You've heard countless tales of the housing slump and know the last few years have not been exactly great on the real estate market. Perhaps you had trouble refinancing or were not comfortable with purchasing a new Eastern Panhandle home until the market returned— but good news! It has. Real Estate in West Virginia, as well as the rest of the country, is on the up and up with a number of signs pointing to an uptick in the mortgage market. This year, you can follow these signs to assure you that it's a great time to both buy and sell homes in Jefferson or Berkeley County.
Sign #1. Unemployment Rates are Falling
In 2012, an unemployment rate of 7.8% was recorded by the U.S. Bureau of Labor Statistics which was the lowest rate this country has seen since in any month since January of 2009. With employment increasing, we can expect to find more buying activity on the housing market as more workers regain their income and get their finances back under control. And what does more buying activity on the Eastern Panhandle mean for you? It means it's a great time to sell! Sellers should be encouraged that more homebuyer interest and activity will lead to a quick and successful home sale.
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Sign #2. New Construction Surge
According to the National Association of Home Builders, high rates of builder confidence and increasing interests in new home construction suggest that 2013 will be a great year for mortgage activity on new construction West Virginia homes. In December, the Housing Market Index (used by the NAHB to monitor builder confidence) reached the highest and most positive level since April of 2006. What's more, the industry expects to see increases in the building of new construction homes well into 2014.
Sign #3. Home Prices Increase
A trend in rising home prices could produce a sense of urgency in buyers to grab great deals as they emerge on the market. The National Association of Realtors recently reported that median home prices for existing homes rose 10.1 percent from November of 2011 to November of 2012. These rising prices— driving another point that it's a great time to sell in West Virginia— encourage potential homebuyers to jump off the sidelines and dive into the real estate market.
Sign #4. Low Mortgage Rates (For Now)
If you are an Eastern Panhandle homebuyer who is able to secure a low mortgage rate, you will pay less in interest over the lifetime of your loan; this should make home purchases more attractive to those looking to move. Mortgage rates are at historic, record lows which experts predict are sure to spike a real estate boom. But don't wait long— these record low rates are slowly rising which shows signs of a more stable economy and marks good news for the state of the housing market in West Virginia.
The Kable Team
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