Real Estate Information

George Mills's Blog

George Mills

Blog

Displaying blog entries 1-10 of 207

Luxury Asheville Home Sales Are UP

by George Mills

A Client Paid $2.3 million in 2014 for his Manhattan townhouse in New York. When he put the roughly 18,500 square foot house on the market the first of the year, he listed it for $50 million.

So what is going on now in real estate?

Several years ago $50 Million home were nonexistent but today as buyers feel more confident about the economy even the wealthy are stepping out.

Asheville luxury homes are selling quickly and home sales in Grove Park are selling fast than they are coming on the market and multiple offers at the same time is not unusual. Biltmore Forest, Rambles, Cliffs, Biltmore Lake and Grove Park home prices are on the rise.

Over the past year in Asheville NC, there were more than 79 homes for sale over a million with the top price of just under $5 million located in Lakeview Park.

As the economy improves and the confidence of the consumer increases higher priced homes will become in demand as many areas in Asheville already.

OK, let’s get more realistic!

The medium priced home in Asheville is $210,000 and sales are up compared to last year but so is inventory. However is sales continue as they are in 2015 inventory will deplete quickly and home will rise even fast than they are now.

  Haywood County that includes Waynesville, Maggie Valley, Lake Junaluska, Clyde and Canton home prices ar much more affordable with the average priced home of $162,500. Home sales are increasing but inventory is still high. So Haywood County is a great place to purchase a home as it still is a buyer’s market.

So this hopefully will give you an idea of what is going on in our area. The Mills Real Estate Team is excited but the future of real estate in Western North Carolina and we hope to see you here soon.

How reliable are the real estate search websites?

by Sheila Mills

A client relocating from Florida to the AshevilleWaynesville area, North Carolina area recently asked how reliable these web sites were.

Real Estate, whether located here in Western North Carolina or elsewhere, on these sites such as Zillow.com, Trulia.com or Realtor.com may not be as accurate as one might think.  These are some of the largest sites, however, they are not updated as often as properties on the MLS (Multiple Listing Service) are.  So information may not be current.

Also, when using the home estimator selection, the results depict a broad range of what a property/home is actually worth.  The accuracy is sometimes off by 25% or more and some of the sights actually admit this.

There is no replacement for using a local real estate professional that is familiar with the area and has knowledge of that market, the inventory and local issues that might affect the property/home.  A real estate professional can also help with the necessary parties to a transaction. This includes; a lawyer, title company, surveyor, lender, appraiser and inspector. It is also helpful to have specialists whom are familiar and experienced in the area to assist in this very important process.

While the internet is a great place to start, I would recommend consulting with a real estate professional. Before you start your journey, find a “local” specialist.  It will help you with one of the most important investments you will ever make.

Are families still drawn to Asheville NC!

by George Mills

Are families still being drawn to Western North Carolina? Asheville, N.C., has that big town feel but the benefit to live in a small town. Asheville NC residents enjoy wonderful schools and great outdoors from flying fishing to hiking the trails. Young at heart can enjoy craft breweries and lively music scene along with some great restaurants in Historical downtown area.

Asheville Homes for sale are on the rise and selling quickly with 43% increase in March compared to a year ago. Asheville home prices are increasing as well with the average home price increasing from $198,000 to $217,000 in March. Asheville home sales continue to set new records across the board even Asheville resale homes over $500,000.

Asheville neighborhoods have a wide appeal including historical homes to a contemporary condo downtown. Asheville communities are distinctly different for example Biltmore Park that include newer homes and its own downtown with nationally recognized stores like Orvis, REI and Loft. Let’s not forget the progressive residents in the River Arts District, with its vibrant arts scene and casual dining. The West Asheville home sales are hot and affordable, a funky area across the French Broad River that has tattoo parlors, bike shops and creative eateries.

Thinking about our area will you have come to the right place? Even though home prices are on the rise interest rates continue to be low allowing the Asheville Home Buyers more attractive buying power. But if you’re not sure if this is the place for you come and visit our area and allow the history and romance take you away to a land that no longer has to be in your dreams.

Ashevile Home Sales

by George Mills

What is really going on in real estate? Are the Lenders really starting to make getting a loan easier? Is real estate on its way back? Is it a good investment?


All this questions are ones I’m asked by my Clients and I truly want to give them an honest answer. Are home sales up in 2014?


 Well I can share with you what has been going on in Western North Carolina if you would like. Western North Carolina real estate sales including home, condos and townhouses are up 10.97% through November 2014 compared to 2013. Average sold price is also up 3.52%.
Buncombe County NC Homes Sales are up as well by 7.06% through November 2014, However Asheville Homes Sales are up but not as strong as the County with a 5.85% increase over 2013. The Median Sold Price of $218,000 a 2.88% increase over last year.


Haywood County NC Home Sales that include areas like Waynesville, Maggie Valley, Canton and Balsam is up 3.80% over 2013 through November with a Median Sold Price of $159,000 a 6% increase over 2013.


So all indications are strong for 2015 for a continued increase in home sales. Home sales in Asheville and Waynesville area seem very promising as lenders are opening the gate some and making it not so difficult to qualify for a loan as Fannie Mae and Feddie Mac new lending guide lines just went into effect this week. These new guide lines should also allow lenders to approve Clients faster. This can have a major positive impact in Asheville Home Sales.


So I hope the information above is helpful and informative. I believe real estate brokers and agents have the responsibility to provide their Clients all the information needed not our opinion but facts so they can make the right decision.


Mortgage interest rates are extremely low and home prices seem to be solidly increasing in value making that first time home buyer, experienced home buyer and investors once again looking at real estate as a great place to invest.

Asheville First-Time Buyers Having a Hard Time!

by George Mills

Asheville First-Time Buyers Having a Hard Time!

 Home inventories for first time buyers is low and finding themselves shut out of the housing market, being outbid as prices increase.

The decline in inventory for entry level homes has declined during the last 12 months. Creating challenges for the first time home buyer looking for a starter home as they are not available.

The number of Asheville Homes for sale under $200,000, considered the bottom third of the market, dropped 20% in June compared to a year earlier.

The limited supply has prompted more buyers in the lower-end price range to adjust their expectations, says George Mills, a real estate professional with Coldwell Banker King – Asheville REALTOR. For example, he says recent clients were touring homes in the $150,000 range and was unhappy that would only buy them a one-bedroom, one-bathroom house with no garage. A few years prior, that price would have gotten them a three-bedroom, 2 bath home Mills said.

Asheville first time home buyers are often are looking for the lower priced homes, and the smaller numbers in recent years have reflected some of the struggles in finding an affordable home. Asheville first time home buyers accounted for 23% of all home sales in June, which is down from a historical average of about 40% nationally, according to NAR research.

This will help new construction with contractors willing to meet the demand of entry level homes. New construction will have its challenges as rising costs will make it difficult to keep the pricing below the $200,000 range.

Asheville Home investors also are looking in that price range for rentals. So adding it all together the First Time Home Buyer has there challenges and as real estate continues to improve they may be shut out completely.

Asheville Homes Buyers

by George Mills

Asheville’s Old Man Winter has been very busy this year.

So far January and February in Asheville NC and other parts of the country Old Man Winter has been very busy with record low temperatures and some of the highest snow falls on record. Lost in the Shuffle was Asheville home sales for January with 200 homes sold compared to 215 in 2012.

However a record braking number of North Carolina home buyers went to the web to search for their Asheville home with Zillow, Trulia and www.MillsRealEstateTeam.com up over 20% compared to last year same time.

Being in the MLS is just part of marketing your home to buyers if you’re interested in selling your home. Over 96% of home buyers will search the internet so having a social savvy Asheville Real Estate Agent to help sell your property is extremely important. Keep in mind that over 70% of all Asheville real estate is sold to out of state buyers.


As I lookout my office window with the snow still on the ground it is hard to believe that Spring is just around the corner that will certainly kick off a strong season for Asheville real estate. With those that wanted to buyer in the winter but could not because of the weather, the start of the season and buyers wanting to take advantage of the declining interest rates currently trending back toward 4% promises to make 2014 a strong year for Asheville Real Estate.

For example an Asheville home buyer securing a traditional 30 year mortgage for $200,000 at 4.5% would have a monthly payment of $1,013.00. If rates declined to 4.25%, the payment would change to $984.

In 2008 I remember reading predictions that 2013 we would start seeing increase in Asheville Homes sales with recovery starting in 2014. That seemed like a long time to me and hard to believe being an Asheville real estate agent. But they had it right with Asheville home sale up 24% in 2013 over 2012 and Waynesville/Maggie Valley home sales up 7.5%.

Those that purchased homes in 2013 in most cases purchased low and will be able to sell high in the future. For Western Carolina buyers, the time to buy low is quickly ending, and will create a sense of urgency to buy an Asheville home before prices rise too high or interest rates return to more historically normal levels.

Bedroom communities like Waynesville, Maggie Valley, Leicester, and Weaverville to Asheville North Carolina are predicted to see a home prices increase by midsummer as inventor depletes.

So the time is now to buy an Asheville home according to those that made those predictions in 2008.

Asheviille NC Real Estate Time Is Now!

by George Mills

OK, is real estate really getting better or does it just sound good? I have been in real estate for many years selling Jupiter Florida homes when a 200k home was selling for 400k in a matter of days and now in Asheville Real Estate trying to sell a 400k Asheville home for 200k and working hard to get the job done for my Clients.

Let’s take Haywood County in North Carolina; this County covers Waynesville and Maggie Valley home sales.  As of today our area has sold 620 homes to date with still a month and a half to go. In all of 2011 we sold 531 Waynesville and Maggie Valley Homes. Our inventory is down over 350 homes and bank owned properties are down by 74%. This means only one thing prices will start increasing by midsummer 2013 or sooner.

Is this the time to buy Asheville real estate? Absolutely, OK I know you would expect me to say that after all I am in real estate. But it really does not take too much thinking as Western North Carolina MLS tells us that home sales are up 46% to date over last year and interest rates are the lowest in over 50 years. Heck that is longer than most of us have lived.

Waynesville and Maggie Valley home sales are averaging $180,662 that is down from last year of $185,499. So add that to the equations.

Let’s add all these up - sales are up, interest rate are the lowest ever, home prices are the lowest ever and inventory is the lowest in 10 years only meaning prices will increase soon.

So here is my question what else would have to change for us to move forward and buy that home we have always wanted?

I cannot think of anything left in the real estate industry that could change so I guess I need to practice what I preach.   

Asheville Home Buyers Get More Confident About Home Buying

by George Mills

Asheville Home Buyers Get More Confident About Home Buying

The national populations who have been waiting to buy a home over concerns about the economy have dropped by more than half compared to 2010. The Asheville Real Estate market is higher than the national average at 62%.

Asheville home sales have seen a 42% increase over last year to date.

Home sale in Waynesville and Maggie Valley NC has seen a nice increase as well with 36% over a year a year ago.

I believe that one of the major reasons for the high increase in Asheville real estate has been the ability to sell their own home allowing them to make the move to North Carolina. Other reason are housing prices, schools, commute times, job relocations and mortgage rates.

Lastly is the middle and upper income levels, we’re seeing a significant rise in people saying the economy is making them more likely to enter the housing market.

Asheville home prices continue to rise with 38.4% of all home sales selling between 100k – 199k and the next highest level is 23.4% at 200k-299k.

Waynesville and Maggie Valley home prices are just starting to level off with 42.9% selling between 100k-199k and the next highest level at 26.7% 0-99k, a big difference between Haywood County home sales and Buncombe County home sales.

Waynesville and Maggie Valley home sales highest percentage are under 300k at 86% .

As Western North Carolina home sales continue to increase and the confidence of the home buyer increasing 2013 promises to be much stronger and it would appear home prices could start increasing across the board.

Asheville Homes Are Selling Faster as Inventories Fall To A Seven Year Low!

Asheville Real Estate is up as the median time a home is on the market is 68 days. This is 30% faster than the same time last year. This includes Waynesville and Maggie Valley home sales. In fact Waynesville and Maggie Valley home inventory has fallen by over 350 homes from the same time last year. 

Asheville home inventory levels are at all time low, with the number of homes for sale down 34% including Waynesville and  Maggie Valley home inventory from a year ago with only a 6.8 month supply. This is a much faster recovery than predicted.

With foreclosures and bank owned properties at an all time low including Asheville home inventory Western North Carolina real estate home values are starting to level off and in some areas like Asheville real estate starting to increase in price.

Waynesville NC and Maggie Valley Real Estate is a little behind Asheville real estate market but will catch up next year. This allows investor to still make some good Waynesville and Maggie Valley home investments.

Asheville rental market is stronger than ever as investors are still picking up good rental properties as rent continues to increase.

This is the time to buy with Asheville homes still an all time low and interest rates still in the 3% range. But next year may be a different story.

Asheville Real Estate Home Sales

by George Mills

The median time an Asheville NC home is on the market is just 61 days if priced right. These numbers have fallen by 32 days compared to a year ago.

Inventory in Asheville have fallen by over 450 homes and Waynesville Homes by 362 the same time last year. Because of the shortage new construction is on the increase by 37% to date over 2011.

As North Carolina homes inventory tightens as Asheville home prices are starting to increase, Asheville Homes have been selling more quickly shortening of time on market and this has created a general balance between home buyers and sellers in much of Western North Carolina real estate. This equilibrium is supporting sustained price growth, and homes that are correctly priced tend to sell quickly, while those that aren't often languish on the market.

As Asheville home ownership rate is no longer falling as the consumer becomes more comfortable with the economy home sales will see a faster recovery than

The home ownership rate is closer to the 70% peak during the housing boom. The rate started to drop soon after as the number of foreclosures began to soar, yet foreclosures are starting to slow and the consumer confidence is improving fast. This will contribute to sales improving even more in 2013 as predicted and will contribute to an already brisk Asheville, Waynesville and Maggie Valley home sales.

Displaying blog entries 1-10 of 207

Syndication

Categories

Archives

Contact Information

George and Sheila Mills
Coldwell Banker King
20 Town Mountain Rd
Asheville NC 28801
George Mills (828) 400-8647
Sheila Mills (828) 400-8646
Fax: (877) 816-5383

Licensed Real Estate Broker