Charleston, Huntington and Wheeling Listed Among the Best Housing Markets 2012 (Morgantown: apartments, rent)

[tbailey1138]

This list is about expected growth in the housing market, meaning increased home values, increased number of sales, etc. It has nothing to do with the census and past population growth. Plus, from things I have seen, the panhandle was affected by the housing bust and home values there went down. Not enough to put them in the worst markets or anything but enough to keep them off of the housing growth lists. When you have a boom and then things slow down, your home values often decrease.

[David Kennedy]

The Real Estate BOOM is on.

One small broker told me her team inked 9 contracts in the first week of 2012.
That's about one month's work.

People sense a real change is coming for DC and are taking advantage of the low interest rates while they exist.

The EP has recovered and has shaken out the debris. Contractors are building in that region again.

If you are thinking of buying...better buy while the market is good....and it is a 'Buyers Market !

[CTMountaineer]

Originally Posted by tbailey1138

This list is about expected growth in the housing market, meaning increased home values, increased number of sales, etc. It has nothing to do with the census and past population growth. Plus, from things I have seen, the panhandle was affected by the housing bust and home values there went down. Not enough to put them in the worst markets or anything but enough to keep them off of the housing growth lists. When you have a boom and then things slow down, your home values often decrease.

I think you are correct. My daughter lives in Martinsburg, and home values have gone down there to a degree. Still, that area is posed for continued massive growth by sheer force of its location near DC and Baltimore. The downturn there has more to do with limited ability of people to borrow money to purchase than it does with demand. When the effects of the "bailout" shake out, it will take off like a rocket again.

With Huntington/Wheeling/Charleston I think a different set of dynamics are in play. Those areas were hit hard by loss of heavy industry jobs which resulted in a glut of good properties on the market as folks left the areas to find work. Now that things are picking up again in those areas, those properties are bargains at this time and will likely see significant increases in value as demand picks up. Anybody investing in them now likely has a winner.

[David Kennedy]

The bankers are telling me that they have a surplus of money to lend but everybody is afraid to take a risk.

Buyers are going for vehicles and Home Equity Loans.

The negativity of the country per se spills out of the TV sets every night.

The people in our region are not effected by the problems that exist in other regions.
One reason that I have quit listening to the talking heads of doom and gloom.

If I were hoarding anything, it would be a food supply.
I believe we are in danger of some towel head nukeing us with a small device and creating a horrendous panic. I also feel that our federal intelligence community is weak and incapable of heading off any such act.

Other than that, our state economy is strong and there is money to be made.

Want one single indicator? How about the Wv budget surplus?
Even with the bloating of the government and a sizeable pay increase coming for teachers we are still deep in the black.

The future is a grand one for us...Lastly, We deserve it! End of Speech.

[CTMountaineer]

Bankers have lots of money to lend, but they are very cautious about lending it out. Record numbers of foreclosures brought that about. They have shown more reluctance to loan in some areas than others due to economic condition variations. Areas like the three towns mentioned now have improved prospects, so one might expect more willingness on the part of banks to make loans there. That will put more pressure on demand and increase prices.

[David Kennedy]

One other item in the equation is the fact that a tighter rein has been put on appraisals.
(which were in an endless upward spiral)

Values in real estate are very tight.

Much to the chagrin of county accessors who don't want to re-value properties and see their pensions shrink.

[boycewv]

I just moved to the area bought a house originally sold for 250,000 10 years ago for 96000. If you lived here during the bust you got screwed but I'm hoping it will payoff for me. I know jefferson counties median house value for 2010 was 250000 so if you invest there now it will payoff.

[CTMountaineer]

I think it will pay off there even more than in the three towns mentioned. Sheer proximity to big cities will result in a big upswing when this thing turns around.

[boycewv]

I think wv as a whole has and will fare better due to proximity to the megapolis that is boston, providence, nyc, philly, baltimore, dc. A lot of states dont have that. From my house if you drive an hour east houses are selling for outragous amounts of money. Rent in my area is typically 700 to 800 farther east you cant find an apartment for less then 1000. WV has it good and we know it I say buy land now and one day it will pay off big.

[CTMountaineer]

The prospects for some of the state, most notably the most southern area, are not so bright. The other areas seem poised to make a comeback of sorts, and the areas near DC/Baltimore and Pittsburgh hold lots of promise due to not only energy potential but proximity to large population centers as well. The sprawl from DC/Balto and finally from Pittsburgh via the Mon Valley are starting to take effect in terms of promoting growth.

A lot of the growth taking place in our healthcare in Morgantown is due to folks in nearby Fayette County, PA realizing they can get excellent service here and avoid the hassle of driving in and around Pittsburgh. They are literally minutes away with the new expressway. We have our traffic issues here, but Pittsburgh is at a whole different level.

Huntington/Wheeling/Charleston have potential due to the modest resurgence taking place in the manufacturing sector, developments related to natural gas, and being reinvented as more service oriented economies. Those developments won't likely take those places as high as their former glory years in the hayday of heavy industry, but they will make significant improvements over their current status.