I was talking with a contractor yesterday that told me one of the biggest challenges they are facing with new home construction with Asheville Homes is when the bank orders an appraisal for the loan that the value is appraised under the cost of construction. Materials for new construction continue to increase in cost making it even more difficult to build if financing is needed.

New home starts are down it may not be because the consumer does not want to build but because it is a stronger investment to buy an existing home. I believe this will continue to be the trend for some time.

Home size continues to decline and the buyers increasingly opt for single story homes. The average home size is 2438 sq ft; last year was over 2500 sq ft. This does not actually bring the cost of building down as the smaller the square foot to more expensive it will become in most cases.

Waynesville Real Estate for existing homes continue to be strong as well as Asheville homes. 

There has not been a better time to buy an existing home plus the interest rates are still an all time low.