The Current Asheville Real Estate Market: Reasons To Buy A Home In The Nc Mountains

Asheville, NC: A Small City with a Big City Feel

Over the last two years the U.S. Like the global economy, the real estate market has seen its ups and downs. The real estate market has cycles, just like anything else in our world. Change is natural and there are always opportunities to be found during these shifts, we just have to take the time to discover them.

Asheville's community spirit, quality of life and overall positive vibe continue to make it a desirable place to live, work, raise a family or retire, even though it's a small mountain city nestled in the most Western region of North Carolina. Asheville was voted number 8 of the "Top 10 Best Southern Cities"in the Southern Living Reader's Choice Awards in 2009. This year and next year, homebuyers have a great opportunity to purchase homes in Asheville and mountain properties in Western North Carolina at prices they can afford.

The Asheville Real Estate Market: No Rose Colored Glasses Necessary!

The best way to buy or sell a home in a serious buyers' market is to throw out the daydreams, assumptions and ideals. The key to a successful real estate transaction is realism, based on facts. So what do Asheville homebuyers have working in their favor?

Real Estate Opportunity #1: Affordable Asheville Homes and WNC Properties

In today's buyers' market first time homebuyers can get a fair, affordable price on local properties. This applies not only to the city of Asheville, but also to surrounding areas like Weaverville, Black Mountain, Hendersonville, Arden, Fletcher, Leicester and more. The extension of the first time homebuyers federal tax credit until the spring of 2010 and the great current mortgage rates are added incentives for homebuyers searching for real estate in WNC.

Real Estate Opportunity #2: Plenty of Inventory Means Plenty of Options

In Western North Carolina, as of Nov. 1st, there are 8,889 homes for sale in the WNC MLS. Buyers can negotiate better deals now than in past years because more inventory is on the market. Buyers don't have to settle for a home that doesn't meet their needs, they can hold out until they find the piece of Asheville real estate or mountain property they've always dreamed of. As sellers are aware, there is a lot of competition and homes must be more presentable and move-in-ready.

Real Estate Opportunity #3: The Strength of Asheville's Real Estate Past

Historically, buying real estate in Asheville has been a sound investment and it will continue to be so. Purchasing a home or land as a long-term investment of 3 to 5 years or more is recommended. According to the "Western North Carolina Real Estate Market Report 3rd Quarter 2009", published by Coldwell Banker Kasey Real Estate, between January of 2009 and September 2009 Average Homes Sale prices dropped by 5.75%.

This proves the Asheville market has experienced some positives in comparison to the rest of the country. For example, according to the "3rd Quarter 2009 Prudential Douglas Elliman Manhattan Market Overview" the average home sale price was down 10.6% from last year. Other cities have seen an even sharper decline so although the number of days a home or property stays on the market is still high; Asheville's real estate outlook is still strong and viable. WNC and the city of Asheville also have a lower rate of short sales and foreclosures than many other cities.

The Asheville Real Estate Facts: Knowing the Hard Data Leads to Real Estate Success

Choosing an experienced, educated, full time agent ensures all parts of the real estate transaction are completed in a timely manner with attention to detail. Know the facts about the local market and deal with a real estate professional that does too.

(All information has been taken from the local MLS and published in the "Western North Carolina Real Estate Market Report 3rd Quarter 2009", published by Coldwell Banker Kasey Real Estate.)

Asheville Area Average Home Prices:

January to September of 2009 Average Sale Price

Buncombe County (where Asheville is located) - $258,556

Henderson County - $212,661 Haywood County - $209,011

January to September of 2008 Average Sale Price

Buncombe - $274,325 Henderson - $235,264 Haywood - $219,733

Asheville Area Real Estate Inventory: There are so many choices in the current real estate market.

September of 2008

6,200 single family homes available for resale in WNC

2,101 in Buncombe County 565 condos available 271 were in Buncombe

September of 2009

6,682 resale single-family homes in WNC available for resale

2,230 in Buncombe 630 condos available 285 in Buncombe

by: Nora Hall

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