Harding Report September 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)
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THE HARDING REPORT September 2003
Contents:
1. Property Sales
2. Homebuyer
3. Appraisals
4. Lending
5. Planning
6. Upcoming Events
7. Local Economic News
“What a great source of local information” – Lender
1. Property Sales
Jefferson County is the fastest growing county in West Virginia. Here are the latest figures (July 2003)
* 107 new listings were taken in July
* Total Units sold is 91 up from 82 for same period last year
* Average list price for sold houses has increased 20% since same month
last year from $184,757 to $221,780
* Total dollar sold volume has increased by over 30% for same period last
year from $14.7 million to over $19.3 million
2. Homebuyer
Three top tips to improve the value of your home according to most ‘house doctors’
· Paint inside and out (including repair to cracks in walls and ceilings)
· Keep the place tidy, remove as much ‘junk’ and ‘clutter’ as possible
· Improve ‘curb appeal’, make the front of your house attractive. First impressions do count.
3.Appraisals
Finding an appraiser to determine the value of your house was one of the hardest things to do a couple of months ago. With the refinance boom coming to a head, many closings were delayed because the appraisors couldn’t keep up with the overwhelming business. Things are slowing down apparently, and appraisals should be back to the more normal 3-4 week turn around.
4. Lending
Mortgage interest rates had risen eight of nine weeks by Aug. 22, tacking more than a full percentage point onto the cost of financing a home, when
statistics revealed home sales and home prices from coast to coast continued to boom virtually unabated. The National Association of Realtors reported this week sales of existing homes were up 5 percent to a record annual rate of 6.12 million sales a year. That's because it isn't interest rates,
joblessness or economic uncertainty that's driving this housing market. It's the more personal, basic need to put a roof overhead that's keeping the
housing boom alive. For the latest interest news go to
http://realtytimes.com/customnews/mris.htm
Last month This month
30 yr fixed: 5.94% 6.28%
15 yr fixed: 5.27% 5.60%
1 yr adj: 367% 3.84%
(U.S. Averages)
5. Planning
· Developers have applied for 694 houses to be built at Breckenridge East outside of Charlestown on the north side of Club Road just north of its
intersection with Flowing Springs Road
· Developers presented a 68 house development plan to the Shepherdstown Planning Commission in August. This will be located on German Street just outside of Shepherdstown’s town limits.
· Berkley County Planning Commission is very close to agreeing new sub-division rules. This would be the biggest changes in the laws for two
decades.
· National Park Service is hoping to expand its land at Harpers Ferry by 1,240 acres. Sen Robert C Byrd announced that he will introduce legislation
to this effect when Congress reconvenes in September
· Impact fees in Jefferson County are imminent
6. Upcoming Events
· 8/30/03 Country Roads Folk Festival. The 4th Annual Folk Festival at the almost Heaven Farm near Kearneysville WV will be Saturday, August 30th. For more information www.MoFolk.com or 304-267-7963.
· 9/12/03-9/14/03 Upper Potomac Dulcimer Fest. Workshops, classes, and concerts will occur the weekend of the dulcimer festival. For more
information e-mail: blanton@intrepid.net or call 304-263-5851.
· 9/21/03: Octoberfest. Annual event to be held at the Bavarian Inn in Shepherdstown, WV. Call 304-876-2551.
7. Economic News
· The WV Development Grants have been announced, included in the winners is Jefferson Second High School which is earmarked for $6 million. Martinsburg Regional Airport is another big winner.
· A Business & Occupancy Tax in Shepherdstown is more likely now that its Financing Committee has approved it. This tax is imposed on gross income received by businesses. Many other local towns have one including Martinsburg, Harpers Ferry and Charlestown. The Town is hoping to collect a large B&O tax payment from the contractors who have just started building the bridge across the Potomac.
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