Tri-State Housing Market In Better Shape Than Rest of Country

HUNTINGTON, W.Va. (WSAZ) -- If you're trying to sell a home in the Huntington/Charleston area, count your blessings and, in some cases, count your cash.

The Tri-State housing market is holding up better than the rest of the country.

"Right now, January sales in 2010 compared to 2009 have just skyrocketed," said Jeff Maddox, director of the Huntington Board of Realtors. "A lot of it has to do with first-time home buyers out there who want to buy. If they're in the position to do it, now's the time."

According to the IRS:

The Worker, Home-ownership, and Business Assistance Act of 2009 extends the deadline for qualifying home purchases from Nov. 30, 2009, to April 30, 2010. Additionally, if a buyer enters into a binding contract by April 30, 2010, the buyer has until June 30, 2010, to settle on the purchase.

The maximum credit amount remains at $8,000 for a first-time home-buyer -- that is, a buyer who has not owned a primary residence during the three years up to the date of purchase.

In Huntington, the Board of Realtors paints a picture that's much more positive compared to other parts of the country.

Comparing January of 2010 to January of 2009:

  • There was a 29 percent increase in residential units sold.
  • There was a 3.4 percent increase in the average residential selling price.

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