The housing recovery has returned stronger, and despite West Virginia mortgage rates as well as Jefferson County and Berkeley County housing prices rising, conditions are improving for household formations. According to a recent report on housing demand, "children are moving out of their parents’ homes, and college graduates are stepping out on their own, helping to fuel demand for housing."
Homebuyers looking to purchase a home on the Eastern Panhandle have increased— illustrating that buyer demand has been high during the recent months, while inventory has been hovering around low. "The growth in household formation has caused an increase in demand over the last two years for all types of housing, including multifamily and single-family ownership and rentals," reported Realtor Magazine. And according to the housing demand report, the noted improving conditions of household formations will only increase buyer demand as we move further into 2013.
Household formation has not always been on the up— in 2009 and 2010, formations hit bottom, staying around the mid-to-high 300,000 range. The normal average was reported to be about 1.2 million, with annual household growth rising to 1.1 million in 2011 and 2.4 million in 2012.
Real estate and economic analysts also state in the report that they expect household formation to continue to rise, given that job growth remains at or above its current level.
"You’re just seeing a lot more people getting reengaged," said Sterne Agee analyst Jay McCanless. "Housing demand, whether its rental or ownership, is a positive indicator."
And much to Eastern Panhandle homebuyers benefit, job growth and housing recovery are expected to continue to improve through the next few years. McCanless anticipates housing starts remaining positive at least through 2015.
Ready to upgrade your current West Virginia home? Moving out on your own or simply looking for a change of scenery? The Kable Team can help!
The Kable Team
Kable Team Realty
Check Out Our Website
See Homes for Sale in Eastern Panhandle
Learn About The Kable Team
Find us on Facebook
Follow us on Twitter
Connect With us on LinkedIn