Turning the corner in Asheville Real Estate

Its been a tough year in the Real Estate business, no one would argue with that fact. Asheville, which has often been insulated from national real estate problems, felt the pain of the rest of the nation in the first quarter of 2009. But starting in late May, all the indicators began to point towards an uptick in many sectors of the housing market in Asheville. Agents, Home Inspectors, Lenders and Attorneys tell the same story, that June 2009 numbers were right in line with June 2008; this, mind you, is still way off our market high in the summer of 2007. Yet, agents are starting to use muscles we haven't used in months!Everyone in our office is busy all of a sudden--what a great feeling! One trend is becoming apparent in this buyer's market. If you have a ready, willing and able buyer, they may get the deal of a lifetime. North Asheville currently has 73 homes on the market between $500,000 and $800,000. In the past six months, only 6 have sold. That gives us an approximate 6 year inventory of homes if current conditions were to prevail. So, what will happen in this scenerio? More than likely, sellers facing these kind of odds are going to have to acccept a lower than ideal offer, if they receive one, and "lick their wounds and move on," as one agent I work with put it...In order for this market to recover to health, the harsh reality that one will not necessarily make a profit on the sale of their home which they put so much into, (this has been a "given" in our area for a decade or more) is a pill some sellers will be forced to swallow in the coming months.

On the positive side, remember what this means if you are a buyer. There has never been a better time to jump into the real estate market in Asheville, and here is why: A)The indicators point towards a potential "bottoming out," which could mean prices will stabilize and begin to rise again soon. B)Rates are still near historic lows, in the 5.375% range C) You have more choices than ever with some really great properties whose owners are eager to cut deals D) Programs and incentives like Real Living's "Peace of Mind" Mortgage Payment Protection Plan can help alleviate fears about the lingering effects the Recession might have on buyers lives. E) If you are a first time homebuyer, the clock is ticking! You have to close on your new home by November 30 in order to qualify for this $8,000 credit. With an average of 45 days from contract to closing, that means you need to find your new home by October 15 at the latest! So get going...call me today and I will help you get started. Glenn 828-329-3290