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Eastern Panhandle Martinsburg Charles Town Hedgesville Inwood Falling Waters Ranson Bunker Hill West Virginia Real EstateEastern Panhandle Martinsburg Charles Town Hedgesville Inwood Falling Waters Ranson Bunker Hill West Virginia Real Estate

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MARKET UPDATE – DECEMBER 2020

While 2020 has been an incredibly challenging year, housing turned out as a bright spot. Despite the impact of the coronavirus pandemic, homeownership rates rose to 67.4% in the third quarter, up from 64.8% the same period in 2019.
The fundamentals are in place for a continued strong housing market in 2021, particularly with expectations that mortgage rates will remain around 3%. Here are a few more of our predictions for the year ahead.
Home prices will rise. The law of supply and demand will drive prices higher, with 5% to 6% increases predicted on average.
Affordability will remain mostly positive. Low mortgage rates will offset rising prices, increasing the number of households who can afford to buy a home.
Inventory challenges will continue. While builders are expected to construct homes at a faster pace in 2021, there’s still a gap between demand and supply for new and existing homes.
Increased teleworking will influence housing. People will continue to work from home, affecting where they’re shopping for homes and what they’re looking for in those properties.
Vacation home markets will stay hot. In 2020, homeowners with rising equity and investors with high stock market profits drove a spike in demand for homes in coastal markets, which will continue next year.
Technology remains critical. Virtual tours, remote closings and video conferencing kept real estate moving in 2020, and virtual buying and selling will continue to lead the way in 2021.
Whether you’re looking to buy, sell or invest in real estate in 2021, we can help. With our partners in mortgage, title, insurance and moving, our Long & Foster family has you covered for all your real estate needs. Happy Holidays!

Posted in: Blog, Buying, Home selling tips, Homebuyer's Tips, Homeownership, Investing, Market Trends, Selling Tagged: Buying, covid-19, home ownership, house hunting, listing home, real estate market update, selling, virtual services

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Contact Information

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The Butch Cazin Team
Long & Foster Real Estate
976 Foxcroft Ave
Martinsburg WV 25401
304-260-0075
Fax: 304-263-7700
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Home Sellers

We can help home sellers understand buyer expectations and establish realistic pricing for your home under the current market conditions.

Our goal is to leverage our knowledge and experience to help you get the best price the market will support while still selling your home in a reasonable period of time.

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Home Buyers

For home buyers, our knowledge of the Eastern Panhandle Martinsburg Charles Town Hedgesville Inwood Falling Waters Ranson Bunker Hill West Virginia real estate market is second to none. We know the neighborhoods, the current market conditions, and the opportunities for buyers in today’s market. Our buyer specialists are committed to helping you find the home you want at the best possible price.

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Our Commitment

Finding your dream home or finding a buyer is only part of the challenge of a successful transaction. There are many details that need to be managed through closing, and The Butch Cazin Team brings the depth and breadth of skills and experience required to ensure your transactions go smoothly. Our commitment is to provide you the quality of service and communication you desire and deserve. Learn More About The Butch Cazin Team
The Butch Cazin Team
Long & Foster Real Estate
976 Foxcroft Ave
Martinsburg WV 25401

M. Margie Bartles, Broker

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