HARDING REPORT – APRIL 2005
*** News from Jefferson County WV Property Market ***
Each month the Harding Report includes the latest news and information from the Jefferson County, West Virginia property market. This is a free service compiled by Thomas Harding, a licensed real estate agent with Greg Didden Associates in Shepherdstown, West Virginia.
For additional local information or any other property enquiry contact:
Thomas Harding
www.tharding.com
304 671 7292 (cell-phone)
304 876 6400 (office)
CONTENTS
- The Here and Now
- Jefferson County Market News
- Velvet Revolution
- Realtor Summit
- First Impressions
- Upcoming Events
HARDING REPORT –APRIL 2005
1. The Here and Now
I just came back from England where house prices have been booming just like the Greater Washington DC area. Interestingly, the house prices in England have now flattened off, with some areas depreciating. This of course made me think of whether the same could happen to our region. All the local experts think not (see Realtor Summit below), but it is sobering to think that such a major slow down could happen to local real estate prices.
2. Jefferson County Market News
Here are the stats for March 2005. Amazingly, despite March being a historically slow time of year (notice the long 81 days selling period, far higher than fall last year which was around 30-40 days) the real estate boom has ploughed straight through from 2004 into 2005.
Indeed, I think that March 2005 might have seen the highest price increases month on month that we have seen so far. In March 2005 we saw a 35% increase in average sales price an almost 50% in sales volume.
Or to put it another way, the average sales price in Jefferson County went up by over $70,000 from March 2004 to March 2005. CARUMBA!
2005
2004
% Change
Total Sold Dollar Volume:
$ 22,845,091
$ 15,334,969
48.97 %
Average Sold Price:
$ 289,178
$ 215,985
33.89 %
Median Sold Price:
$ 279,550
$ 193,695
44.32 %
Total Units Sold:
79
71
11.27 %
Average Days on Market:
81
88
-7.95 %
Average List Price for Solds:
$ 295,848
$ 220,272
34.31 %
Avg Sale Price as a percentage of Avg List Price:
97.75 %
98.05 %
(mris.com)
3. A Velvet Revolution in Planning
A major change took place in Jefferson County last month. And you probably didn’t know.
Two weeks ago the County adopted a new Zoning Amendment. Here is how it now works.
From April 8th 2005, in the rural zone you will no longer be able to get one lot for every ten acres when you sub-divide your land, as has been the case for over 20 years. From now on you will only be able to get one lot for every fifteen acres.
The purpose of this amendment is to reduce density in new developments. In other words, to slow down the rate of growth in this predominantly rural county. Commissioner Jane Tabb said it was their intent to make ‘the rural stay rural’. Rusty Morgan, another commissioner said “we felt we weren’t playing with density at all, but now I question that.’ He went onto say that the amendments were only a first step to a complete change in the zoning in the county.
There was some confusion about which current applicants would be considered grandfathered in. The commission clarified matters and said that all subdivisions at the point of having completed a Community Impact Statement under the current ordinance would be grandfathered in, ie would not be subject to the new Zoning Amendment.
4. Realtor Summit in Shepherdstown
Last month fifteen of the regions top producing Realtors gathered at the Clarion Hotel Shepherdstown for the first annual Realtor Summit.
A two hour discussion took place on various local real estate key topics. Here are some of the key findings from the group:
- Real Estate price growth in the area will continue to be strong, around 10-15%
- Building lots and new homes are in highest demand in the area
- To get the best price for your house - de-clutter, clean, paint, and improve curb appeal with landscaping
- The high growth is due to the region having low taxes, low house prices compared to metropolitan area and being considered safe in the post 9-11 era
- When buying a home have a pre-qualification letter from a lender in hand and be able to move quick in this hot market.
- As the demand for lower cost and easy maintenance housing increase, we will see condominiums being built in the area
- Investors will continue to look to Martinsburg, Inwood and Eastern Jefferson County for good investments.
- Rental prices have remained low while property prices have increased. This will change as interest rates go up as expected.
The event was hosted by Millenium Financial Group, a mortgage broker in the area.
5. First Impressions
It’s true what they say about “first impressions,” especially when it comes to your home. For a home,
first impressions are considered “curb appeal.” With the warmer weather, it is time for working in the
yard, planting flowers, painting, and general landscaping – all the components for boosting curb appeal.
Having good curb appeal not only makes you feel good about home, it also shows pride in ownership.
This really helps when it comes to selling your home. A home that is visually appealing from the street
will bring attention to the “For Sale” sign. Attracting potential buyers with curb appeal will give the
advantage of a good first impression, and a better chance to sell your home quickly. There is no
second chance for a first impression.
Whether you are planning to put your house on the market or you just want to freshen the look there
are a lot of inexpensive ways to transform the humdrum appearance of your house into one with curb
appeal.
Some inexpensive things you can do around the yard to get that curb appeal include:
ü Clean debris from around trees and shrubs.
ü Trim shrubs and low-hanging tree branches.
ü Remove large, overgrown or straggly shrubs.
ü Keep grass freshly cut.
ü Edge around all sidewalks and steps.
ü Add new mulch to all garden areas and around shrubs and specialty trees.
Once you have the yard looking good, it’s time to work on the house. You want the house to have a
clean, fresh look. >From the street to the front door, every thing in eyesight should be clean and
appealing to the eye. Here are some tips:
ü Replace that old mailbox.
ü Clean all windows, inside and out.
ü Replace that old front porch light.
ü Replace or repaint the front door.
ü Replace the front door knob.
ü Clean or repaint outside walls and trim.
ü Clean and repair sidewalks and steps.
ü Clean and repair driveway.
ü Clean and repair gutters and downspouts.
ü Clean the roof.
ü Clean or paint fences and gates.
These cosmetic changes do not have to be expensive, but having every thing clean and fresh will help
you get a good return on your investment.
It is a good idea to have a professional home inspector conduct a pre-listing inspection on your house.
Potential buyers will often hire their own inspector, but having a professional inspect your house
beforehand, will give you an early warning of any major problems their inspector may find. Your prelisting
inspector can also provide you with a list of needed repairs and needed maintenance items.
Having this done will give you peace of mind and limit any time consuming surprises.
Article provided by The HomeBiz Inspection Team.
6. Upcoming Events
- April 1, 2, 3, 8, 9 & 10, “Come Back To The 5 & Dime, Jimmy Dean, Jimmy Dean, Old Opera House, Charles Town. For tickets call (304) 725-4420 or
(888) 900-show.- April 2-3, SCCA National Sports Cars, Summit Point Raceway. For information call (304) 725-6512.
- April 23, Community Yard Sale, Morgans Grove Park, Shepherdstown. Sponsored By Jefferson County Parks & Recreation. For information call
(304) 728-3207.- April 23-24, 50th Annual House & Garden Tour Jefferson and Berkeley Counties. For more information call (304) 264-8801 or (304) 725-2055.
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