prev
next

Market Mend

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.

Click Here For Full Article

Aaron Poling

Long & Foster

976 Foxcroft Avenue

Martinsburg, WV 25401

304-283-0214

www.aaronpoling.com

M.Margie Bartles Broker

 

Moving From Maryland

Here is an article in the Harold Mail about some of my buyers from Ridges of Tuscarora. The full article focuses on buying trends in the surrounding area’s and how many buyers are moving to WV, to take advantage of the great value we offer here in the Eastern Panhandle of West Virginia. Follow the link at the bottom for the full article.

Harold Mail Photo

Sean and Ashley Carroll wanted a new home last year, but seemed trapped by the economy — until they gambled on a financial escape route this past fall.

The Carrolls, having bought a town house in Boonsboro in 2007 just before the nation’s recession began, had paid tens of thousands of dollars more than the home now was worth. And in 2013, with the market beginning to strengthen, their alarm intensified.

“We were worried that if we waited ’til the time came where the appraised value went up on the town house, where we could get away clean, then we wouldn’t have the ability to buy anything else,” Sean Carroll said in a recent interview.

So after careful planning, the couple, both 28, accepted the responsibility of paying two mortgages at once by keeping their townhome and renting it, while buying a new house in Martinsburg, W.Va.

“If something happens with our jobs or with our renters, that’s the big risk of this whole thing,” Sean Carroll said. “That was the thing we spent the most time talking about — if something happens.”

With him a firefighter and her a teacher, “luckily, both of us have fairly stable jobs, being government employees,” he said. “If, for some reason, we lost renters, that would put us in a pretty significant bind, and then we’d have to make up both mortgages. That’s a huge risk.”

 

Click Here For the Full Article