If you've recently been weighing selling your current homes on the Eastern Panhandle and purching a new piece of West Virginia real estate, you have probably taken note of rising housing prices. Deciding whether or not to make a move in real estate can be overwhelming and when still wondering where housing prices are headed, it can be tricky.
But the truth is— rising housing prices aren't a product of the housing recovery or an attempt to revive a sluggish economy. According to KCM Blog, house prices are still about meeting the supply and demand of local homebuyers.
"Knowing how much inventory is for sale is crucial to determining where home values are headed," stated the popular real estate source. "Pricing of any item is determined by supply and demand: how many items are available in relationship to how many want to buy that item."
It seems the rising pirces—often seen in charts that detail how much it would ultimately cost you if you waited to purchase an Eastern Panhandle house— cannot be chalked up to the state of real estate, an impending housing bubble, or even the economy's effect on the local markets. It's actually due to the influx of homebuyers and others interested in the homes available in Charles Town, Shepherdstown, Harpers Ferry, Martinsburg, and Inwood and the relatively low number of homes for sale in Jefferson County and Berkeley County.
Numbers have been hovering aroud historic lows, but that seems to be changing. "The months’ supply of available housing inventory, as reported by the National Association of Realtors, has increased from 4.3 months this past January to the current number of 5.2 months," reported KCM. "And it seems inventory will continue to increase as we move forward."
So don't get too carried away with the news and hype surrounding rapidly rising home prices when listing your home on the Eastern Panhandle. Let the Kable Team explain exactly what the local market is like and how that affects your home's value. We're ready to help you price your home appropriately and start your property search for your dream home. Contact us today!
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