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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.

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Aaron Poling

Long & Foster

976 Foxcroft Avenue

Martinsburg, WV 25401

304-283-0214

www.aaronpoling.com

M.Margie Bartles Broker

 

Is This a Good Time to Sell

Check out this article in the Herald Mail, “Is this a good time to sell”. I was quoted in the article, and was asked about the local real estate market in the eastern panhandle. Check out the full article by following the link at the bottom of the page!

Aaron Poling

“Real estate, regardless where you’re at, is very, very local,” said Aaron Poling, president of West Virginia’s Eastern Panhandle Board of Realtors. “So you want to go find the Realtor that knows the most about your community, get their advice, get them to do a market analysis.

“Overall, I think it’s a great time to list, but it always comes down to your very specific situation. My default answer is: Talk to the Realtor that knows your very specific area.”

“They might know about some foreclosures that are out there or other properties” that are depressing prices in your area and that could affect the appraisal of the home you’re trying to sell, he said.

“They may know very specific things, like trends of when the majority of folks list or buy in your community,” he said. “There’s trends in every specific area.”

 

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Five Rules For Real Estate Buyers

Great article from msn.com, The Five Rules for Real Estate. I would recommend these tips to buyers and sellers looking to get into the real estate market. These are some common sense rules that often get overlooked.

1. Don’t make an offer without pre-approval
Getting pre-approved means a lender has vetted your credit and financials and is so far willing to continue the mortgage dance. Pre-approval letters detail your purchasing power and provide sellers and real estate agents a degree of confidence they won’t get anywhere else.

2. Use a real estate agent
For many consumers, buying a home is the single biggest purchase they’ll ever make. It’s something you’ll do maybe a handful of times. It can pay to have an expert in your corner.

3. Put down earnest money
It’s customary, if not legally required, to provide a deposit when you make an offer on a home. Known as earnest money, this deposit is typically 1-2% of the purchase price, although the amount can vary by location and other factors.

4. Sell yourself
Don’t just submit a solid offer and cross your fingers if you’re shopping in a competitive real estate market. Take every opportunity you get to tell your story and sell yourself.

5. Tour homes in person
Mobile video technologies like Google Glass are ushering in a new era for home tours. Cool tech and new apps can be a huge help for consumers moving to new states or service members purchasing homes during a deployment.

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