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Updated: 9:46 AM Dec 11, 2009
Home Sales Up in Harrisonburg, Rockingham County
Rockingham County According to a new report, homes sales in November were almost double what they were in November 2008.
Posted: 6:39 PM Dec 10, 2009Reporter: Michael Hyland Email Address: mhyland@whsv.com |
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Home sales are booming in Harrisonburg and Rockingham County. According to a new report, sales in November were almost double what they were in November 2008.
William Knorpp is busy destroying his new kitchen, but he has a reason. The new homeowner wanted a fixer-upper.
"We got really excited about it and sort of targeted this house," says Knorpp. "We probably wouldn't have been able to do this without the tax credit. We figured it was probably close to the bottom of the cycle. S o, we didn't stand to lose a lot of money."
Knorpp is renovating his new duplex with the intention of renting part of it.
Larry Martin, a co-owner of RE/MAX Performance Realty, says the tax credit for first-time home buyers drove about 25 percent of his sales last month.
"That definitely helped. But, I think it's a combination of all the factors: interest rates, people trying to get things done before the end of the year, and a general optimism that things are getting a little bit better," says Martin.
Martin says less expensive homes make up the bulk of recent sales. What Knorpp is doing is pretty common, Martin says.
"Right now in this market, price is king. The people who price their properties correctly will sell them. People who are not realistic about their pricing, they're just not going to sell," says Martin.
For the year, home sales are down almost 14 percent in Harrisonburg and Rockingham County, according to the real estate market report. The average sales price has declined about $27,000 since 2007. Of homes that are selling, they're staying on the market about six months.
Real estate agents say one reason sales may have spiked in November was because the tax credit for first-time home buyers was set to expire in November. It has been extended to April.
There's now also a $6,500 tax credit for some current home owners looking to buy.
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