Harding Report December 2003
*** News from Jefferson County WV Property Market ***
Each month The Harding Report will include 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 and Associates in Shepherdstown, West Virginia.
For additional local information or any other property enquiry contact:
Thomas Harding
www.tharding.com
mailto:thomas@tharding.com
304 671 7292 (cell-phone)
304 876 6400 (office)
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Contents:
1. Planning News
2. Property Sales
3. Homebuyer
4. Family
5. Lending
6. Upcoming Events
7. Local Economic News
“When I look for Jefferson County real estate news I go to the Harding Report ” – Realtor
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THE HARDING REPORT December 2003
1. Planning News
· Jefferson County approved the impact fee November 6 2003 by a vote 4-1, the fee will go into effect January 7 2004. The fee will be $7,122 for single family homes, $5562 for duplexes and townhouses and $4,040 for multi-family units. This the first such county imposed fee in West Virginia. All the money raised from impact fees will go direct to the local school
system and not to the parks and rec, police and emergency services as previously proposed by the consultants working on the program. Three of the local municipalities have said they will cooperate in the collection of impact fees for the county, Harpers Ferry, Bolivar and Shepherdstown. Charles Town and Ranson are refusing to do so at this time. It is unclear
how applications sent in to the planning commission prior to Jan 7 2004 will be treated. According to Paul Rocco, head of planning this is yet to be decided. He expects a large volume of application close to the deadline.
· Berkley County Commission sent back the new regulations for subdivision to the planning commission. The new rules are expected to go into effect early next year.
2. Property Sales
Jefferson County is the fastest growing county in West Virginia. Here are the latest figures (September 2003)
· Total dollar volume of property sales is up almost 50% on last year for the same month · Average sale price as a percentage of asking price is up yet again, it now sits at 98.4%
· 99 properties were listed during September
3. Homebuyer
Many homeowners want to market their properties themselves. These For Sale By Owner (or FSBOs) properties are available throughout Jefferson County. One of the primary motivations for FSBOs is that home-owners do not have to
pay commission to realtors (unless a realtor brings an offer as a buyer’s
agent). Here are some tips from FSBO.com
FOUR KEYS TO SELLING YOUR HOME FAST
a CONDITION - good condition homes sell faster
b LOCATION - good location properties sell faster
c. PRICING - get an appraissal, since your are saving on the commission, offer your property just below the appraissed price
d. EXPOSURE - professional signage, brochures, Open Houses, Internet & local marketing. Exposing your good condition, well priced property to the most amount of potential buyers will net you more money and faster. Don't keep your
property for sale a secret! www.fsbo.com
4. Family
Shepherdstown is an attractive location for families. One of the newest resources is The Orange Swing, a family gathering center for local families. Each family takes responsibility to provide classes and to manage the center. Classes range from gymnastics to story-book making, from field trips to drama. Age range is unlimited, TOS is open to pre-schoolers, school age children and home-schoolers. TOS has recently moved to a new location on German Street in Shepherdstown, above the new ice-cream store. The “Swing” is looking for new members. For more information contact Jen Rolston 304
728.2508 or jen@edendesignco.com (www.orangeswing.org)
5. Lending
In Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 5.98 percent, with an average 0.7 point, for the week ending November 7, 2003, up slightly from 5.94 percent last week. Last year at this time, the 30-year FRM averaged 6.11 percent. The average for the 15-year FRM this week is 5.31 percent, with an average 0.7 point, up from last week's average of 5.26 percent. A year ago, the 15-year FRM averaged 5.48 percent. One-year
Treasury-indexed adjustable-rate mortgages (ARMs) averaged 3.73 percent this week, with an average 0.7 point, almost unchanged from last week's average of 3.74 percent. At this time last year, the one-year ARM averaged 4.15 percent. "Early indicators are showing an increase in both the manufacturing and service industries in October, welcome signs that the economy continues to improve," said Frank Nothaft, Freddie Mac chief economist. "As a result, growth in employment has begun to rebound from lackluster levels of earlier this year. "All of these positives bode well for the housing industry and
should partially offset slowly rising mortgage rates next year." http://realtytimes.com/customnews/mris.htm
Current mortgage rates
30 yr fixed: 5.98%
15 yr fixed: 5.31%
1 yr adj: 3.73%
(U.S. Averages)
6. Upcoming Events
· American Conservation Film Festival, celebrating environmental films from around the world, will be launched Nov 7-9 at National Conservation Training Center, Shepherd College and the Opera House (www.conservationfilm.org)
· Amnesty International Conference11/7/03-11/9/03 Amnesty International is holding the Mid-Atlantic Regional Conference in Shepherdstown November 7-9. For more information contact Lynn Yellott at aiupperpotomac@yahoo.com or
304-876-1545.
· Over the Mountain Studio Tour – Jefferson County – 10 a.m.-5 p.m. Nov. 8-9
· Christmas in Shepherdstown 11/28/03-11 /30/03: The opening weekend of Christmas in Shepherdstown. Come see Santa Claus and enjoy a variety of music, shopping and food.
7. Economic News
· Shepherd College is changing its name to Shepherd University. www.shepherd.edu
· The Hagerstown/Eastern Panhandle Long-Range Transportation Plan is now well under way. This five year three-state study will examine the current transportation issues in the panhandle region and make recommendations for improvements. 410-791-3090
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