The recent changes in the real estate industry make now the time to act on decisions concerning your current or future Eastern Panhandle property. Home prices are on the rise, with experts projecting their appreciation by 5.4% in 2013, which means a delay in purchasing your home in Jefferson County or Berkeley County, West Virginia by just one year could cost you.
This infographic by the crew at KCM shows just how much money an increase in home prices can ultimately cost you in just one year. For instance, with a listing price on your future Eastern Panhandle home of $100,000, the price will increase by $5,000 in twelve months at the rate experts are expecting. An increase in home prices is a great sign of the real estate recovery, but at the same time illustrates why you will not want to delay your home purchase this season.
Our next factor involves refinancing. If you were thinking of refinancing your West Virginia home this season, now is the time to act. According to Yahoo, the government may soon stop backing and influencing mortgage and homebuyer programs which will in turn cause rates to rise.
"At some point the government is going to be peeling back its money-pumping programs, and that's just going to cause rates to climb," said Paul Needels, senior vice president of lending products division at Informa Research Services, a leading financial industry information provider.
Also on the books are new escrow account rules that could affect potential homebuyers and current homeowners with low credit scores. Having a low score may classify you as a high-risk borrower and only allow you to qualify for a type of loan with higher-than-average interest rates. New escrow rules affecting this type of loan, called sub-prime loans, will force borrowers to put five years of property tax and homeowner's insurance costs into an escrow account with their lender.
Increases in both home prices and interest rates are just two factors that should motivate you to act on your real estate decisions before summer rolls around. As these two are projected to continue rising as we move forward into 2013, there are no better indicators that timing is everything. So don't delay— now is the time to act on your Eastern Panhandle properties.
The Kable Team
Kable Team Realty
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