Buying a home In Charleston, WV or Huntington, WV? Here are 5 reasons why you should!
We are recession proof!
For now it seems our state has been sheltered by the recession that so many throughout the country are suffering. West Virginia’s unemployment rate is well below the national average of 7.5% and signs of commercial and residential development seem steady. One other important sign of economic growth is our states exports which was up over 41 percent since to 2007. Here is a good read in the Charleston Daily Mail concerning this matter. In short, West Virginia is “Open for business”
A home is a great investment!
If you are currently renting a home in Charleston or Huntington and have the ability to buy, do it! Stop throwing your money away. Consider the fact that even as most of our countries home values are falling, the appreciation rate for the Charleston and Huntington Area is rising. Do the math. A projected appreciation rate for your homes value over 5 years is 20.30% VS. 5 years of renting, throwing an average of $8k big ones thrown away to a landlord. Which sounds better?
Interest rates are great!
As of today, interest rates are 5.25% and have bounced even below 5% percent several times the past few months. Speculation is that with the recent stimulus package, interest rates could go even lower.
You might be eligible for a first-time homebuyer tax credit
If you are a first-time homebuyer and plan to buy then you could be eligible for a tax credit of 8k. Here are some important facts about this credit from the National Association of Homebuilders:
- Tax credit is for 1st time buyers only
- The Tax Credit DOES NOT have to be repaid
- The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
- The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
- Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
There are a lot of homes to choose from!
It is my opinion that homes are staying on the market a little longer, which gives the buyer more to choose from and pushes the price of a home lower.
So turn off the TV and don’t worry about what you hear with the housing crisis. Yes, it is real but not here. Love it or hate it, sometimes the shelter of WV has it benefits and with the economic tough times as they are now, I’ll take the shelter. Now get out there and buy something!
