Three Reasons Why This Market is Ideal for the Home Buyer

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.

Interest Rates

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!

Affordability

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%.

Stability

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.