A few years ago, it was common to feel rushed to make an offer as soon as you found a home you liked in Morgantown. This was especially true for properties near West Virginia University. However, the situation has changed a bit now. In the past, skipping inspections due to competitive offers was a common mistake, but now, with more time, different types of mistakes are becoming apparent.

According to Redfin, the average time to sell a home in Morgantown is 115 days, a significant increase from 50 days a year ago. Based on Zillow, it takes an average of 16 days for a property to go pending, but the overall time until the sale is completed has lengthened. During the same period, the average home value according to Zillow has risen to $281,909, up 2.4% from the previous year, while the median sale price on Redfin is around $240,000, a 4.1% increase. The fact that prices are rising while the time to sell is increasing suggests that buyers now have more room for negotiation than before.

A common mistake in this trend arises from misunderstanding the newfound time. Just because the time has increased doesn't mean you can leisurely browse homes without pre-approval, risking missing out on desired homes in neighborhoods that still have high demand, like those near the campus. The second mistake is overlooking property taxes and insurance when budgeting. The average property tax rate in West Virginia is about 0.54%, which is lower than the national average of 0.91% (according to the Tax Foundation), but in neighborhoods with student rental demand, insurance rates may differ, so it's wise to check in advance.

The third mistake is underestimating closing costs. Typically, these are known to be around 2 to 5% of the sale price (according to Bankrate), so don't let the longer time frame make you complacent; it's best to calculate this in advance. From my long-term observation of the area, there's no reason to neglect preparation just because the market has softened.

The fourth mistake is exhausting all reserves on the down payment. During times like these, when the time frame has lengthened, it's easy to feel secure about negotiation, but it's advisable to keep some funds available for a few months after moving in.

The fifth mistake is neglecting credit score and debt-to-income ratio management. Even if there's more room for negotiation, making a large expenditure right before signing a contract can negatively impact loan terms, so caution is needed. The sixth mistake is deciding based solely on the interest rate from one lender; comparing at least three lenders can help you feel the difference in monthly payments.

When looking into school districts preferred by Korean families, refer to GreatSchools, but be sure to verify the assigned school for the specific address before purchasing. If you are moving from another state, it's best not to apply the previous state's property tax or insurance standards directly but to reassess based on West Virginia's criteria.

Due to the characteristics of the area surrounding West Virginia University, there are investors entering the market looking for rental income, but since demand can vary by semester, it's better to consider vacancy risks rather than making definitive income predictions. If you are a resident, it's more stable to take into account commuting distance and resale potential, and not to rush just because the market has softened.

From my long-term observation of the area, there were times when contracts were made immediately after listings appeared, but now there are more properties that stay on the market for several weeks while adjusting prices. However, this change does not apply uniformly to all neighborhoods, so it's advisable to check recent sales records for neighborhoods of interest individually.

If you are newly immigrated from Korea and settling in Morgantown, you may face difficulties in the loan approval process due to a short credit history, so it's best to consult with a loan officer in advance.

This article is not investment or legal advice, and it is recommended to consult with real estate and loan professionals, and legal experts if necessary, before making any contracts.