Which Asheville Housing Values Have Suffered the Most?

Asheville’s lower priced homes have been harder hit than higher priced homes in the sluggish housing market.According to research higher priced homes have lost 38 percent of their value since values peaked in 2006. Lower priced homes dropped 63 percent since peaking in 2007.

Why such a difference?  I have heard some say because lower priced homes appreciated much more before reaching its peak and therefore had further to drop than higher priced homes. I believe that could be true however I believe the home owner in the higher priced homes can hold out longer for something closer to the asking price and not hard pressed to sell. The lower priced homes in many cases the owner must sell because of economic problems proven by Asheville foreclosures in low-income neighborhoods are more than double that of high-income neighborhoods.

As I was setting up showings for tomorrow four out of the nine Asheville Homes went under contract. All these properties are in the lower price range as the investors grab them up taking advantage of the low prices. We are starting to see multriple offers on the bank owned, short sales and foreclosures.

 So what do I suggest? First do not panic it is still very important to do your research get a real estate broker you can trust and take the time to look at as many properties as possible and then negociate and negociate some more.