mortgages buyer agent – The Current Asheville Real Estate Market: Reasons to Buy a Home in the NC Mountains by Nora Hall
Asheville, North Carolina: A Small City with a Big Personality
Over the last two years the U.S. real estate market has seen its ups and downs, along with the global economy. Like anything else in our world the real estate market has cycles. Change is natural and there are always opportunities to be found during these shifts, we just have to take the time to discover them.
Although Asheville is a small mountain city nestled in the most Western region of North Carolina, the community spirit, quality of life and overall positive vibe continue to make it a desirable place to live, work, raise a family or retire. Asheville was voted number 8 of the “Top 10 Best Southern Cities”in the Southern Living Reader’s Choice Awards in 2009. This year and next year, homebuyers have a great opportunity to purchase homes in Asheville and mountain properties in Western North Carolina at prices they can afford.
The Asheville Real Estate Market: No Rose Colored Glasses Necessary!
The best way to buy or sell a home in a serious buyers’ market is to throw out the daydreams, assumptions and ideals. The key to a successful real estate transaction is realism, based on facts. So what do Asheville homebuyers have working in their favor?
Real Estate Opportunity #1: Affordable Asheville Homes and WNC Properties
In today’s buyers’ market first time homebuyers can get a fair, affordable price on local properties. This applies not only to the city of Asheville, but also to surrounding areas like Weaverville, Black Mountain, Hendersonville, Arden, Fletcher, Leicester and more. The extension of the first time homebuyers federal tax credit until the spring of 2010 and the great current mortgage rates are added incentives for homebuyers searching for real estate in WNC.
Real Estate Opportunity #2: Plenty of Inventory Means Plenty of Options
In Western North Carolina, as of Nov. 1st, there are 8,889 homes for sale in the WNC MLS. Buyers can negotiate better deals now than in past years because more inventory is on the market. Buyers don’t have to settle for a home that doesn’t meet their needs, they can hold out until they find the piece of Asheville real estate or mountain property they’ve always dreamed of. Sellers are also aware of stiff competition and the need to make homes more presentable and move-in-ready.
Real Estate Opportunity #3: The Strength of Asheville’s Real Estate Past
Historically, buying real estate in Asheville has been a sound investment and it will continue to be so. Purchasing a home or land as a long-term investment of 3 to 5 years or more is recommended. According to the “Western North Carolina Real Estate Market Report 3rd Quarter 2009″, published by Coldwell Banker Kasey Real Estate, between January of 2009 and September 2009 Average Homes Sale prices dropped by 5.75%.
This proves the Asheville market has experienced some positives in comparison to the rest of the country. For example, according to the “3rd Quarter 2009 Prudential Douglas Elliman Manhattan Market Overview” the average home sale price was down 10.6% from last year. Other cities have seen an even sharper decline so although the number of days a home or property stays on the market is still high; Asheville’s real estate outlook is still strong and viable. WNC and the city of Asheville also have a lower rate of short sales and foreclosures than many other cities.
The Asheville Real Estate Facts: Knowing the Hard Data Leads to Real Estate Success
Choosing an experienced, educated, full time agent ensures all parts of the real estate transaction are completed in a timely manner with attention to detail. Know the facts about the local market and deal with a real estate professional that does too.
(All information has been taken from the local MLS and published in the “Western North Carolina Real Estate Market Report 3rd Quarter 2009″, published by Coldwell Banker Kasey Real Estate.)
Asheville Area Average Home Prices:
January to September of 2009 Average Sale Price
Buncombe County (where Asheville is located) – $258,556
Henderson County – $212,661 Haywood County – $209,011
January to September of 2008 Average Sale Price
Buncombe – $274,325 Henderson – $235,264 Haywood – $219,733
Asheville Area Real Estate Inventory: In today’s real estate market there are a lot of choices.
September of 2008
6,200 single family homes available for resale in WNC
2,101 in Buncombe County 565 condos available 271 were in Buncombe
September of 2009
6,682 resale single-family homes in WNC available for resale
2,230 in Buncombe 630 condos available 285 in Buncombe
About The Author
Nora Hall is a real estate agent in Asheville and has a marketing background that allows her to offer exceptional service to both home buyers and sellers. She specializes in homes for sale in Asheville and WNC mountain properties. For more information on Asheville real estate, homebuyer and seller tips, and access to the local MLS visit http://www.norahall.wordpress.com.
I hope you’ve been enjoying my posts lately. I thought I might do something different today and rustle up a few bits of info from around the WWW. These are some of the news items and blog posts that have been popular over the last few weeks. Leave me your thoughts.
is a cash offer better? I know they want more money, … – Zillow …
Offering cash gives the seller more confidence that the deal will go through, as financing can be perilous in today’s mortgage environment. That said, someone selling their house always receives cash, whether directly from the buyer or …. However, the actual outcome of such situations is dependent on the property, the seller, the seller’s agent, your buyer’s agent, and you. If you have not already secured the services of your own buyer’s agent, you would be well advised …
Clark County home sales surge 61.2% | The Columbian
With buyers encouraged by a federal tax credit that expired in April, Clark County home sales grew by 61.2 percent last month, a burst of activity some real estate agents expect to hold steady through summer. … Now I wonder just how many of these buyers paid cash only on the homes or are stuck with mortgages they cannot afford. All it takes is missing one payment folks, and you new buyers with mortgages might be in the same boat with those who foreclosed. …
Boston Massachusetts Mortgage Rate Update Week of May 14th
A Buyers Agent List of 5 Mission Critical Items to Check Before Buying a Condo The Boston Real Estate Market Has NOT Experienced a Recession 5 Clues That Your Boston Real Estate Buyers Agent is a Sellers Agent in a Brilliant Disguise. …
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