You've seen the way home prices nationwide have been increasing, you've seen mortgage rates climbing— but is that just a trend? Where is Eastern Panhandle real estate headed over the next five years? Should I buy now or wait until things taper off? These are all important questions for to answer if you've been contemplating becoming a West Virginia homeowner or buying a home in Jefferson or Berkeley County. The following details may give you an idea of where West Virginia real estate is headed over the next five years and help you plan your moves for the future.
In a recent survey of over one hundred economists, investment and market strategists, and real estate experts, Pulsenomics' Home Price Expectation Survey found that home prices will appreciate by 4.3% in 2014. The survey also found that the average annual price appreciation will be 4.2 percent over the next five years.
Rates are climbing and continuing to rise as we move further toward the new year. In fact, going beyond 2014, economists predicted that the cumulative appreciation of home prices across the country, including homes on the Eastern Panhandle, will be 28 percent by 2018. "Even the experts making up the most bearish quartile of the survey still are projecting a cumulative appreciation of over 16.8% by 2018," reported KCM.
Homebuyers looking to move or purchase a new home for the first time should take note that these price increases don't seem to be going anywhere. The Home Price Expectation Survey has given homebuyers reason to believe now is the time to buy in Charles Town, Ranson, Shepherdstown, Harpers Ferry, Martinsburg, Inwood, Falling Waters, or Hedgesville.
Think you're ready? Have more questions? Contact the Kable Team today! We're here to make your real estate journey as smooth as possible.
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