HARRISONBURG, Va. (WHSV) – 2021 has been a big year for the local housing market and for a realtor in the area.
Kemper Funkhouser, the supervising broker for Funkhouser Real Estate Group, was named Virginia Realtor of the Year and was appointed to a four-year term on the state’s real estate board.
Funkhouser has been in real estate all his life and has been licensed since 2003. His father, Joe Funkhouser, started the real estate group in 1975. He also won Virginia Realtor of the Year in 1989.
As a member of the state real estate board, Kemper Funkhouser will help oversee the state’s real estate dealers and rewrite regulations for them.
Funkhouser said he expects home prices and sales volume in the area to continue to rise in 2022, but at a slower pace than in 2021.
“We have seen over the past year that home prices and sales volume have increased 10-12% across the Shenandoah Valley. We expect continued increases in 2022, but perhaps not the same percentage increase. We expect to see that pace slow down a bit,” he said.
While he expects the 2022 real estate market to remain strong, he said there are two key factors to watch.
“If inflation increases, it will be a problem. If we see interest rates continue to rise, it will make homes more expensive and less affordable, and so, I would encourage buyers who are currently in the market to be prepared to make that purchase in the near future to lock in the lowest price. interest rate you can,” Funkhouser said.
Funkhouser said housing demand in the area will only increase as the largest millennial generation continues to enter the home buying phase.
“I think over the next few years we’re going to be looking at housing development in all price ranges. It really is the need, from affordable housing to custom homes. There will be an even greater need for workforce housing as we see interest rates climb,” he said.
Funkhouser said there are typically seven-to-eight-year cycles in the housing market, but he expects current trends to continue over the next few years.
“The last 20 years have been very typical as we think about world events that have happened. So what we would typically see is a financial cycle, but those years dismissed, we would expect a cyclical downturn in the market in near future; however, we see that the market fundamentals are very strong right now, so we don’t expect that,” he said.
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