Asheville Real Estate the Local Market

Recent news makes things seem terrible.   But some times it is a matter of perspective or HOW you look at things.    Notice this recent comment from Bloomberg-

New-Home Sales Hit Record Low
Sales of new homes declined 11 percent in January from December to the lowest level since the U.S. began keeping records in 1963, according to a report from the U.S. Commerce Department released Wednesday.     Source: Bloomberg, Bob Willis (02/24/2010)

If you look at that headline you might think that ALL the market is doing poorly.   However in Asheville, NC the JANUARY 2010  overall market compared to LAST JANUARY 2009, actually DID BETTER.   To be specific 97 homes sold  in Buncombe County in 2009 compared to 125 homes sold  in 2010.   Remember all realestate is local.   HOW we look at the numbers and WHAT NUMBERS you look at will make a difference in how you feel about the numbers.  

So you might ask, are we in a great market?   Well again its all in your view point or mental perspective.    There are good spots in all markets.   And there are ways to make money in this market.   If you are a buyer the time is right to buy.    The market is hot especially for buyers.   Why do I say that?   When is money made in any market?   When you buy low.   Lower is better.   When you sell, Sell High.   Higher is better.   In all markets, stocks, bonds, gold, oil, realestate, buy low and hold is always a good investment.   Why?   Because historically all markets continue to rise.   Adjusted for volatility or up and down swings, the longer your investment time frame the less volatility will affect you.   First time buyers and all home buyers are longterm buyers.   Ten years is the expected time frame for home buyers to stay in  a home time is on a buyers  side.   We are in a period of adjustment.    There are really great opportunities in this market.

For more information about Asheville and how the Asheville market is doing go to my website at www.rksells.com , look at the Total Market Overview.   Notice how the market changes from price to price.   Email me for specifics of about the Asheville NC Market.

Please let know your comments on this blog.   I enjoy your thoughts.

Robert Karsten  

This information is based on the  today  February 2010.  

To Keep things in prospective compared to the local market, below is a link to information about the national market.   This report will give you a good perspective on the National Real Estate Market as a whole.   interest rates are below 5%, Home prices are up compared to last year.   How will the economy do?   How much has housing prices changed?   How is inventory?   up or down?   how much?   What are Mortgage rates compared to last year?   How affordable are homes today?   Whats happening to FHA financing?   How are foreclosures being treated by FHA?   Why is that important?

News letter Prepared by the National Keller Williams Office

Call me if you wish to discuss how this affects you persoanlly at 828-231-3348.

My comments on the report are:

If your selling your home check out the tips at the bottom of the report.     Get your home listed as soon as possible.  

 If your buying a home then now is the time to take advantage of the market and low interest rates.   Of course the tax credit.

Greetings from Asheville, North Carolina.   This is a summary of how Asheville Real Estate is doing in the month of January 2010.     Please open the file at the link below.   See my views below.

20100131 tmo-nc-asheville real estate buncombe county.pdf

How to read the  Total Market Overview:  

This is the Buncombe County TOTAL MARKET OVERVIEW.   It shows what is going on in the Asheville Real Estate market.   As you review the information you will see that it is broken down into price ranges.   This in turn provides us with an understanding of how the no market is like the local market.     What is said about real estate in Asheville could be completely different if you are talking about $500,000.00 property verses a $150,000 property.Notice how high the pending ratio is.   When we see 25% we are looking at a sellers market.  Below 25% we are in a buyers market.   The Absorbtion rate is a trend number.   It indicates weather the market is heating up or cooling off.    You will notice that the numbers rise as you go up in value.   These numbers tend to be affected by seasonal events.   January being the worse month of the year typically.  

The Asheville Real Estate Market My View:

The Asheville Real Estate market will continue to improve in the lower markets price range 0 to $250,000.00.   This is because of the availability of financing from FHA and USDA.   These Government programs are continuing to be available and are the only source of financing with down-payments below 20%.   Typically 0 down with USDA and 3.5% down with FHA.   There will be an adjustment which will occur after  May after the tax credit comes to an end.   The practical effect being that closing must occur by June.   After May numbers will begin to change based on serious buyers who are not affected by the tax credit.   The upper price ranges will continue to remain slow due to the need for more down-payment.  

If you would like more information about the current market and specifically your market please call me.  Robert Karsten Keller Williams Professionals86 Asheland AveAsheville, NC 28801

What is the future of the  Real Estate Market in 2010?  

As we look at buying a home the question is can we afford it.   The more affordable homes are then the more people will buy a home.   According to a recent report by the National Association of Home Builders the ability to purchase a home is at it highest level in the 18 year history of the index.   This is because of the price of homes, interest rates, and income levels of home buyers all combined contribute to the ability to buy a home.    This is a prime indicator of the future of the realestate market.   For more information about the report see:

    http://www.nahb.org/news_details.aspx?sectionID=135&newsID=10037

If your a seller this is good news because there are more buyers out there.   If you would like information about selling your home please click on Seller resourse on my website.   www.RKsells.com

If you are a buyer it is good news because home buying is more affordable. If you want more information click on Buyers Resource on my website. www.RKsells.com

2009  

Real Estate in Asheville continues to be doing well in the low price range.   We are seeing a drop in inventory and increase in sales.   But in the higher price ranges sales continue to be sluggish.   The Average price of a home has dropped and there are a number of foreclosures on the market.  

The tax credit has continued to provide encouragement for new home buyers and there is a new tax credit for existing home owners as well.  

A link to my Total Market  Overview is below

http://kellerwilliamsasheville.com/currentmarketconditions.pdf

I hope you are doing well.

Regards,

Robert Karsten

Welcome to Robert Karsten’s Blog! This blog will provide you with valuable information, tips, and general insight into the real estate market in Asheville.