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.