Asheville Real Estate Results for October 2007

The Asheville Market continues its slide but prices are holding. The Asheville area had a 60% drop in total sales for the month of October over last year. While that might seem to be a scary number, the average sales price is and the average days on market has remained the same. Listing continue to be on the rise overall and pendings are still down about 60%. Yet houses do sell and in fact there are several with multiple offers. It just means that if you price the house correctly it will sell, if not buyers will look somewhere else. More analysis of October and YTD numbers later.

www.kellerwilliamsasheville.com


Michael

Mortgage Money for Real Estate in Asheville

Recently, there have been several articles about mortgage money here in Asheville. Let me make it clear, there is money and it is competitive. You still can get a loan even with OK credit. A recent article indicated that you should not use a mortgage company that is part of a real estate company as the rates will not be as good as an outside lender.

While that may be true in some cases, one stop shopping will make the transaction smoother and relieve many of the usual worries. Check around first and then check the inside mortgage company. Remember, they work closely with your agent and would not be there if they could not perform. They also would not be there if their rates were not competitive.

You cannot always control outside mortgage lenders deadlines and requirements, but you can get straight fact from the inside lender and make intelligent decisions.

www.kellerwilliamsasheville.com

Is Asheville a Buyer's Market or Seller's Market?

Well the best answer to the question is....it depends. Asheville has a vast price range. Homes, manufactured homes, cabins begin at $59,000 and range up to luxury homes in the millions. We currently find that the best seller's market is anything below $200,000. From that point Asheville homes become a buyer's market. The higher the asking price the more buyer's market it becomes. Certain neighborhoods are also on the border of seller/buyer market. West Asheville more of a seller's market and Fairview more of a buyer's market. Check with a Keller Williams agent as to the latest report on these numbers.

www.kellerwilliamsasheville.com

Michael

Asheville Real Estate Results for September

The Asheville Real Estate market continues to slide as does all of Western North Carolina. The results of the 5 county WNC Regional Mls system of total home sales is as follows:

September 2006---------------------September 2007
Homes Sold 782 ---------------------- Homes Sold 537
Average Days on Market 87--------- --Average Days on Market 102
Median Selling Price $218,500------- --Median Selling Price $225,000
Sell Price Volume 228,142,543------- --Sell Price Volume 154,915,195

This shows a 32% decrease in volume from last year. Similarly there is a 31% decrease in the number of homes in the Asheville area, sold. This is an accelerated trend from earlier this summer. It could be a cold, old winter for Real Estate in Asheville, if this continues.

Michael