West Virginia Real Estate Companies

2016 West Virginia Housing Market Uncertain…

Falling Gas Prices, Rising Unemployment Rates, a Hurting Coal Industry:

What Does This all Mean for West Virginia’s Housing Market?

The near year is upon us and with it, our local economy is at a crossroads.

Gasoline prices continue to fall, unemployment rates rise, local population numbers decline and coal mine layoffs increase.

Yea, we smile when it costs only costs us $20 to fill up the tank. But, like anything with the economy, there’s give and take. And West Virginia can only take so much.

Coal is Hurting

Coal. The Mountain State is built on this sustainable energy source.

But, coal prices have fallen by 15 percent since 2015, and coal production is now at its lowest level since the Reagan administration. All this while layoffs and shutdowns continually plague area mines.

When our state’s foundation is shaken this way it creates a domino effect that eventually trickles down to the local housing market.

In his talk about the economy, Gov. Earl Ray Tomblin addressed the downturn in the coal industry.

“We cannot ignore the unprecedented shift that has taken place in our state and our nation,” he said. “Forces beyond our control have severely damaged our coal industry, and even the most optimistic among us realize it is unlikely coal will ever reach production levels of the past.”

Putting it all Together

If West Virginia’s main energy resource continues to suffer then area coal companies lose money, which causes workers to lose jobs, which causes the local economy to lose momentum. In other words, less people will have less money to buy houses.

It’s simple supply and demand. This will drive West Virginia home prices down.

Lawrence Yun, chief economist at the National Association of Realtors., explains:

“Fewer jobs means less home buying demand and that will naturally soften the housing markets in those job-impacted areas,” he said.

Yun practically called out West Virginia with that statement.

Unanswered Questions

Don’t get us wrong, this is great for financially stable home buyers as their dream home becomes more affordable.

But, will there be fewer home buyers in 2016 due to the state’s high unemployment rate?

Will the coal industry make a comeback once the country gains a new president?

These are the questions to answer.

By Justin Waybright & Chuck Boggs [ http://wp.boggsappraiser.com/2016/01/14/2016-west-virginia-housing-market-questions/ ]

 

West Virginia Real Estate Companies List:

CompanyWebsitee-MailPhoneAddress
Century 21 Four Seasons Select Propertieshttp://www.c21wv.com/website@c21wv.com(304) 425-7563106 Oakvale Rd
Princeton, WV 24740
Glade Springs Resort Real Estate Cohttp://gladespringsrealestate.com/realestate@gladesprings.com(304) 763-5000218 Lake Dr
Daniels, WV 25832
Property Management Inc. Mon Valleyhttp://propertymanagementinc.com/mregar@propertymanagementinc.com(304) 381-3333425 Industrial Ave
Ste 206
Morgantown, WV 26505
Heritage Real Estatehttp://www.wvheritagerealestate.com/heather@wvhre.com(304) 612-3746134 Powder House Rd
Fairmont, WV 26554
Mountain Sky Properties Inchttp://www.swvarealty.com/shawntreed84@gmail.com(276) 688-3555189 Jackson St
Bland, VA 24315
Red Oak Realtyhttp://www.property4u.com/shahir@property4u.com.my(304) 799-0579909 Seneca Trl S
Marlinton, WV 24954
McGuire Realty Cohttp://www.callmcguire.com/leads@callmcguire.com(304) 529-60331001 6th Ave
Huntington, WV 25701
Weichert Realtors - First Choicehttp://firstchoicerealtywv.com/machellelewis@mris.com(304) 262-870062 Warm Springs Ave
Martinsburg, WV 25404
Marty Kelly - Long & Foster Real Estatehttp://www.martinkelly.lnfre.com/MartyKelly@lnf.com(301) 332-6586189 Kentlands Blvd
Gaithersburg, MD 20878
The Terry Brown Realty Teamhttp://www.dcmetroproperty.com/terrybrownrealtyteam@gmail.com(202) 518-5517220 7th St SE
Washington, DC 20003

 

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