Real Estate Blog Asheville, NC

After writing the previous post I went and did a little surfing around CNNMoney and found this article.

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Brian

Hi everybody, it is been a couple of weeks since my last entry.  I haven’t written anything because I was waiting to see where all this economic turmoil is going.  The really short answer is nobody knows.  However, to expand upon that just a little bit I will share with you a conversation I had was some clients just the other day.

I was on a listing appointment with a residential client and they ask me my honest opinion of where things stood.  This wasn’t my verbatim response that it went something like this:

Currently our real estate market is suffering however since we are in Asheville, NC real estate market we’re not as bad off as say South Florida.  Primarily what we’re going to see in the market at least through the second quarter of next year are the bloodsuckers; defined as people with the ability to purchase at extremely discounted prices.  Somewhere moving into the third to fourth quarter of next year we should see a slight turnaround in the Asheville real estate market.  So, at the time we listed the property for one month during the fall, for leaf season, and then we will remove it for the winter.  We will then place it back on the market somewhere late spring to early summer of 2009.

However, after seeing what has happened over the past 72 hours and some of the conversations I have had makes me wonder if our turn around and slow painful recovery is not further out.  While our market in Asheville is surviving it is still starting to show some battle scars.  I honestly feel that this recent bailout OK OK not a bailout but a gov’t loan program will be hardly felt by main street.  The main benefactors of this move of course is wall street.  While the fed buying up all of these crappie assets provides money for the banks to start loaning money to each other it does nothing to make it available to the average Joe.  Let’s face it if you do not have a FICO score a ball of 700 and a job history that is long and illustrious YOU DO NOT STAND A CHANCE of getting a loan!!!!  So, while the overall economy may keep moving the future health and prospects for real estate in Asheville are going to be tight at least for the next year to year and a half.

However, the one bright spot in the real estate in Asheville is the green industry.  While conventional stick built construction and sales of preexisting homes seems to be slowing somewhat it appears as though healthy built/LEED certified homes are selling well.  So, the economic turn down is going to have some affect on the green industry, but I feel it will outperform the traditional real estate and construction industries by a long shot.

Brian

Hi everybody Brian Barrett here and I know it has been quite a while since I’ve posted anything on our real estate blog, but I’m going to make a sincere effort to get back to a more regular schedule.  My attentions that as of late have been focused on our construction company blue ridge homes and starting a new family with my wife Mary Lynn.  I have also spent the last several weeks getting involved with a new home business opportunity which you can find at www.gettingpaidtoeat.com.  However, I am still very much focused and involved in the day to day operations of Carolina Mountain Realty & Development and if you will stay tuned, you will be seeing a lot of editing and new editions to the website at www.carolina-mountain.com. I am also going to be updating this blog a more regular schedule of width great information concerning the Asheville real estate market and Mortgage Industries.  I know that the news has been delete coming from the media, but I believe the bottom of our market is in sight and I will be expanding upon these ideas and the very near future.  So stay tuned and have a great labor day weekend.

Brian

Well it has been a while since my last post so I thought I would take just a second for a couple of updates:

1) Well the Super Wal-Mart and Lowes in Weaverville is finally back underway.  After some wrangling with local utilities companies it appears as though the developer of this project has finally gotten back underway putting to rest the rumor mill that had reported the developer as being bankrupt.  It appears that the rumor was nothing more than ill informed locals.  I personally look forward to having the shopping amenities in the area north of Asheville.

2) It appears as though we are finally starting to see some drop in the 30yr fixed mortgage rates.  After months of steady increases we are finally starting to see rates right at 6% or just a little under.  While is not having an effect on home sales, the new rates are at least helping many refinance their homes into locked interest rates.

3) Fannie Mae and Freddy Mac have finally been given a need shot in the arm from the fed, fannie-rates-reduction.pdf, and have also lowered their rates and amount of down payment needed in an effort to prop up the ailing Real Estate markets across the country.

4) And miracles of miracles,  Mars Hill has voted in alcohol sales.  For the first time ever we can go to the local store and buy either beer or wine!!!  It will be interesting to see what effect this has on the area, but everyone I have talked to seems very excited about the prospects.

5)Also in Mars Hill news, Ingles is slated to open the doors on its new grocery store in about 10 to 11 months.  This another huge boost for locals who have been suffering with a woefully inadequate store for many years.  Thanks Bob…..

Just a couple of thoughts as sit and watch the SNOW coming down here in Madison Co. 

Brian

I doubt too many homes were sold in Asheville this past week, seeing as it was a holiday week.  Yes, I use “holiday”, but we do not need to get into that here.  It is brutally cold right now, and snow is on the ground.  Great way to start the new year.  Right now, everyone is worried about the housing market, and most do not predict a recovery (nationally) until 2008.  What about locally?  Well, every time i turn around another indicator is not indicating the same thing as the last.  We have a large inventory of homes on the market, but prices are rising.  Just today I saw an article that said construction spending rebounded for november.  (these stats are always a month behind current)  My verdict?  wait and see.  Asheville is popular, and it will survive more downturns than other areas.  Good luck in the new year, i hope it is prosperous to all, and i hope everyone will take a little time to do something nice for a neighbor in 2008. 

David

      A snapshot of America’s costliest home markets for the median three bedroom and two bath home, showed Asheville’s market was considerably lower.

As of 7/09/07 the MLS for the Asheville area showed the median cost of a 3BD/2BA home to be $259,900.  That is almost half the price of the fifth place finisher, San Diego!  It will be interesting to see how these stats stack up this time next year.  Just a little market info for your Monday.

Brian

Welcome everyone to the new blog for Carolina Mountain Realty & Development!!!  We will use this blog to keep everyone up to date on current real estate news in the area and also attempt to answer any all questions.  Please feel free to fire away.

Brian Barrett