Buyers shouldn't be afraid of the housing market: what one realtor is saying
Overall prices may be down in Jackson County, but Ripley realtor Brittany Davis says the housing market is still strong and hectic despite a $10,000 decrease in listing prices.
According to Realtor.com, the median listing home price in Jackson County was $129,450 at the end of May — about a 7% decrease from January's $139,900 average asking price. However, Davis, of Davis Realty, said homes are still selling within 36 hours of being on the market.
"We still have a huge shortage of properties available," Davis said. "We have long lists of buyers that we just can't find a property for."
Interest rates may have gone up a hair recently, but Davis said most of her clients are able to get rates at or under 3%. Buyers are in a great position with these low interest rates — they just have to be prepared to jump on a house when they find one, Davis said.
Much like in April, Davis still encourages buyers to have pre-approval from a lender before they even step foot in a property. Davis said the preparedness of buyers will make or break their chance of finding a home.
"A lot of these properties are multiple offer situations," Davis said. "You have to have that pre-approval, you know, to let the sellers know that you are able to purchase the property."
Jackson County may be experiencing a dip in housing prices, but Lawrence Yun, the National Associations of Realtors' chief economist, said the U.S housing shortage is still alive. With an expected 1.6 million homes being built this year and 1.7 for the following, Yun said that still won't be enough to keep up with projected demand.
"That would represent the best two-year performance in 15 years, yet it would still be inadequate," Yun said in a release. "Therefore, expect both rents and home prices to outpace overall consumer price inflation in the upcoming years."
Recent median list prices
Numbers from Realtor.com
- Median list price — $138,500
- Median list price — $129,900
- Median list price — $129,450
— Katelyn Waltemyer (she/her) is the General Assignment and Enterprise Reporter for Jackson Newspapers in Jackson County, West Virginia. Have a news tip on local government or education? Or a good feature? You can reach Katelyn at email@example.com. Follow her on Twitter @Kate_Waltemyer.