WV Housing Market: Your Time is Now

Flowers push through the dirt, stripes of green blanket the ground and orange rays of warmth reach down.

This could only mean one thing: Spring is here.

With the season only days away, there’s a buzz in the air, not only from honey bees, but from real estate agents, bankers and construction crews. The days of snow and artic chill are over.

Now’s the time to buy. Now’s the time to sell.

Here’s why.

#1: A Faster Loan Process

If you’re looking to buy a home, one of the biggest challenges you’ll often face is the loan process at the bank or credit union. It’s no secret that financial institutions are requiring more paperwork and red tape before approving a mortgage loan.

Why not take advantage of that?

Homes continue to overwhelm Kanawha County. The Planning Commission received 127 more residential building permits last year than it did in 2013. Putnam County has already brought in nearly 20 residential building permits since January, and it’s been one of the coldest Winters to date!

If these trends continue, expect local mortgage loan officers to have their hands full during the heavy buying seasons of Spring and Summer.

Instead of waiting until the housing market floods with buyers and sellers, get a jump start on the demand, and reap the benefits of faster, smoother service from your loan officer.

While others are waiting on loan approval, you can already be picking out the furniture for your new home.

#2: Rates That Can’t be Beat

According to Bankrate, the average interest rate on a 30-year fixed mortgage loan sits at 3.6%. Remember, good news can only last so long. Market leaders expect rates to rise by at least 1 percent by the end of 2015.

So, take advantage of great rates while they still exist. If not, you could be sorry and so could your wallet.

#3: A Seller’s Platter

If you’re wishing to sell a home, now’s your time. Homes will flood the market within a month, according to banking professionals. This means more competition.

Plant some flowers, spread some mulch, open up the curtains and market the house now. Blast the home on social media, Craigslist, the local newspapers and more. Hold your open house before the Spring rush and enjoy the fruit of your labor.

Remember, it’s been a long, cold winter. Prospective buyers have been cooped up for the past 4 or 5 months and they’re itching to buy. One way to success is staying ahead of the competition. So, get your home on the market now and have it sold weeks before others even begin their first open house.

#4: Time’s Running Out

If you’re looking to upgrade your living conditions, do it now. Home prices are projected to appreciate by more than 23% from now to 2019, according to recent reports. This spells great news for investors, developers and home sellers.

However, this puts a crunch on homebuyers.

If you’re waiting for the perfect time to buy or sell a home, that time is now!

By: Charles Boggs, Jr. & Justin Waybright