Excitement is Building

The Charleston WV Housing Market is Coming Alive

As the sun continues to light the ground, agents across the Kanawha Valley are gearing up for what promises to be an exciting buying and selling season.

Into the first quarter of 2015, and we’re seeing the foundation laid for a seller’s market in the Charleston WV area, just as we predicted in our last article.

We are currently seeing a build up of new construction of single and multi-family homes in Kanawha, Putnam and Cabell counties.  We anticipate this continuing through the remainder of 2015, unless a change in economic conditions occurs.

Low interest rates, lower down payments and home price increases are just a few of the building blocks constructing the potential for a busy spring and summer for realtors and the home sellers and buyers they serve.

The inventory of existing homes on the market appears to be declining.  If this continues, we can expect to see price increases in our marketing area.

Sellers should consider listing with local real estate offices in an effort to take advantage of the potential for higher home values.

According to Fannie Mae’s March 2015 National Housing Survey, 46 percent (all-time survey high) of those interviewed believe now is a good time to sell.

And guess what local market is in the top 10 best in the nation.  Charleston WV!

According to Realtor.com, the Charleston area is expected to be a market to watch this Spring and Summer.  It ranked #9 on a list with the likes of New Orleans, Boston and Pittsburgh.

This may be a surprise to many.

“These markets should see plenty of activity in the next few months as the home buying season gets underway,” said Realtor.com Chief Economist Jonathan Smoke.

Smoke noted, housing demand is surging and median list prices are rising faster.

“We are now firmly in the time of the year when peak demand and peak inventory levels typically occur, through spring and early summer,” he said. “Buyers should expect substantial competition, especially in the hottest markets, and for affordably priced homes within most markets.”

Hey home buyers!  Interest rates for 30-year mortgages are hovering around 3.5-4 percent and most banks and credit unions are advertising down payments of 3.5 percent or less for these in-demand loans.  The feds aren’t going to keep such low rates forever.

Remember, if home prices continue to rise, an investment now can turn into a big return over time.

Spring’s finally here and she brings all the ingredients for a great local housing market.  What are you waiting for?