Real Estate Information

Asheville Home Foreclosures Drop to 2007 Levels

Asheville Real Estate foreclosure filings are continuing to fall; dropping another 3% in the first quarter of this year compared to the previous quarter and is down 18% compared to the same time last year.

Nationally the numbers are about the same 2% in 1^st quarter and 17% compared to same time last year.

Asheville NC real estate foreclosure filings were at their lowest quarterly total since 2007. However this could change. Analysis is predicting over four million new foreclosures will hit nationally within the next six months. This will hold Asheville home prices from increasing until the inventory has shrunk.

Waynesville Real Estate will also be hit along with Maggie Valley Real Estate as second homes seem to also be effected by foreclosures.

This is a great time to take advantage of some low Asheville Home prices and if you are interested in a Maggie Valley log cabin or Waynesville mountain home this may be a great time to act with the low interest rate.

Another interesting fact is Asheville home sales are seeing the average amount of mortgages being approved by lenders has grown in the last three months from $205,000 to $245,000 this is a good sign of increased buyer and lender confidence.

Real estate Asheville NC has seen an increase in average mortgage amounts, including a 21% drop in Asheville home inventory the last 12 months.

Waynesville Real Estate in homes sales has seen an 18% and Maggie Valley Real Estate 19% in a drop in home inventory.

All this will impact pricing and as lenders are more willing to open the gates to Asheville NC home buyers Asheville NC home inventory will continue to drop as Waynesville and Maggie Valley Homes.

When Our Asheville Home Lingers on the Market What Should You Do?

Tough question even though supply of homes has decreased from a 8.6 month average supply to a 6 month supply in the last year, many home owners are still seeing their home linger on the market and even longer with vacant land. Is there an answer? In the Asheville, Waynesville and Maggie Valley communities homes like many areas sold quickly at high prices in 2004 through 2006 and know the owners want to sell and here is the dilemma, their mortgage to larger than the home is worth and they need to cover their closing costs.

Often if they talk with the lender they may be able to help you out. If they tell you have to be 90 behind on you payments before they can talk with you go to the next level.

But here are some other suggests and perhaps include your real estate broker.

Price
In an overcrowded housing market, overpriced homes won’t get any showings. To attract buyers who want to buy quickly, pricing the home lower than the market may help.

Presentation
Sellers don’t have to spend a fortune on improvements, but maybe there’s a reason why buyers keep overlooking their home and items need to be addressed. Maybe some aesthetic finishes will help freshen up the home in buyers’ eyes, such as a fresh coat of paint, decluttering, new hardware on the front door, and tending to the yard.

Marketing

Is you broke marketing your property not only to Buyers but Brokers as well. With all the Asheville Homes on the Market it is important to keep yours in front of Brokers monthly.

Waynesville Real Estate and Maggie Valley Real Estate is starting to be as active as Asheville Real Estate market with home sales. This is very encouraging Waynesville Home sales are selling equal to 2007 homes sales but are selling on the average of 39% less. Maggie Valley Real Estate is seeing a nice increase in Maggie Valley Log Cabin home sales equal to Waynesville Homes.

There has never been a better time to rent a Maggie Valley log cabin home and enjoy to beautiful mountain views and fresh air.

Home Values Rising In Asheville NC

Some of the hard it housing markets like Ohio, Illinois, Florida, Michigan and Georgia are starting to see an increase in average home values. Markets like Palm Beach, Miami, Orlando, Tampa and Jacksonville sales have increase and inventory is dropping and will start seeing prices increase by next year. However, rising home values in these and other hard-hit markets could still translate to a short-term increase if banks and mortgage lenders raise mortgage rates.

The buying power of buyers today has never been better with interest rate staying below 4% for a 30 yr fixed and I Client of mine just got a 3.2% on a 15 year fixed. However they are predicting that interest rate will start increasing by midsummer.

What does this have to do with Asheville Real Estate you ask and the answer is everything! Florida has been responsible for 60% Asheville Home sales over the last 10 years and the rest have come from Michigan, Illinois, Ohio, Georgia, NY and NJ, all these markets are showing strong home sales.

This is having a major affect on real estate in Asheville NC home sales and is according to economist the reason Asheville NC real estate is a year ahead of schedule for recovery. As prices increase and interest Asheville mortgage interest rates increase sales will slow some but still promises to be a very strong season.

Communities next to Asheville like Waynesville and Maggie Valley Real Estate are also seeing a nice increase in home sales. Maggie Valley log cabins for second homes are starting to come alive once again. Those families that see the value of purchasing a Maggie Valley or Waynesville log cabin and placing it into a rental program are offset their costs and enjoy the beauty of the Western North Carolina Mountains.

As Asheville NC Real Estate continues to increase in home sales interest rates continue to stay low.

• 30-year fixed-rate mortgages: averaged 3.98 percent, with an average 0.7 point, dropping slightly from last week’s 3.99 percent average. A year ago at this time, 30-year rates averaged 4.87 percent. 
• 15-year fixed-rate mortgages: averaged 3.21 percent, with an average 0.7 point, dropping from last week’s 3.23 percent average. Last year at this time, 15-year mortgages averaged 4.10 percent. 
• 5-year adjustable-rate mortgages: averaged 2.86 percent, with an average 0.8 point, falling from last week’s 2.90 percent average. Last year at this time, 5-year ARMs averaged 3.72 percent. 
• 1-year ARMs: averaged 2.78 percent, with an average 0.6 point, holding steady at last week’s average. A year ago at this time, 1-year ARMs averaged 3.22 percent. 

This is the time to take advantage of the low interest rates and low prices before they all start to climb.

Freddie Said Real Estate I Turning – Asheville Real Estate Turns Corner!

As the economy improves employment up and mortgage interest rate again below 4% is all contributing to a gradual rebound in home prices in real estate Asheville NC and across the Nation according to mortgage giant Freddie Mac’s 2012 Economic Outlook report, released Wednesday. However we still have a ways to go on the road to recovery for the housing market, the report noted. 

Freddie Mac has revised its forecast upwards for Asheville and National home sales. One economic contributor that’s helping to stabilize housing is the drop in the unemployment rate to 8.3%, its lowest level in three years, according to the report. 

Asheville NC real estate for sale home inventory in the lowest in 4 years compared to 12 months ago and Median home sale prices are up however a slight drop in new according to Freddie Mac reports. About a half of the increase in Asheville new housing and National starts has been for construction of rental apartments in multi-unit buildings to meet the increasing demand, the report notes. New rental construction, at its current pace, is expected to reach its highest level since 2005. 

Asheville NC Mortgage rates were down across the board this week compared to last week. Last week mortgage rates increased above 4% but now Asheville area real estate mortgage rates posting a big jump last week, a 30 year mortgage now offering another boost in home affordability for buyers dropping below 4% mark. However it is important to note as the economy improves and more people go back to work interest rates will increase.

Here is what you can expect this week.

• 30-year fixed-rate mortgages: averaged 3.99 percent, with an average 0.7 point, falling back from last week’s 4.08 percent average. A year ago at this time, 30-year rates averaged 4.86 percent.
• 15-year fixed-rate mortgages: averaged 3.23 percent, with an average 0.8 point, also slipping from last week’s 3.30 percent average. Last year, 15-year rates averaged 4.09 percent at this time. 
• 5-year adjustable-rate mortgages: averaged 2.90 percent this week, with an average 0.8 point, dropping from last week’s 2.96 percent average. The 5-year ARM averaged 3.70 percent last year at this time. 
• 1-year ARMs: averaged 2.78 percent this week, with an average 0.6 point, dropping from last week’s 2.84 percent average. A year ago, 1-year ARMs averaged 3.26 percent.

The beginning of spring Asheville Real Estate is starting off strong. Asheville NC real estate MLS searches have increased nicely on www.MillsRealEstateTeam.com web site.  Prospective Asheville Buyers seemed to be thinking different now and have told me they need to get off the fence before interest rates increase as well as Asheville home prices.

Asheville NC Home Prices Have Finally Reached Bottom?

Asheville NC Home prices are bottoming now in many areas. In the fall on a National level the analysts had predicted home prices would drop by 8% from the second quarter of 2011 through the first quarter of 2013 however now they’re revising that forecast, realizing the housing market is stabilizing faster than they originally thought. 

Personally I believe in the Asheville NC real estate market that includes Waynesville and Maggie Valley area homes will start increasing in price by midsummer 2012. However analysts now predict that prices will remain flat for the next two years, as the excess foreclosure inventory is absorbed. They then expect to see a pickup in home prices by 2014. 

As Asheville NC mortgage interest rates increase as they have been within the last several weeks with motivate buyers to buy now before they increase even more.

Asheville Real Estate  is on the move as Western North Carolina home sales continues to increase equaling 2007 Asheville Homes sales and will be equal to 2006 by midsummer. The overall dollar volume will be down by 30-40% compared to 2006 but the number of sales will be equal.

As Asheville NC new home sales continue to increase several communities are making a come back.

Asheville mortgage rates moved increased sizably this week, following higher bond yields and improving economic data, Freddie Mac reports in its weekly mortgage market survey. 

Currently mortgage rates are catching up with increases in U.S. Treasury bond yields, placing the average 30 year fixed mortgage rate above 4% for the first time since last year.

Asheville Home buying is more affordable than renting according to the index, which tracks asking prices for rental units compared to for-sale homes in major metro areas.

Over the last 8 months a Asheville NC home values and low mortgage rates have made home ownership more affordable.

As Asheville rents continue to rise and prices stagnate, home ownership is becoming even more affordable, but rising rents create a dilemma for people who can’t afford to buy yet.

What Should You Know About Asheville Real Estate?

Spring is here and Asheville NC real estate season is in full swing. My experience with Buyers look for an Asheville home can be very confusing. For example Asheville communities will also include Waynesville and Maggie Valley Real Estate 30 minutes away from downtown Asheville.

My wife and I first started looking for an Asheville home and someone told us about Waynesville NC so we visited the historical downtown area of Waynesville. We just fell in love with the area and the Waynesville mountains are absolutely beautiful and different that Asheville NC area.

We would have never heard about the area without a friend telling us to visit Waynesville. Other areas like Maggie Valley, Weaverville, Lake Junaluska, Balsam Mountain, Grove Park, Arden and Fairview real estate are close to Asheville but often the real estate agent may not be willing to drive to these area and the Buyers will be disappointed after moving here and becoming aware of the different areas.

This is why I believe it is so very important to have a real estate agent that can show you properties in different areas and give you the information of surrounding Asheville communities.

Because of the Asheville NC real estate can be so spread out one of the elemental truths of real estate is that almost everything can be changed about a home except its location. So it is very important to have a broker knowledgeable about the different areas. For example if you are living here there are Asheville locations that get more snow than others so if you are living here year around this may be important but if it is seasonal this may not be a problem. By the same token, location is essential to our ability to afford and enjoy living in a place, given that it impacts everything from, where our children go to school and whether or not we have to pay for it, how much time and money we spend getting to and from work, our safety, the beauty, quiet and convenience of our surroundings and the recreational, shopping and cultural options which do or don’t become part of our daily lives.

Asheville location impacts whether you hear train tracks, freeways or birdsong in the morning whether your neighbors bring you cookies or bring you drama when you move in it can even impact your career and job prospects. The deep, numerous impacts of where we live on our experience of a home, in turn, give location a powerful role in driving whether we can resell our homes and for how much.

The critical importance of location is one Asheville Real Estate rule of thumb that grows truer over time. However, the specifics of what makes a location desirable have and continue to evolve rapidly. For example, Asheville urban homes with super short commutes to bustling job centers have grown more and more interesting to buyers as their prices have come down and gas prices have gone up.

All these elements can play an important role in you Asheville home and it is important as our season begins that you have the right agent to guide you in the right direction. The Asheville Real Estate area covers not only Buncombe County but Haywood, Henderson and 3 other counties are within 30 minutes of Downtown Asheville NC.

The question that I am almost always asked is when I find the right Asheville home what I should make my first offer for. The Asheville MLS reports that the average home sells for 89% of the asking price. Keep in mind the percentage can be deceiving for example if it was priced at $300,000 than they dropped it to $250,000 and then it sold for 89% of the lower listed price. So having a good Realtor guiding you with comps of the area that sold within the last 6-12 months and helping you establish a good place to start is important.

So the key to buying a home in Asheville NC or any City is having the right Agent that will look out for your best interest and knows the area.

Asheville Housing Market Reaches Turning Point!

Asheville NC Real Estate seems to be at the turning point according to economists. They are say the housing market is starting to heal, but too many people aren't aware of it because they're judging it right according to today’s economists.

The signs Asheville NC Home Buyers are looking for like higher prices won’t be the sign that the housing market is on the mend, in most cases that can be a lagging indicator. They are better at looking at increase in overall Asheville home sales. Home sales give you true signs of improvement: Existing home sales in 2011 rose to 4.26 million compared to 4.19 million in 2010. Asheville home sales in the last six months alone have increased 13%. 

Fortune Magazine points out the evidence reminds us that perhaps we should change our expectations of what a housing recovery might look like, particularly following a crisis marked by record foreclosures and a financial crisis that sent the economy into one of the deepest recessions. The recovery we have been anticipating is defined more on the rate at which the glut of vacant properties comes off the market as opposed to any steady rise in prices, which some think won't happen for another few years.

Another indication is Asheville New Home Market shows steady improvement after a surge last month. Buncombe County Permits for single family homes increased 4.9% alone, the highest since April 2010, while permits for multi-family homes rose 5.6%.

A good indication for Asheville Real Estate turning the corner is new home permits and gives us an Asheville new home future gauge of building is a welcome sign for the building industry, which last year suffered one of its worst years on record for construction. 

Builder confidence in Western North Carolina has picked up in recent months and held steady, holding at near a five year high in March. While Asheville builders are still very cautious at this time however the Asheville Home builders are starting to get excited for the future.

The figures in most cases also cover Waynesville and Maggie Valley Real Estate.

Asheville NC and Nationwide List Prices Rise Nearly 7%

As home sales increase so go the prices. Asheville NC’s median list prices including nationwide increased 7% in February compared to February 2011, according to the latest data from Realtor.com, tracking 146 markets.

Areas like Asheville, Waynesville and Maggie Valley with strong home sales and inventory dropping the housing market as a whole are in better shape today than at any time since the 2009-2010 tax credits. While higher list prices do not always translate into higher sales prices, they may signal a growing optimism on the part of sellers that the market has begun to turn around.

As Asheville NC and surrounding areas housing market continue to show signs of a turnaround and just before launching into the spring selling season it promises to be a strong year.

As Mortgage rates continue to stay low by historical standards, despite inching slightly higher this week following a positive job report and increasing bond yields, Freddie Mac reports in its weekly mortgage market survey.

With an upbeat employment report for February caused U.S. Treasury bond yields to increase over the week, and mortgage rates followed. Even though the Fed promised to keep the interest rates low with the employment increasing and the promise of a stronger economy interest rates will start increasing and buyers know even a 1% increase can mean hundreds of dollars a  year more.

This is the time if buyers have been sitting on the fence as sales continue to increase, inventory decreasing and interests going up. 

Asheville New Home Sales Off to Early Spring Selling Season!

New construction over the last several years has suffered right along with the rest of the nation but it looks like this is starting to turn around. Asheville spring selling season is already heating up for Asheville new homes, with sales activity increasing and some builders slightly increasing home prices.

The lack of new homes as predicted has created a shortage of new Asheville Homes and it seems a strong Asheville new home selling season has arrived strongly enough to kick start for the first time since 2005.

Asheville Real Estate last year started showing a positive turn for Asheville home sales but one of the worst selling years for new home sales. Because of the weak new home sales over the last six years it has created a shortage of homes and with the lenders starting to make it easier to qualify we are starting to see a strong increase in new home sales and resale homes.

The rising cost of new home construction in material it will be hard to build to build a home and have the selling price competitive with a resale. For example a new Asheville home selling for $300,000 most likely you could find a comparable resale for 25-30% less.

Asheville NC real estate over all is seeing a nice increase in home sales new and resale and as real estate listings continue to decline and real estate search increase on our web site is a good indication that we are or have turned the corner.

Asheville Real Estate Agencies are starting to get extremely busy as or season begins and as we see a continued interest in new homes and resale this season promises to be a year to celebrate.

​Asheville Home Search Now

​Waynesville Home Search Now

​Maggie Valley Home Search Now

Will the Government be Responsible for Increasing Asheville Home Prices?

The government has been very successful depleting its foreclosure inventory in 2011, reducing it by nearly half most by selling bulk bank owned properties to investors for cash.

The result of this from the end of 2010 to 2011, Freddie Mac, Fannie Mae, and the Department of Housing and Urban Development saw nearly a 50% reduction in the number of bank owned properties Here’s a closer look by how much the government enterprises trimmed their foreclosure inventories.

Good news for Asheville home sellers is as the home inventory depletes because of stronger sales and less bank owned homes coming on the market Asheville home prices are stabilizing and in many areas increasing.

It would appear that 2012 will start turning the corner.

Also very encouraging is that Western North Carolina rank 5^th in people moving here. The finding showed that many that would have moved to Florida for example then to Asheville are skipping the move to other states and just coming here.

The Aging Baby Boomers and is significantly impact trends in not only nationally but Asheville Real Estate as well. They are predicting this will have a major impact in nation’s housing market over the next 20 years.

Over the next two decades, the aging baby boomer generation will swell the nation’s senior population by 30 million. That demographic shift will likely help increase the supply of housing, since people over age 65 typically release much more housing than they absorb. 

So I believe the future of real estate will start strengthening and as the past has been a good investment. Many made millions when the real estate market was on top. Investors are seeing the opportunity buying up bank owned properties as fast as they can.

So is it time to jump in and test the waters in Asheville Real Estate?