If you’re looking to purchase a home in West Virginia, you won’t be disappointed. With beautiful natural areas to explore, a hometown atmosphere, and rich a history, West Virginia has much to offer.
However, finding the home of your dreams is only the beginning. To get the best deal possible, it’s imperative that you keep tabs on the market so you can make the right move at the right time.
Timing the market accurately can net you better deals, easier negotiations, and even better home choices. However, the market can change seasonally — even within a month — and the passing of local laws can influence how the market behaves.
In order to ensure you’re timing the market accurately, be sure to work with an experienced, local real estate agent who can use their expertise to guide you through the process successfully. In addition, make sure you understand how the market behaves and what trends matter in 2019.
2019 Real Estate Market Forecast for West Virginia
It’s a seller’s market in West Virginia, but that doesn’t mean you can’t find areas where the market is perfect for buyers. In fact, the real estate situation changes sometimes from zip code to zip code throughout the state, so the specific location you’re looking in impacts when you should time your purchase.
Generally, the median home value in West Virginia is $97,300 according to data from Zillow. In the last year, home values increased by 3.7% and are expected to rise another 1.0% in the coming year. However, the median list price is $163,000 with a median sale price of $148,000. As of March 2019, 11.8% of listings had a price cut associated with them.
That being said, this data, as mentioned above, can vary widely between cities, and many markets are buyer friendly.
For instance, South Charleston has a median home value of $107,700, with home values that have decreased 0.3% in the last year and are expected to fall another 1.8% in the coming year.
Sometimes decreasing home values are a warning sign for home buyers, but in other situations, it can present a great opportunity to purchase a property when values are low. Then when they rise again you can benefit from the appreciation.
In Coal Fork, the median home value is $68,100, and while values have climbed 5.9% in the last year, they’re in for a 3.4% downturn in the coming year.
St. Albans is another market that’s cooling down, with a median home value of $94,600. This is a decrease of 2.4% in the past year and in the coming year prices are expected to decrease another 2.3%.
Either town could present a good opportunity for investors and buyers alike to purchase property as long as you’re patient and wait until when prices are at their lowest. Work with your local real estate agent to determine which situation is most applicable to the home you’re looking at.
When Is the Best Time to Sell a House in West Virginia in 2019?
Timing the market isn’t just for buyers. If you’re looking to sell your home, you should pay attention to the market and know when to sell.
Nationally, spring is the best time to sell your home, and that trend holds true in West Virginia. Statistically, sales tend to be highest during the months of May and June. In fact, they tend to be around $10,000 higher during these months than during the rest of the year.
Plus, homes also tend to sell 60 days faster during May and June than they do in other months.
That being said, like most things, the right timeframe varies from market to market. On the whole, though, you can expect to enjoy several benefits when you sell a home in spring.
First, the weather is usually cooperative and mild. Most people don’t like home shopping in the winter because it’s cold, and even if the weather behaves, people are so busy with the holidays that the last thing they want to do is look for houses.
Additionally, it’s not going to be sweltering like it can be during the summer months. Also, in late spring kids are getting out of school, and most people want to get their move over before school starts up again. Since closing can last from 60 to 90 days at times, spring creates the perfect window to find, buy, and move into a new home.
When Is the Best Time to Buy a House in West Virginia in 2019?
Historically speaking, fall is the best time to purchase a home in West Virginia, particularly in October and November.
During this time, kids are back in school, so most families aren’t looking for new homes because they don’t want their children to have to change schools mid-year.
What’s more, it’s not quite cold enough to be intolerable. And with the holidays right around the corner, people are far too concerned with Thanksgiving preparations, gift buying, and other holiday-related activities to shop for a house.
If you can find time in your schedule, there’s significantly less competition among buyers during these months.
Also, people who are selling during the fall want to get rid of their homes and move before winter comes, so they’re usually more willing to cut a deal. In fact, the closer you get to the holidays, the better the deals you’re likely to make.
Additionally, homes are simply cheaper during the October to November timeframe. In March, April, and May, about 24-27% of homes are sold above list price. However, during October and November, and even into December, only about 12-15% of homes are sold for above list price.
Whether you’re buying a home, selling one, or both, it’s critical to partner with an experienced real estate agent in your area. An agent can provide you with support and guidance throughout the entire process.
From timing the market to developing a competitive negotiation strategy, having a real estate agent on your side gives you the best possible chance of success.
Clever can help by partnering you with a top-rated local agent if you’re hoping to buy or sell. Our full-service, Partner Agents are happy to provide a no-obligation consultation, and since they work on a flat-fee basis, you’ll save thousands on commissions.