Now that it's spring on the Eastern Panhandle, the real estate market is gearing up for the busy season. According to Realtor.com, not only is spring going to be big for Eastern Panhandle real estate, but 2014 will see major activity. From homebuyers flooding the market, taking advantage of current mortgage rates and housing prices to confident home sellers ready to move up, 2014 will be a big year for West Virginia real estate.
But why the major upturn in positive activity this year? Realtor.com suggests the "move up" homebuyer and push for relocation are trends contributing to the thriving housing industry. One insider explained, "many people may be prompted to relocate to areas that offer better costs of living, making 2014 the "year of the big move." But before you begin your home search or pack your bags and move to new West Virginia homes, consider all aspects of the changing market, including the following:
Mortgage Rates Are Higher
The housing market in Jefferson County or Berkeley County is pushing forward, continuing to recover. However, homebuyers should keep in mind that while the real estate market in Charles Town, Ranson, Shepherdstown, Harpers Ferry, Martinsburg, is seeing positive changes, mortgage rates will only grow higher as the year continues. These rising rates could price homebuyers out of owning a home if they increase by even one percentage point. Consider your budget and how mortgage rates will factor in to be completely prepared to buy a new home in West Virginia.
Homebuyers should begin their home search with their budget in mind— our home search tool can help narrow down properties according to your real estate wants and needs. Because home prices are rising quickly, in many places homebuyers cannot keep up. "Homes are getting more expensive faster than our wages can keep up," an industry insider told Realtor.com. This is another reason it may be best to purchase a home this spring, before prices rise even further.
Equity Is Back!
Over the past year, many homeowners have regained positive equity in their homes. Homeowners are finally in a position to move to new homes on the Eastern Panhandle and as a result, many more homes will be up for sale. When making the move this year, current homeowners are looking to "move up" to larger properties, but also more affordable properties, even if that means moving to a new area.
Both homebuyers and home sellers in Jefferson County or Berkeley County are looking to make the most of their budgets and stay in the positive finance space this year. In order to rebuild their personal wealth, they may decide their current home is not the best option for their finances. When moving to a new home in Charles Town, Ranson, Shepherdstown, Harpers Ferry, Martinsburg, they will keep finances in mind and move to a new area that allows them to rebuild their wealth.
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