Here is a very interesting article that came out this week in the Martinsburg Journal. Lots of local experts were consulted and quoted in the article, including myself. Gives a great overview of where the local real estate market came from, is currently, and where it is headed.
“In today’s market … it’s still a buyer’s market, but we’re close to a normal market. You always want to strive for a normal market,” said Aaron Poling, president of the Eastern Panhandle Board of Realtors.
“The reality for homeowners was that it was confusing. The reason it was confusing was, for homeowners, one of their largest investments is their home. Even though they could sell and make a decent sum of money, it was confusing in that people, as with the stock market, try to time the real estate market,” Bartles said.
“I’m a lifer, done it for 35 years, and for someone even like me, and I pride myself on giving consumers the best advice I can so homeowners can make a prudent decision, (and) it was extremely hard to give advice to consumers,” she said.
“There were some tremendous numbers in 2004 to 2007. From 2004 to 2013, there were 40,000 lots put through to sketch plan. 21,000 of those went to preliminary, but out of preliminary, only 12,000 have been final platted, and most of those were during the first four years when (developers) thought stuff was going to happen,” said Mike Thompson, Berkeley County planning director.
During the housing bubble, Thompson said average subdivision plots would consist of 300 to 400 units, to all be plotted simultaneously, with infrastructure bonds around $2 million.
“One of this area’s selling points has been the price of housing compared to other areas; we’re on the lower side of the scale, especially in Berkeley County. Even though Jefferson County has impact fees, their housing is still affordable compared to Loudoun County and parts of northern Virginia,” Hartley said.
Long & Foster
976 Foxcroft Avenue
Martinsburg, WV 25401
M.Margie Bartles Broker