SAME OL', Same OL'

The market remains sluggish, but does show some signs of life. Asheville is alive with activity but just not real estate. Spring has begun and houses will start to look more appealing. This will help with first time home buyers. The upper end of the market is still pretty good. The worst part of the market is the middle as homes in the $200-300,000 range as the number of homes coming on the market continue to outnumber the ones sold. Until the supply starts equaling the demand we will continue to see a downward pressure on home prices.

We will report on March numbers in early April.

Asheville Real Estate follows the country Trend

As the weather gets better more deals are being made, but February followed the country trend. We now have over 20 months of inventory currently on the market. This means that sales cannot keep up with the number of houses listed. Average sales price continues to drop. March's contracts look better, but not significantly. What is selling? Homes that are priced right. If they are priced right in this market they sell within 7 days. After that, well, they become one of many. Some popular developments like Biltmore Lake have over 50 homes on the market from $399,000-599,000. Biltmore park has over 25 home on the market. These locations were the hot location a year ago. Now they are at the most difficult price point.
Buyers, where to they come from? Mostly they are investors or first time home buyers. The retiree market has temporarily halted due to retirees inability to sell their homes. When they do they buy quickly. We look for some improvement in March, but we will see.

Michael

www.kellerwilliamsasheville.com

Real Estate in Asheville continues national trend

I said it before but I cannot impress enough on potential buyers to take this opportunity to check out houses you thought you couldn't afford. If you are an investor, you may never see this opportunity again. Rents have not decreased and there is still a demand for a 3 bedroom 2 bath home in a popular school district. Rents will range from 1100-1300 so do the math. Ask for buy downs in the rates as they will increase your cash flow.

Seller take note: Listen to your Real Estate Agent! They know the immediate market and will give you the best advice to be ahead of the curve. Price it right today and you will loose less then you might tomorrow. Make your house look good and take care of repairs. There are too many choice for buyers today. They do not need a fixer upper.

The total volume for our market is down 31% for the first two months compared to last year.

This is not a disaster but it is time to look hard at selling and buying prices.

www.kellerwilliamsasheville.com