Harding Report October 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 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)
To Subscribe to this service, simply send a message with the word 'Subscribe' in the Subject: field like this:
To: HardingReport-request@tharding.com
Subject: subscribe
To Unsubscribe from the mailing-list, simply send a message with the word 'unsubscribe' in the Subject: field
To: HardingReport-request@tharding.com
Subject: unsubscribe
THE HARDING REPORT October 2003
Contents:
1. Property Sales
2. Homebuyer
3. Hurricane
4. Lending
5. Planning
6. Upcoming Events
7. Local Economic News
“What a great report! It was so helpful when I was buying my home in the area” – Buyer
________________________________________________
THE HARDING REPORT October 2003
1. Property Sales
Jefferson County is the fastest growing county in West Virginia. Here are the latest figures (August 2003)
* Total dollar sales jumped 70% from same period last year from $22.4 million from $13.0 million
* Average sale price jump 32$ same period last year
* There were 94 new listings for month of August
2. Homebuyer
The National ’Do not call’ list may have a dramatic impact on the real estate industry. Realtors have for many years has used ‘cold calls’ as a
means to develop leads. Over 50 million consumers have already registered with the ‘Do not call’, and despite the court cases that are currently
holding up the project, most people expect the initiative to be in place within a matter of months. Inevitably, the real estate industry will develop
new, and probably internet based, means to generate new business in the future.
3. Hurricane Isabel
Hurricane Isabel was destined to crush straight through Jefferson County. Predictions of one foot of rain were made on national television for this
part of West Virginia. Though the worst did not take place, many hundreds of homes lost power, some for as much as a week. Trees crashed into many homes, particularly around Harpers Ferry and Charlestown areas. The hurricane also impacted national lenders and insurance companies that have offices on the East Coast, reeking havoc on closings that took place during that week. By October 1st, most law offices had caught up and the utility companies were announcing that service was 100% restored.
4. Lending
Interest rates topped out in September at a one year high. In Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 6.34 percent, with an average 0.7 point, for the week ending August 8, 2003, up sharply from 6.14 percent last week. Last year at this time, the 30-year FRM averaged 6.31 percent. This is the highest this figure has been since the week ending August 2, 2002, when the 30-year FRM averaged 6.43 percent. One-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 3.80 percent this week, with an average 0.7 point, up from last week's average of 3.68 percent. At this time last year, the one-year ARM averaged 4.37 percent. This is the highest this figure has been since the week ending April 4, 2003, when it averaged 3.80 percent. "Signs that the economy is finally improving has generated upward pressure on fixed-rate mortgage rates over these past few weeks," said Frank Nothaft, Freddie Mac's chief economist. "Although the 1-year ARM rate rose this week, the spread between the 1-year ARM and the 30-year FRM reached its widest peak since 1986. (realtytimes.com)
Current mortgage rates
30 yr fixed: 5.98%
15 yr fixed: 5.30%
1 yr adj: 3.77%
(U.S. Averages)
For the latest interest news go to http://realtytimes.com/customnews/mris.htm
5. Planning
· Over 200 homes have come on stream in Shepherdstown, in Maddex Farm behindFood Lion near Route 45. These four bedroom detached single family homes are being built by Ryan Homes and will be sold in the $214,000 to $275,000 range. The first model home will be built January 2004 with the first houses become available later that Spring. Local realtors in Shepherdstown are marketing these homes.
· There were some proposed changes made to the recommended Berkley County new subdivision rules last month. These are likely to be adopted in October and then go into immediate effect. To find out more call the planning dept304 264 1963
6. Upcoming Events
· American Conservation Film Festival, celebrating environmental films from around the world, will be launched Nov 7-9 at NCTC, Shepherd College and the Opera House.
· "The Crucible" at Old Opera House in Charles Town, Just in time for Halloween, Arthur Miller's classic tale of the Salem witch trials. Call
304-725-4420, toll free 1888-900-SHOW. Oct 24, 25, 26, 31 and Nov 1, 2
· Country Roads Car Club 10th Annual Haunted Fairground7pm - 11pm each night. Oct 17, 18, 24, 25, 31 and Nov 1
7. Economic News
· Shepherdstown Town Council has approved the introduction of a B&O tax for the town. Many local businesses oppose the tax. The Council estimate $2500,000 or more will be raised annually from the tax.
· West Virginia’s median household income of $30,429 in 2002 was the lowest in the USA.
To subscribe to the mailing list, simply send a message with the word 'subscribe' in the Subject: field
To: HardingReport-request@tharding.com
Subject: subscribe
To unsubscribe from the mailinglist, simply send a message with the word 'unsubscribe' in the Subject: field
To: HardingReport-request@tharding.com
Subject: unsubscribe
If you have news that you want to see passed around, please send by email to Report@tharding.com