Fall is a great time of year for real estate in Asheville! Temperatures really do not get cold until later in December, so tourism is in full swing. And with the tourists come buyers!
First, let’s talk Real Estate in general throughout the United States. According to The Kiplinger Letter, “A tight market is going to get tighter as demand for homes continues to grow and supply fails to keep up.” Builders cannot build fast enough. With the recent hurricanes and natural disasters around the country, building prices are creeping up rapidly, and laborers are in high demand. Mortgage rates are predicted to rise meaning buyers should secure their loans now while rates are still low.
North Carolina currently ranks #7 in price appreciation by state. There has been an 8.49% one year increase with 2.77% over last quarter.
We, at Beverly-Hanks, like to describe Buncombe county as a “dual market.” It is definitely a seller’s market in the lower price points which in Buncombe county tend to be less than $500,000 especially in certain areas. And as selling prices increase, it becomes a buyers market. We are really encouraging homeowners that are considering moving up to do it now. They will get top dollar for their current home and can hopefully get good deals on higher priced homes. If you are outgrowing your current home, have an expanding family, or just need more space, definitely consider preparing your home for sale.
Please see the third quarter Marketing Report for a breakdown of each county in Western North Carolina. Happy Reading!