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Where is that you ask? Charleston, WV! A recent REALTOR.org article listed the Top 5 most affordable markets in the U.S. The per square foot cost for each of these Top 5 markets ranged from $62.45 up to $69.04. While Charleston, WV real estate did make the Top 5, isn’t far off.
Using data from homes that SOLD from January 1 to March 31st, 2012, the median square footage was $70.87.
The median cost for a home during this same period was $126,550.
In addition to affordable real estate for sale, Charleston, WV also has a great family atmosphere and low crime rate.
By the way, San Francisco came in at the most expensive real estate for sale at $420.99 per square foot.
*Picture taken by Dale Samples.
Real Estate Q&A: Fewer Pictures = More Problems?
Q: I was told that when there are few or no interior pictures mean that there are problems with the house. Is that true?
A: In short, No! Gone are the days of a weekly or monthly catalog being published of all the new listings on the market. In today’s Internet world, we have the opportunity to see the interior of the house before we even step foot inside.
The Kanawha Valley Board of REALTORS allow up to 16 photos per listing. Sometimes it is difficult selecting which 16 pictures best describe the property for sale. Why do some listings have as few as just one picture? The answer varies.
For my Charleston, Teays Valley WV homes for sale, I use all 16 photos because in this wired world, over 80% of buyers are starting their home search via the Internet and may not even consider your home if just a few pictures are available.
3 Bedroom Rancher in Quiet Country Setting Minutes From Charleston
NEW LISTING! Enjoy a quiet country setting only minutes from Charleston, when you purchase this 3 bedroom 1 bath Elkview WV home for sale. Situated on over 4 acres of land, this real estate listing also features an unfinished garage conversion that could be used as a family/rec room.
This home for sale does need renovation. Kitchen has been completely removed and is a clean slate awaiting your custom touches. The property new to market is located at 21C Aarons Fork Road in Elkview, WV.
Priced to move at well below market value for only $50,000.
4 Bedroom Home in Charleston, WV – Less than $10,000 per bedroom!
5303 Church Drive, Charleston WV 25306
Newly listed four bedroom one bath home located in Rand, WV. Rand is only 10 minutes from Charleston and is the home of NFL star Randy Moss.
The house boasts some nice features like:
The property is in need of some updates and has had water in the basement. Listed at only $34,500, this is a great opportunity for the right buyer.
You shouldn’t save money when buying a house..by skipping a home inspection.
It is a natural to try and minimize the cost of purchasing a home in Teays Valley, WV. After all, saving enough money for a down payment was challenging enough, now there are pre-paid costs such as homeowners insurance and taxes, and closings fees that need to be covered.
Not to mention the termite inspection and appraisal. Indeed, buying a home can be quite the work over for your bank account.
The oft mentioned mantra that “buying a home is one of the biggest financial decisions most people will ever make” is quite true. A home inspection is like buying Peace of Mind Insurance.
What Does A Home Inspection Do? During the home selection process, we show pictures or ask parents, relatives, or friends to accompany us. They add another pair of eyes in the event we aren’t seeing something, or too consumed with where to place the couch while moving in, or all the grand parties the beautiful deck will host.
A home inspection is like the parent or friend. The inspector is trained to look past the spacious living room or nice oak kitchen cabinets and root out any infractions or issues that could jeopardize the well-being of your largest investment now or later down the road. He or she is an impartial person that will give you the plain and simple truth without fear of offending you and being left off the invitation list for the Christmas party. After a thorough check-up of the house, you will be presented with a report listing the existing problems or red flags.
How Do I Find A Home Inspector? Do not choose an inspector based solely upon price. Ask your REALTOR who they may recommend based upon their experience. REALTOR’s in the Teays Valley, WV market do not receive any financial compensation for referring a home buyer. Check with friends or family and see who they used in the past. Speak to various home inspectors. Do they seem eager to help you understand the process and not hesitant to answer any question, no matter how silly it may seem? Ask to see a copy of their report. Is it understandable and give a good insight into the house? What are their credentials?
How Much Will This Cost Me? Actual cost may vary from inspector to inspector, but you should expect to spend to between $300 – $700. In the grand scheme, this is about the cost ONE mortgage payment.
Image: Danilo Rizzuti / FreeDigitalPhotos.net
Much press has been devoted to the housing market and it’s seemingly bottomless free fall. Truth of the matter is, if you are financially able and considering buying a home, this market is ideal. Let’s explore three reasons why.
Mortgage rates have plummeted to lows not seen in over 50 years. A Freddie Mac survey reports that a 15 year fixed mortgage is now 3.14%. If you were to obtain a mortgage for $150,000 four years ago, the payment would have been $1277.16. That same mortgage today would save you $231.16 a month. Over the life of the loan, the savings would total $41,608.80!
Scan the Charleston WV real estate listings for sale and you will notice that there are numerous homes of good quality that are surprisingly affordable for someone of even a modest income. Compare our average sales price to those of similar size and amenities in other states and it quickly becomes evident that they are a steal. The National Association of REALTORS (NAR) confirms that Charleston WV residents have one of the most affordable markets in the country. Homeowners in the Charleston area only commit approximately 11% of their income to the monthly mortgage payment, whereas the national average is 22%.
Splashed across newspapers and websites around the United States is story after story of houses worth double digit percentage points less than when they sold a few short years prior. The Charleston WV market has proven itself to be very stable. In fact, forecastchart.com reports that the historical home appreciation has only declined 1% in the last five years.
Low mortgage rates, incredible affordability and stability are the hallmarks of the Kanawha Valley housing market. Contact me today and grab hold of a piece of the American dream for yourself in 2012.
Dunbar WV Home Sales Report for December 2011 indicates market is normal.
With an absoprtion rate of less than 4 months, the Dunbar WV real estate market is listed as normal.
Absorption is the rate at which it would take to sell all homes currently listed for sale in Dunbar.
Regardless of the current rate, home buyers for Dunbar WV real estate were able to receive some great deals. The median list price was $82,400 while the median sales price was $70,750!
Homes for sale in Dunbar, WV stayed on the market for a median time of 102 days.
The data used here was obtained from the Kanawha Valley Board of REALTORS multiple listing service and does not count homes sold outside of the MLS.
Image: Salvatore Vuono / FreeDigitalPhotos.net
14 homes completed escrow in December 2011. Of the homes sold, the median list price was $88,200 with a median selling price of $85,000 and only remained on the market for 56 days.
The buyer’s market was determined by using the absorption rate formula. With 122 active Saint Albans homes for sale, and with 14 sold real estate listings in December it would take 8.7 months to burn off or sale all listings on the market. Anything over 6 months is considered a Buyer’s Market.
2011 Charleston WV Real Estate Market virtually unchanged over 2010. Charleston is the capital city of West Virginia, and the county seat of Kanawha. The Charleston area market is home to over 51,000 residents within the city limits and over 300,000 in the metro area.
Historically, the Charleston WV real estate market has been fairly stable, not given to wild ups and downs other markets experience. 2011 was no different.
1232 listings completed escrow in 2011. This was a loss of only 10 over the 1242 homes sold in 2010. The last two years failed to reach the high point 2009 saw with 1326 sales.
DAYS ON THE MARKET
How quickly your house sales is one of the most important thing to a home seller, aside from how much money their house is going to sell for. Since 2009, the days on the market for Charleston WV homes have seen minimal change. 2011 was the highest with 92 being the average. The year prior to last, was the lowest with homes taking only 84 days to go under contract.
Show me the money! That is THE most important area when it comes to home sales. Charleston WV home sellers want to get the most out of their home to apply to the next home or phase in their life. The final sale price fluctuated the most out of the three categories. In 2011, the average home sale price dipped $2,614 from the prior year. While this is a slide down, it is a big gain from 2009 when the average Charleston WV home sold for $128,822. This is a $5844 increase.
In summary, the data provided shows that the housing market for Charleston, WV is fairly stable and not given to wild fluctuations and was virtually unchanged over the previous year.
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