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Housing market shows no signs of cooling in West Virginia, fed rate hikes knocking out some potential buyers

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Housing market shows no signs of cooling in West Virginia, fed rate hikes knocking out some potential buyers


CLARKSBURG — The housing market in West Virginia remains to be particularly sizzling, in accordance with mortgage specialists.

“I’d say the overall state of the housing market particular to West Virginia, in addition to many of the United States, is it’s nonetheless fairly sizzling. Surprisingly so, possibly for some,” mentioned Adam Gunn, Huntington Nationwide Financial institution’s mortgage lending enterprise supervisor for a number of states, together with West Virginia.



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Gunn



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“Our members are reporting that the rise in rates of interest actually haven’t had an impression of slowing down the housing market but. I wish to emphasize that ‘but.’ What I’m listening to is that the housing market in West Virginia stays robust, primarily as a result of lack of stock,” mentioned Sally Cline, president and CEO of the West Virginia Bankers’ Affiliation.







Sally Cline

Cline

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Excessive demand with low stock stays an enormous think about holding costs excessive, officers mentioned, though current way of life adjustments have precipitated some elevated demand as properly.

“It actually comes all the way down to uncooked demand. There’s in all probability quite a lot of components. … There’s been a motion from a really in-person work world to a much more digital work world. Individuals have the power to work in hybrid conditions and even in absolutely distant conditions they didn’t have earlier than, which is permitting for lots of the oldsters within the U.S. to vary the place they stay. So we’re seeing some migratory patterns,” Gunn mentioned.







Average long-term US mortgage rates edge up to 5.3%

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Whereas stock stays low on the housing market, patrons are nonetheless broadly outnumbering the variety of homes obtainable.




“(The pandemic) compelled loads of way of life adjustments — folks opted to work remotely, persons are transferring out of the Washington, D.C. metropolitan space and discovering housing in West Virginia. That noticed a rise within the shopping for and promoting exercise, which in fact drove up residence costs, significantly in sure pockets of our state. Morgantown’s one other very, extremely popular market in West Virginia,” Cline mentioned.

Staying at residence extra ceaselessly additionally has prompted some householders to work on their houses.

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“I believe one other a part of it’s, frankly, all people’s been wanting on the similar 4 partitions for some time. So we noticed an enormous uptick in renovation and loads of uptick in rehab over the previous couple years,” Gunn mentioned.

“It’s additionally created the chance for some folks to say, ‘You realize what? I don’t wish to repair up these 4 partitions anymore. I need a new set of 4 partitions.’ In order that’s created a rise in patrons which might be on the market. However the different aspect of the coin is provide,” Gunn mentioned.

Whereas fee hikes from the Federal Reserve ought to finally pressure the housing market to chill off, so to talk, the speed will increase are a double-edged sword that’s knocking some first-time residence patrons out of competition.

“From the lenders’ perspective, we’ve seen a way of urgency, to a level, from our candidates to search out that home, to get the contract signed, to get their fee locked in — to get to closing, actually, so that they don’t endure any extra will increase of charges,” mentioned Jon Rogers, senior division supervisor for single household lending with the West Virginia Housing Growth Fund.

“There’s additionally an actual concern about of us which have been pre-approved. The candidates which might be doing this the fitting means, in my view, get pre-approved with their lender. After all, 60 days in the past, that pre-approval was at a unique rate of interest. So after they come again and so they’ve discovered their home, there are actual issues about in the event that they’re nonetheless approvable,” Rogers mentioned.

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When the rate of interest adjustments, pre-approvals can change into void attributable to byproducts reminiscent of increased month-to-month funds.

“The rate of interest has clearly modified what their cost goes to be on the identical mortgage quantity,” Rogers mentioned. “Sadly, this rate of interest improve has knocked folks out of being pre-approved and knocked folks out of shopping for a home that they thought they may purchase — or … that they knew they may purchase earlier than the charges elevated.”

“Rates of interest are going to impression affordability. I would sound slightly bit like a damaged document right here, however as rates of interest go up, it turns into much less inexpensive to purchase a house,” Gunn mentioned.

Altering rates of interest are inflicting locked charges to run out and offers to be referred to as off if compromise can’t be discovered — one thing that first-time residence patrons usually are not sometimes accustomed to.

“We’re on the cellphone day by day. … We’re expirations of fee locks. … I’m dozens of offers the place if I can’t discover a solution to maintain the rate of interest locked in, many of those persons are going to lose the homes that they thought they had been going to purchase,” Rogers mentioned.

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“The majority of our enterprise and our mission is first-time residence patrons, so most of these of us have by no means seen something like this and have by no means seen an growing fee atmosphere. That’s additionally true of loads of Realtors and lenders who don’t have a few a long time or extra within the housing finance enterprise. They’ve by no means seen something like this both,” Rogers mentioned.

One lender who does have a few a long time or extra within the housing finance enterprise is Marcia Blount, a mortgage mortgage officer with WesBanco with 35 years of expertise, however the steep improve in charges remains to be stunning to her.

“Once I first began — I’ve been doing this for 35 years — I used to be giving out 11s and 12s. If you happen to might get something beneath 10 — my first home mortgage with WV Housing Growth was 8.5 and that was nice. Proper now, we’re at 5,” Blount mentioned.

“I’ve by no means seen (charges) rise so quick in such a brief time frame in all of the years I’ve executed this. Usually they maintain pushing and pushing and pushing, however this was in two or three weeks that we went from 2s to 5s. It was like in a single day,” Blount mentioned.

Blount agrees that elevated rates of interest have made homes a lot much less inexpensive than earlier than and has resulted in overpaying.

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“Earlier than, the charges had been within the mid-2s and the 3s. For instance, somebody that might afford a $400,000 home with these rates of interest, now they may solely afford a $200,000 home,” Blount mentioned.

“Stock is low, so persons are bidding like loopy on homes. They’re overpaying or coming with money offers and bidding above. In West Virginia … in the event that they’re bidding above the asking value, there’s such a small market of individuals that may do this. First-time residence patrons can’t do this, so that they’re sort of pricing first-time residence patrons out of the market,” Blount mentioned.

Being a robust vendor market, homes are sometimes being listed above their appraised worth.

This has precipitated appraisal gaps, which require more cash from the client.

“(One thing) that we’ve seen from a vendor perspective is we’ve began to see appraisal gaps. Appraisal gaps are fairly frequent in among the hottest markets on the market, however now we’re seeing them in all places from the place someone’s prepared to purchase a home at set value even when the property doesn’t fairly appraise for it,” Gunn mentioned.

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“The financial institution lends on the lesser of the 2 — the appraised worth or the sale value. So if you happen to’re shopping for a home for $300,000 and it appraises for $250,000, you need to make that $50,000 up plus have a down cost on high of that. There’s not lots of people that may do this,” Blount mentioned.

Whereas specialists imagine the market will finally stabilize into one thing a bit friendlier towards patrons, it’ll take time and shall be tough for patrons within the meantime.

“Like every thing, it’ll appropriate itself and work itself out. However while you’re used to what we’ve simply come out of for the final 10 years, that is exhausting,” Blount mentioned.

“If charges proceed to rise … folks gained’t have the ability to pay the mix of each excessive costs and the upper rates of interest on the mortgage. That’s in all probability going to drive down residence costs and create extra of a patrons’ market finally. It’s going to take a while. However the stock undoubtedly has to get bigger to ensure that it to change into extra of a patrons’ market,” Cline mentioned.



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West Virginia

Mountaineers start strong, claim 31-21 victory over UCF in home finale – WV MetroNews

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Mountaineers start strong, claim 31-21 victory over UCF in home finale – WV MetroNews


MORGANTOWN, W.Va. — West Virginia had received the opening kickoff in every game this season and 17 straight dating back to last year.

That run came to an end in Saturday’s home finale against Central Florida after the Knights won the toss and elected to take the ball first.

It could’ve hardly worked out better for West Virginia, which managed to jump out to a 14-point lead in the opening quarter that helped set the tone in a 31-21 victory in the home finale of the 2024 season.

“We generated momentum at the start of the game,” WVU head coach Neal Brown said. “We had a touchback on the very first kick. That’s huge. We come out and force a three-and-out, and score, so it’s 7-0, and then they turn it over, and it’s 14-0. The game wasn’t really in jeopardy. They continued to keep it close, but there was never a time where you were like, ‘oh I don’t know if we’re going to win this.’”

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With the result, WVU (6-5, 5-3) gains bowl eligibility, while the Knights (4-7, 2-6) are assured of a losing season.

West Virginia’s defense forced a three-and-out on the game’s opening series, before the Mountaineers drove 68 yards in eight plays to lead 7-0 on the first of two CJ Donaldson 1-yard rushing touchdowns.

Donaldson had runs of 20 and 31 yards earlier on the possession, the latter of which came on third-and-12 one play before he reached the end zone.

“He got in a little different mode and the offensive line did a good job of getting him to the second level,” WVU quarterback Garrett Greene said. “I like the matchup when it’s CJ versus the safeties.”

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UCF threatened to answer and was faced with second-and-6 from the WVU 21, but redshirt freshman quarterback Dylan Rizk fumbled just outside the red zone and Mountaineer cornerback Dontez Fagan came up with the recovery.

The Mountaineers then marched 66 yards in 14 plays and doubled their lead on Jahiem White’s 3-yard touchdown run. All 124 yards over the Mountaineers’ first two series came by way of rush.

“The whole week, the point of emphasis was to be able to run the ball and for our defense to be able to stop the run,” Greene said. “They didn’t have a lot of answers in the first half for our run game.”

Following an exchange of punts, the Knights cut their deficit in half when talented tailback RJ Harvey eluded several defenders in the backfield after fielding a direct snap from the WVU 2 to score his 20th rushing touchdown this year.

The teams traded punts again shortly after, before the Mountaineers put together perhaps the most important possession of the game, moving 71 yards in 12 plays and scoring their third touchdown on Greene’s 12-yard pass to Rodney Gallagher on a third-and-goal play 15 seconds before halftime.

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Donaldson gained the necessary yard on a fourth-and-1 run three plays before the score, while wideout Hudson Clement hauled in three passes for 53 yards on what marked WVU’s fifth possession. Greene had completed 2-of-5 passes for 5 yards prior to that series. 

West Virginia took a 21-7 lead into halftime and added to the advantage on the first possession of the second half, which covered 56 yards in five plays and ended with Donaldson’s second TD run. The possession was prolonged by a pass interference on UCF that negated what was an incomplete pass on third down. White broke off a 35-yard run on the next play, and the Mountaineers were in the end zone for the fourth time two plays later.

“The middle 8 [last 4 minutes of first half and first 4 minutes of second half], we dominated that, and it was 14-0, and I felt like that was where the game was won,” Brown said. 

Rizk threw a 45-yard touchdown pass to wideout Kobe Hudson on UCF’s second second-half series, bringing the Knights to within 14 with 5:38 left in the third quarter.

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WVU countered with a 57-yard drive over 14 plays and added to its lead with Michael Hayes’ 35-yard field goal that made it a three-score game with 12:15 remaining. Perhaps most importantly, the series took 8:23 off the clock.

After Rizk was stopped for a 5-yard gain on a fourth-and-10 run from midfield, the Knights regained possession trailing by 17 with 7:08 left.

UCF marched 82 yards in seven plays and produced its third touchdown on Harvey’s 9-yard run, allowing the visitors to trail y 10 with 5:20 to play.

The Knights chose to try and get the ball back immediately with an onside kick, but WVU recovered.

The Mountaineers then kept the ball for all 5:19 that remained, getting separate fourth down conversions on a 10-yard pass from Greene to Robinson and an 18-yard pass from Greene to Clement.

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“It’s a two-possession game and a field goal really doesn’t do anything for you, because they can score two touchdowns and beat you,” Brown said. “If you keep the ball, you have an opportunity to end the game. Anytime you have an opportunity to do that, we’re going to. The risk is lower than the reward.” 

WVU finishes its home slate 3-4, but has an opportunity to go unbeaten in Big 12 road play with a win next Saturday at Texas Tech. That would also allow the Mountaineers to finish 6-3 in the league for a second straight season.

“People kind of overlook that, but it’s important to us,” Brown said.

Donaldson rushed 19 times for 96 yards, White added 54 yards on 12 carries and Greene totaled 49 yards on 18 attempts as the Mountaineers piled up 200 rushing yards.

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“Coach [Chad] Scott and coach Brown get on me about running too high and getting my pads down to be a tough tackle,” said Donaldson, a 238-pound junior.

Greene completed 13-of-21 passes for 118 yards in his final home game. Clement had five catches for 81 yards.

Harvey rushed for 130 yards on 16 attempts and Rizk was 11-for-21 with 172 yards.

The Knights lost for the seventh time in eight games and are winless in four tries against the Mountaineers.

“There’s been tough times throughout the season, but what’s most important is that we stick together and block out the negativity,” WVU safety Anthony Wilson said. “They don’t see what we do day to day, the late nights and early mornings. We’re all we have and we’re all we need.”

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West Virginia

Watch: West Virginia Football 2024 Senior Day Ceremony

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Watch: West Virginia Football 2024 Senior Day Ceremony


West Virginia football held their Senior Day Ceremony on Saturday ahead of their game against UCF.

The Mountaineers honored 29 seniors who walked and met head coach Neal Brown along with Athletic Director Wren Baker before running onto the field.

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West Virginia

West Virginia 98-28 Lafayette (Nov 22, 2024) Game Recap – ESPN

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West Virginia 98-28 Lafayette (Nov 22, 2024) Game Recap – ESPN


MORGANTOWN, W.Va. — — Ja’Naiya Quinerly had 19 points, Sydney Woodley scored 15 off the bench and No. 13 West Virginia posted a wire-to-wire 98-28 victory over Lafayette on Friday night.

Quinerly made 6 of 12 shots with four 3-pointers for the Mountaineers (6-0), who have yet to play a road game this season. She added five rebounds, four assists and three steals. Woodley hit 4 of 5 shots with two 3s and pitched in with five steals and four rebounds.

Kylee Blacksten finished with 13 points and six boards for West Virginia. Jordan Thomas contributed 11 points, five assists and four rebounds. Reserve Tirzah Moore scored 10.

Abby Antognoli had 11 points to lead the Leopards (1-4), who fell to 0-3 away from home. Antognoli made just 1 of 6 from 3-point range for Lafayette which shot 2 of 17 from distance.

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Watson and Jordan Harrison made 3s in the first 27 seconds as West Virginia grabbed a quick two-possession lead. Quinerly made both of her 3s in the quarter to help the Mountaineers take a 22-8 lead.

Moore followed her two successful free throws with a 3-point play to spark an 11-0 run to begin the second period and West Virginia cruised from there. The Mountaineers led 45-15 at halftime and 78-19 at the end of the third.

West Virginia will host High Point on Friday.

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