The interest rate you pay on your home mortgage has a direct impact on your monthly payment. The higher the rate the greater the payment will be. That is why it is important to know where rates are headed when deciding to start your home search.

Below is a chart created using Freddie Mac's U.S. Economic & Housing Marketing Outlook. As you can see, interest rates are projected to increase steadily over the course of the next 12 months.

How Will This Impact Your Mortgage Payment?

Depending on the amount of the loan that you secure, a half of a percent (.5%) increase in interest rate can increase your monthly mortgage payment significantly.

According to CoreLogic's latest Home Price Index, national home prices have appreciated 7.0% from this time last year and are predicted to be 4.2% higher next year.

If both the predictions of home price and interest rate increases become reality, families would wind up paying considerably more for their next home.

Bottom Line 

Even a small increase in interest rate can impact your family's wealth. Let's get together to evaluate your ability to purchase your dream home.

We at www.BestValleyHomes.com know the market inside and out. We want to be your guide through the labyrinths and mazes that make up the real estate buying and selling experience.  Contact us to help you. 

The interest rate you pay on your home mortgage has a direct impact on your monthly payment. The higher the rate the greater the payment will be. That is why it is important to know where rates are headed when deciding to start your home search.

Below is a chart created using Freddie Mac's U.S. Economic & Housing Marketing Outlook. As you can see, interest rates are projected to increase steadily over the course of the next 12 months.

How Will This Impact Your Mortgage Payment?

Depending on the amount of the loan that you secure, a half of a percent (.5%) increase in interest rate can increase your monthly mortgage payment significantly.

According to CoreLogic's latest Home Price Index, national home prices have appreciated 7.0% from this time last year and are predicted to be 4.2% higher next year.

If both the predictions of home price and interest rate increases become reality, families would wind up paying considerably more for their next home.

Bottom Line 

Even a small increase in interest rate can impact your family's wealth. Let's get together to evaluate your ability to purchase your dream home.

We at www.BestValleyHomes.com know the market inside and out. We want to be your guide through the labyrinths and mazes that make up the real estate buying and selling experience.  Contact us to help you witht he first step to getting a mortgage and finding a great home. 

Buying A Home Is More Affordable Than Renting In 54% Of US Counties, Maybe even Harrisonburg.

According to ATTOM Data Solutions' 2018 Rental Affordability Report, "buying a median-priced home is more affordable than renting a three-bedroom property in 240 of 447 [or 54% of] U.S. counties analyzed for the report."

For the report, ATTOM Data Solutions compared recently released fair market rent data from the Department of Housing and Urban Development with reported income amounts from the Department of Labor and Statistics to determine the percentage of income that a family would have to spend on their monthly housing cost (rent or mortgage payments).

Daren Blomquist, Senior Vice President of ATTOM Data Solutions had this to say:

"Although buying is still more affordable than renting in the majority of U.S. housing markets, the majority is shrinking as home price appreciation continues to outpace rental growth in most areas."

However, the report also shows that the average fair market rent rose faster than average weekly wages in 60% of the counties analyzed in the report (266 of 447 counties). With rents rising, many renters should consider buying a home soon.

Bottom Line

Rents will continue to rise, and mortgage interest rates are still at historic lows. Before you sign or renew your next lease, let's get together to help you determine if you are able to buy a home of your own and lock in your monthly housing expense.

Every year at this time, many Harrisonburg homeowners decide to wait until after the holidays to put their home on the market for the first time, while others who already have their homes on the market decide to take them off until after the holidays.

Here are seven great reasons not to wait:

1. Relocation buyers are out there. Many local Harrisonburg companies are still hiring throughout the holidays and need their employees in their new positions as soon as possible.
2. Purchasers who are looking for homes in Harrisonburg during the holidays are serious buyers and are ready to buy now.
3. You can restrict the showings on your home to the times you want it shown. You will remain in control.
4. Homes show better when decorated for the holidays.
5. There is less competition for you as a seller right now. Let's take a look at listing inventory as compared to the same time last year:

1. The desire to own a Harrisonburg home doesn't stop when the holidays come. Buyers who were unable to find their dream home during the busy spring and summer months are still searching!
2. The supply of listings increases substantially after the holidays. Also, in many parts of the country, new construction will continue to surge reaching new heights in 2018, which will lessen the demand for your house.

Bottom Line

Waiting until after the holidays to sell your home in Harrisonburg and the surrounding areas probably doesn't make sense.  What does make sense is calling us.  We can sell your home more quickly and for more money. www.BestValleyHomes.com We do it all the time.  Love us or Like Us on Facebook! 

Step 1 - Find a Realtor that is FULL time and Sells a lot of Properties

This is a very important 1st step.  Not all Realtors are alike.  Some sell 1 or 2 properties a year and are what we like to affectionately call the dabblers.  They just dabble in Real Estate.  You need a person who will dedicate their valuable time and expertise to getting you the most for your property, quickly.  Dabblers, have a 1st job or are independent and are thus are not that motivated to sell.  A highly motivated agent will doggedly work for you. It's simple, if they don't sell much they don't get paid much. Is that the Realtor you want working for you?

Step 2 - Find a Company That Supports Great Realtors and the Community

Very large brokerage companies and very small ones can still be good places to find a great Realtor but find a place that supports their agents. It stands to reason that very large independent real estate brokerages are ones that have the needed resources to give agents access to the best tools, strategies along with the synergy of other fine agents that will get your home sold fast.

Step 3 - Ask a Realtor to Show You "The Plan"

Selling real estate is not just putting up a sign and waiting.  The complexities and potential pitfalls of selling properties are many. Marketing takes money.  Marketing takes technological expertise in today's internet and social networked world.  There is much more "art" than science to creating a desire for your home.  A really great agent will be able to show you #"the plan".

Step 4 - A True Professional Realtor Won't Budge on His Commission.

Asking your Realtor to take less is common these days, but before you pat yourself on the back, a Realtor who cannot stick to her own fee, won't stick to the price you expect for your home either. Retain the services of the higher priced agent and you'll see a professional who will fight and negotiate for your money too.

Step 5 - Past History is a Really Good Predictor of Future Events.

Your potential agent should be able to share with you their effectiveness within the profession. Are they struggling to make it?  Are they connected in the community and giving back to the community through service and charitable giving?  Are they willing to show you how they rank with other firms and other agents in the area?  It is safe to say a superstar agent who sells many homes today will sell many more tomorrow.

Call us at www.BestValleyHomes.com  we SELL the Beauty of the Valley Each and Every Day. 

One of the many benefits of owning your own home is the freedom to find your 'furever' friend. By pointing out the aspects of your home that make it 'pet-friendly' in your listing, you'll attract these buyers rather than alienate the 61% of American households that have a pet!

If you are one of the many homeowners looking to list your home for sale, how do you stand out to the millions of pet parents searching for their dream homes?

Whether a dog person, a cat person, or someone who prefers the company of another pet species, 99% of pet owners say that they consider their animal to be family. When finding a home, 95% of animal owners believe it is important that a housing community allows animals.

A recent study by the National Association of Realtors (NAR) revealed that there are many aspects of the home buying, selling and owning experience that have been greatly impacted by American's love for their pets.

This should come as no surprise as $66.75 billion was spent on pets in the U.S in 2016, with $70 billion projected for 2017. NAR's President William E. Brown shed some light on the impact of pet owners and their home search,

"In 2016, 61 percent of U.S. households either have a pet or plan to get one in the future, so it is important to understand the unique needs and wants of animal owners when it comes to homeownership.  

REALTORS® understand that when someone buys a home, they are buying it with the needs of their whole family in mind; ask pet owners, and they will enthusiastically agree that their animals are part of their family."

The Power of Pets When Choosing the Right Home

• 89% of pet owners say they would not give up their pet due to a housing restriction
• 81% of Americans say their pets play a role in their housing situation
• 31% of animal owners have refused to put in an offer on a home because it wasn't a good fit for their animals
• 19% of Americans say they would consider moving for their pet
• 12% percent have moved for their pet

New home builders have actually begun installing retractable pet gates that tuck away neatly inside door jams as a highly requested feature in new homes to attract pet-parents, according to Builder.com.

So, if you are a homeowner looking to sell in today's pet-friendly environment, point out the features of your home that will attract pet owners:

• Fully fenced in backyard – (91% of pet owners ranked this as the most important feature of a home to accommodate their pet)
• Locations of dog parks/walking paths/pet-friendly beaches in the area (71% ranked this as the top feature of any neighborhood they would consider)
• Proximity to veterinarians/groomers/pet supply stores (31%)

Bottom Line

Americans love their pets and will look for pet-friendly features in the home they wish to buy, so take advantage of this knowledge by pointing out your home's ability to meet their needs.

Owning a home in Harrisonburg and the Shenandoah Valley of Virginia has great financial benefits, yet many continue renting! Today, let's look at the financial reasons why owning a home of your own has been a part of the American Dream for as long as America has existed.

Zillow recently reported that:

"With Rents continuing to climb and interest rates staying low, many renters find themselves gazing over the homeownership fence and wondering if the grass really is greener. Leaving aside, for the moment, the difficulties of saving for a down payment, let's focus on the monthly expenses of owning a home: it turns out that renters currently paying the median rent in many markets could afford to buy a higher-quality property than the typical (read: median-valued) home without increasing their monthly expenses."

What proof exists that owning is financially better than renting?

1. The latest Rent Vs. Buy Report from Trulia pointed out the top 5 financial benefits of homeownership:

• Mortgage payments can be fixed while rents go up.
• Equity in your home can be a financial resource later.
• You can build wealth without paying capital gain.
• A mortgage can act as a forced savings account
• Overall, homeowners can enjoy greater wealth growth than renters.

2. Studies have shown that a homeowner's net worth is 45x greater than that of a renter.

3. Just a few months ago, we explained that a family buying an average priced home at the beginning of 2017 could build more than $42,000 in family wealth over the next five years.

4. Some argue that renting eliminates the cost of taxes and home repairs, but every potential renter must realize that all the expenses the landlord incurs are already baked into the rent payment –along with a profit margin!!

Bottom Line

Owning a home has always been, and will always be, better from a financial standpoint than renting.