Real Estate Information Archive

The numbers are out for July 2010.  As predicted, they are down from what they were when the first time home buyers and "repeat buyers" were earning tax credit by being ratified 4/30/10 and closing by 6/30/10.  The closing deadline has been extended to 9/30/10, but only for those existing contracts - didn't open any new windows for anyone. 

Interest rates are at historic lows and seem to be holding steady.  And prices are SO affordable for so many - hopefully potential buyers will realize it's still a GREAT time to buy!

BERKELEY COUNTY:

105 homes sold this month and we have 1236 listed – meaning at this rate, we have 11.77 months of inventory –up from last month at 9.69

JEFFERSON COUNTY:

50 homes sold this month and we have 501 listed – meaning at this rate, we have 10.02 months of inventory – up from last month at 8.1

MORGAN COUNTY:

9 homes sold this month and we have 343 listed – meaning at this rate, we have 38.11 months of inventory – up significantly from last month at 14.5.

If you, your family or your friends are looking to buy or sell a home, I would be honored to help them!  Call me anytime at 304-261-8517.

Sincerely,

Andrea Burke

The market trends are out for the second quarter of 2010.  This report is quite lengthly, but hope that you will find some useful information.  If you have any questions, please don't hesitate to contact me.  As always, I'd be honored to help you, your family, and your friends buy or sell a home in WV!

Click here for this report.

Sincerely,

Andrea Burke

We just got a new tool from our MLS provider, MRIS!  Each month we will get an updated video.  We are part of the "Northern Region" of their very large territory, so this is not fully specific to the Eastern Panhandle.  Let me know what you think!!

The numbers are in for the month of June 2010.  Keep in mind that 4/30/10 was the cut-off of ratified contracts to be eligible for tax credit.  Closing date has been extended to 9/30/10, but most were closed by 6/30/10.

BERKELEY:

128 homes sold this month and we have 1240 listed – meaning at this rate, we have 9.69 months of inventory – slightly up from last month at 9.38

JEFFERSON COUNTY:

61 homes sold this month and we have 493 listed – meaning at this rate, we have 8.1 months of inventory – down from last month at 10.8

MORGAN COUNTY:

22 homes sold this month and we have 320 listed – meaning at this rate, we have 14.5 months of inventory – down considerably from last month at 22.

Predictions still stand strong that the wave of foreclosures and short sales will continue...making it a GREAT time to buy!  Interest rates have come down even further to help boost the housing market. 

If you, your family, or friends are considering buying a home - I'd be honored to help!  Contact me anytime at 304-261-8517.

Sincerely,

Andrea Burke 

Click here to see what's happening in Spring Mills - homes that are currently active, under contract, and those that have sold in the last 180 days.

Click here to see what's happening in Laurel Ridge - homes that are currently active, under contract, and those that have sold in the last 180 days.

The numbers are in for the month of May 2010.  Keep in mind that 4/30/10 was the cut-off of ratified contracts to be eligible for tax credit.  They have until 6/30/10 to close - so May/June numbers should be excellent! 

BERKELEY:

128 homes sold this month and we have 1194 listed – meaning at this rate, we have 9.38 months of inventory - down from last month at 11.13.

JEFFERSON COUNTY:

45 homes sold this month and we have 486 listed – meaning at this rate, we have 10.8 months of inventory – up a little from last month at 10.08

MORGAN COUNTY:

14 homes sold this month and we have 308 listed – meaning at this rate, we have 22 months of inventory - up from last month at 15.15.

Predictions still stand strong that the wave of foreclosures and short sales will continue...making it a GREAT time to buy!  Interest rates have come down even further to help boost the housing market. 

If you, your family, or friends are considering buying a home - I'd be honored to help!  Contact me anytime at 304-261-8517.

Sincerely,

Andrea Burke 

The numbers are in for the month of April 2010.  Keep in mind that 4/30/10 was the cut-off of ratified contracts to be eligible for tax credit.  They have until 6/30/10 to close - so April/May/June numbers should be excellent! 

BERKELEY:

105 homes sold this month and we have 1169 listed – meaning at this rate, we have 11.133 months of inventory - down from last month at 11.84.

JEFFERSON COUNTY:

48 homes sold this month and we have 484 listed – meaning at this rate, we have 10.08 months of inventory – not as good as last month at 8.8 months.

MORGAN COUNTY:

20 homes sold this month and we have 303 listed – meaning at this rate, we have 15.15 months of inventory – better than last month at 17.375.

It's still a GREAT time to be a Buyer.  I do not believe we are finished with the flood of foreclosures and shortsales.  What we saw in 2009 were from 5 year ARMS that adjusted from 2004.  We still have 2005-2007 to go thru (high volume sales) that may be in danger of default.  I don't know how many 5 year ARMS we actually wrote in the Eastern Panhandle - some would have been the popular interest only loans allowing folks to purchase more home than they could otherwise afford (we aren't doing those anymore)...and some stayed at locked in lower rate for first 5 years and then is due for an adjustment.  Depending on what index they are tied to, it could be reduction in monthly payment - or huge adjustment doubling even tripling their current mortgage payment.

If you, your family or your friends are interested in buying a home, I'd be honored to help them.  Call me anytime at 304-261-8517.

Sincerely,

Andrea Burke

Statistics are out for March 2010!  Here is what’s happening in the Eastern Panhandle:

 BERKELEY COUNTY:

95 homes sold this month and we have 1129 listed – meaning at this rate, we have 11.84 months of inventory – better than last month at 16! 

 JEFFERSON COUNTY:

52 homes sold this month and we have 458 listed – meaning at this rate, we have 8.8 months of inventory – much better than last month at 11.74 months!

MORGAN:

16 homes sold this month and we have 278 listed – meaning at this rate, we have 17.375 months of inventory – down significantly from last month at 29.56!

No more blizzards – Spring is in full swing.  Cut-off for ratified contracts is 4/30/10 – April numbers should be excellent!  Again – when we get down to 6 months of inventory, the pendulum swings to a Sellers’ market. 

Still a GREAT time to buy – fabulous inventory to choose from, interests still at historically low rates, and prices are incredibly low.

If I can help you, your family or your friends, please feel free to contact me anytime at 304-261-8517.

Happy Spring!

Andrea

If you had a crystal ball that told you the stock market was going to be at an all-time low for the next 3 years, would you think it was a great time to buy knowing that over time it will go back up and you will make a fortune? 

Well, we kind of have a crystal ball for real estate.  It's no secret that the market here in the Eastern Panhandle exploded with growth 2004-2007.  It's also no secret that there were many shady loans given at the time - fog a mirrror, get a loan, buy a house.  Many of those loans were ARMs with 5 year fixed payments until first adjustment.  2009 brought us the first wave of these adjustments in the form of foreclosures and short sales - the new adjusted rate often doubled even tripled their current mortgage payments.  These were homes bought in 2004.  So, 2010 will be filled with 2005 adjustments; 2011 with 2006 adjustments; and 2012 with 2007 adjustments.

Knowing that, wouldn't you agree it's as GREAT time to buy and over time, build up your fortune???  Is it a good time to sell??  You are not going to reap the profits you may have 2004-2007; but if you can walk away with some money to use for a down payment, you'll most likely be getting more of what you want - whether it's a bigger house for a growing family - or downsizing for a more enjoyable lifestyle.

Call me anytime, and we can discuss this further!  I'm here to help you any way that I can.

Sincerely,

Andrea Burke