sellers, Housing Market Analysis, Real Estate Tips & Info

Buyers Still in Driver’s Seat in Harrisonburg/Rockingham Real Estate Market

May 10, 2011 By Leave a Comment
Seasonal Spike in Average and Median Prices in Harrisonburg/Rockingham Real Estate

Figure 1: April 2011 showed an apparent seasonal spike in the Harrisonburg/Rockingham real estate market. The chart shows an increase in 2009 and 2010 similarly timed with April in 2011. (Source: Harrisonburg -Rockingham Association of REALTORS Multiple Listing Service, 5/09/2011)

The Harrisonburg/Rockingham real estate market report is showing a continued decrease in prices and an increase in average days on market for homes listed for sale.  It remains a buyer’s market!

Figure 1 shows a spike in the average and median prices of homes that sold in April 2011.  Initially, that might suggest that prices are going up and that the market is turning around.  However, the previous years show a similar spike in prices at the same time of the year, following by a decline in the following few months.

Harrisonburg/Rockingham Average and Median Prices Through April 2011

Figure 2: The last 12 months' average and median prices for homes in the Harrisonburg/Rockingham area continue to decline, though not as steeply as the national average. It remains a buyer's market! (Source: Harrisonburg -Rockingham Association of REALTORS Multiple Listing Service, 5/09/2011)

Figure 2 is a better clue for the overall average price of Harrisonburg/Rockingham real estate.  This chart averages the average and median price from the previous 12 months.  As is shown, the rolling 12-month Harrisonburg/Rockingham real estate prices continue a decent – meaning homes continue to be more affordable for people looking to buy or invest.

What does this mean for sellers?

For anyone with property currently listed for sale, they should pay attention to the declining prices and consider how competitively priced their home is.   [Read more...]

Share/Bookmark
Filed Under: Featured Properties, For Buyers, For Sellers, Housing Market Analysis, Real Estate Tips & Info

Has the Harrisonburg/Rockingham Housing Market Hit Bottom?

February 13, 2011 By Leave a Comment

Figure 1: There were 57 closed transactions in the HRAR MLS in January 2011.

Harrisonburg/Rockingham Real Estate Market Report Shows Few Sales in January

This month’s Housing Market Report shows that only 57 residential units sold through the Harrisonburg-Rockingham Association of REALTORS Multiple Listing Service (HRAR MLS) during the month of January (Figure 1).

That’s no surprise, really, as the low number follows a trend for the winter months seen the last five years.  Most of these closing would have been from ratified contracts in November and December, a time of year where many people are focused on the holidays and buying gifts rather than purchasing real estate.

Anecdotally, it seems area REALTORS are seeing more activity by buyers the last month or so, which would suggest the coming months having an increased number of closings.

Good News for Balancing Market: Inventory Drops

Figure 2: The seasonal inventory trends (numbers of homes listed for sale) is approximately the lowest it has been since 2008.

More surprising is the more than 20% reduction in the number of homes for sale in the area (Figure 2).

Part of the cause for prices declining is supply is so much higher than demand, so sellers must lower their prices to be considered – so, a reduction of homes on the market is move towards a more balanced market.

Prices are Stabilizing:

Since September 2010, prices in the Harrisonburg-Rockingham area have stabilized, and even increased a bit (Figure 3).  The average is just a bit under $200,000.  The lower median value suggests more lower-priced homes are being sold, which is consistent with last month’s analysis on absorption rates.

Looking Ahead

The spring market consistently sees more homes listed for sale, but also more homes sold.  The proportion of both will be a determining factor in whether the coming months will see prices remain stable or not.

Figure 3: The trend for average and median prices in the Harrisonburg-Rockingham area suggests some leveling out after a sustained decline.

It remains to be seen whether this means the market has hit bottom – an increase in inventory, from more people putting their homes on the market in the spring for example, could begin to depress prices again.  Of course, it will be towards the end of 2011 before we will know for sure whether this is a turning point or just a temporary reprieve from a declining real estate market.

Check back often for additional analysis of the Harrisonburg-Rockingham real estate market.

Share/Bookmark
Filed Under: Featured Properties, For Buyers, For Sellers, Housing Market Analysis Tagged With:

How quickly are homes selling in Harrisonburg and Rockingham County?

January 26, 2011 By 2 Comments

Absorption rate is a common statistic in Harrisonburg and Rockingham County real estate market reports.  Absorption rates describe how quickly or slowly homes are being sold in the market.  The higher the rate, the more aggressive a home seller needs to be to have their home noticed, because a higher rate means homes in that market are not selling as quickly.

Calculating 12-Month Absorption Rate

Absorption rates are calculated by choosing an amount of time, like 12 months, and seeing how many properties sold in that time in the market segment you are interested in exploring.  To get the 12-month absorption rate, divide the number of homes sold in a market segment in the past 12 months by 12 months.   Then, divide the number of properties currently for sale in the market segment (the inventory) by the previous result.  That’s the absorption rate.  A final result of 6 is considered a neutral market, a higher number (homes take longer to sell) is considered a buyers market and a lower number (homes are selling quickly) being a sellers market.

Studying Absorption Rates in the Harrisonburg/Rockingham Real Estate Market

The “real estate market” is in actuality many different markets, as the overall number of properties for sale can be broken down into almost endless subcategories.  Price ranges are a useful category to use when exploring a market, as they are a quick way to study differences in the market.  Townhomes and single family homes are also two useful categories of distinction.

Karl Waizecker of Kline May Realty recently studied 2010 real estate sales data from the Harrisonburg/Rockingham Associations and REALTORS MLS and calculated absorption rates at various price levels for townhomes and single family homes in Harrisonburg and Rockingham County.  His analysis included breaking down Harrisonburg and Rockingham County into the county’s geographic sections and Massanutten, but the figures here show only Harrisonburg and Rockingham County as a whole.

Figure 1 describes the 12-month absorption rate for the townhome market at various price levels.  The chart shows that lower priced townhomes are in more competitive market.  That makes some sense, since more people can afford lower priced townhomes and there is thus more supply relative to the demand compared with higher priced townhomes.  In fact, some of the lower price segments actually are in a sellers market – as are the highest priced townhomes!

Townhomes priced between $120,000 and $179,999 are selling the slowest of anything in the whole real estate market.  The big driver for this is how many townhomes in each category are for sale as of December 31, 2010: 51 townhomes for sale between $120,000-$139,999, 49 between $140,000-$159,999, and 35 between $160,000-$179,999.

Figure 2 shows the 12-month absorption rate for the single family home market at various price levels.  Again, at the lower priced levels, homes are selling at a quicker pace – but all the categories (except one) have an absorption rate higher than six, suggesting there is a buyers market at all price levels for single family homes.

Absorption Rates for Harrisonburg and Rockingham County Townhomes on December 31, 2010

Figure 1: 12-Month Absorption Rates for Harrisonburg and Rockingham County Townhomes on December 31, 2010 (Source: Harrisonburg Rockingham Association of REALTORS MLS)

Absorption Rates for Harrisonburg and Rockingham County Single Family Homes on December 31, 2010

Figure 2: 12-Month Absorption Rates for Harrisonburg and Rockingham County Single Family Homes on December 31, 2010 (Source: Harrisonburg Rockingham Association of REALTORS MLS)

Share/Bookmark
Filed Under: For Buyers, For Sellers, Housing Market Analysis, Uncategorized Tagged With: ,

Harrisonburg Housing Market Report December 2010

January 7, 2011 By 1 Comment

The change in total residential units sold in the Harrisonburg-Rockingham MLS shows the fifth consecutive year of fewer units being sold than the year before; however, the chart shows a decreasing trend of this statistic. (Source: Harrionsburg-Rockingham Association of REALTORS Multiple Listing Service, data accessed Jan 7, 2010)

So, 2010 is now behind us. As we look at the year and ask “How did the local real estate market do?”, our initial response is probably something like “Not too well!”.  Local Realtors will tell you 2010 was a tough year, one in which Buyers, Sellers and agents had to go to (sometimes) extraordinary lengths to complete a deal.  It was a year in which distressed properties exerted a heavy influence on our market and lenders continued in their attempts to refine their Short Sale and Foreclosure processes.  2010 was a year in which, despite falling prices, historically low interest rates and plentiful inventory, Buyers seemed reluctant to buy. [Read more...]

Share/Bookmark
Filed Under: For Buyers, For Sellers, Housing Market Analysis, Real Estate Tips & Info Tagged With: , ,

A New Mobile Tool to Market Your Listing

November 14, 2010 By Leave a Comment

It’s my commitment to any home seller to use the most cutting edge tools to market your home. From pushing your listing out dozens of the most popular websites, to video tours, and custom websites, the most tech-savvy buyers will take notice of the home your have for sale. This includes the new “QR Codes” that smart phones use. If you have a smart phone, scan this to see the video tour of a current listing I have in Harrisonburg:

Code for 2326 Breckenridge Court Video Tour

Share/Bookmark
Filed Under: Featured Post, For Sellers

Kline May TV

July 26, 2010 By Leave a Comment

Sellers need a competitive advantage to be noticed in a market with many choices, and Kline May Realty Showcase can provide an edge.  Each week, properties listed with Kline May’s agents are featured in a 30-minute show airing each Sunday morning on WHSV TV3 at 7:30am.

If you happen to miss a week, just visit this page and view the latest show.

Each week we highlight many of the newest listings by Kline May Realty. We also host two featured homes, which includes a video walk through of each selected home.

Share/Bookmark
Filed Under: For Buyers, For Sellers, Real Estate Tips & Info Tagged With: ,