Charleston, WV

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.

UNDER CONTRACT: Investment Property in Charleston, WV

Vacant after several years, this home situated on the corner of Joseph Street in downtown Charleston, WV, has finally found a new owner. Featuring a beautiful stone fireplace, lovely tin ceiling in the kitchen and a stunning wood ceiling in the living room, this home is also conveniently located two blocks from the Town Center Mall and Charleston Civic Center Arena.

Dale Samples, REALTOR serving the Teays Valley, Cross Lanes, and Charleston area found a new buyer in a little over 90 days. The real estate listing is scheduled to close in early February.

Charleston WV first time home buyers program with down payment assistance.

Low to moderate income families can experience the joys of owning their own home with a down payment assistance program administered through the Mayor's Office of Economic Development (MOECD) with funds received from the US Department of Housing and Urban Development (HUD).

After meeting the necessary credit score and completing the mandatory homeownership course, qualifying residents receive up to 30% of the purchase price for closing costs and down payment assistance. If you stay in the home for up to 10 years, you can see the entire 30% loan forgiven.

The home must also meet minimum standards. Charleston, WV homes that do not meet the standards can be repaired by the seller for the loan to proceed.

Annual income limits do apply. The table below lists the number of people living in your home and the maximum income allowed.

1 person - $30,350.00 2 people - $34,700.00 3 people - $39,050.00

4 people - $43,350.00 5 people - $46,850.00 6 people - $50,300.00

If you meet the above guidelines and are a first time home buyer in Charleston, WV, allow me to assist you in the process.

REAL ESTATE FOR SALE IN CHARLESTON, WV

312 Joseph Street in Charleston, WV is available for the investor or rehab flipper who is willing to take on a good project. This older home is located two blocks from the Charleston Town Center Mall and downtown Charleston, WV.

Built as a duplex, it has since been converted to a large single family residence. While vacant for several years, it still retains some beautiful features such as a lovely wood ceiling with details or a stunning stone fireplace.

Located in such a prime location, this home located at 312 Joseph Street, Charleston is available for $22,000.

Mortgage Rates continue their downward slide making Charleston, WV homes even more affordable.

The Freddie Mac Primary Mortgage Rate Survey reported that the 30 year fixed rate dipped from 4.10% down to 4.0%.

On the 15 year fixed rate mortgage, after barely moving the last few weeks, dropped to 3.31%. Charleston, WV mortgage rates are expected to remain low for awhile.

If you are in the market for a home, these low rates make a mortgage cheaper than we have seen in decades!

I am a REALTOR serving the Charleston, WV market. If you need help with your home buying or selling process, I would be glad to help. Call or text me at (304) 741 4705!

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The rates quoted are an average of the rates locked in. Your individual rate may vary. Please speak to a Charleston, WV mortgage professional. Image: worradmu / FreeDigitalPhotos.net