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I agree in part with what you are saying... and there are enough stats out there to prove facts. My point is that with so many homes currently and expected to come on the market (as we both pointed out)... and 30-yr fixed interest rates so low (as we both pointed out)... makes it a buyers market. There are tons to choose from, and sellers know that- making home prices drop. It is certainly NOT a sellers market. If you're looking to sell... stand in line! Average time on the market right now is 4 to 5 months, and yes... sometimes longer depending on the home. But to look at the economy as a whole in WNC... we are doing wonderfully compared to the US overall. Our home prices are not dropping nearly as fast as other locations. But, for the reason of this blog... helping someone that is considering relocating to Asheville... You are probably well aware that the economy is not boasting as it was in 2005. But, you're on the buyers end of things, and any news media will tell you it's a Buyers Market- I hope it levels out for all those sellers out there hanging on to homes in the US, but it is not expected to for another year at least.
The thread got a little sidetracked on recession talk...but it is applicable to my profession I suppose. I need a smaller town with a stable and growing population base without being just another suburb in a sprawling metropolis.
And we like Hendersonville because it is smaller, seems to be family friendly, and is seems to have a viable economy. There are a lot of small N.C. towns that don't have this! We are quite against moving to Asheville for many reasons, the primary one being that a lot of folks in my position are also moving up there!!
Given how close Asheville and Hendersonville are to eachother, they both have a completely different feel to them. Hendersonville is much more "small town" with all the conveniences, where as Asheville is a much larger and more populated area. I have children myself, and live in Henderson County. I am very happy with the school system, and our family feels very safe and comfortable here. I have also lived in Asheville, Arden and Fletcher.
The thread got a little sidetracked on recession talk...but it is applicable to my profession I suppose. I need a smaller town with a stable and growing population base without being just another suburb in a sprawling metropolis.
And we like Hendersonville because it is smaller, seems to be family friendly, and is seems to have a viable economy. There are a lot of small N.C. towns that don't have this! We are quite against moving to Asheville for many reasons, the primary one being that a lot of folks in my position are also moving up there!!
It's not quite side tracked as you're looking to move here to work. You're moving from an area with a stable job base to an area with a very unstable job base. Hendersonville and Asheville are largely service industry dominated. If you're a medical professional you'll do fine here. If you're in an industry related real estate (construction, realtor, supplier) or restaurant/tourism you will be slaughtered over the next couple of years. Those 270k houses that were mentioned earlier in the thread will be selling for a 100k haircut if not slightly more in a couple of years. The only buyers in this market are either ignorant of the market forces at work, have more money than sense, or are willing to buy now and sit on a depreciating asset until their value recovers 10 to 15 years down the road. Repeating the maxim that it is currently a buyers market is a fallacy. A fallacy that can be added to the old adage that "all real estate is local", and a favorite of realtors at the top of the boom "buy now or be priced out forever."
Yes, 30 year fixed rates are very low now, but you better bring 20% down or you're not getting that loan. You better not be carrying another mortgage on an unsold property or you won't be getting that loan.
If you still want to move to the area more power to you, just do your research and think twice. The economy in the area is not good. It's a facade based on this area being one of the last bubble areas. Wages have been stagnant for over a decade, outside investment money is the only thing keeping the area propped up along with tourism dollars.
Hendersonville would be a great place to rent for a couple of years. Reason is that you can do your market research of the area without the pressure of having to make a permanent decision. You know your family's requirements and giving it a year or two will put you in a great position to exploit the coming 'buyer's market' which some feel is now....while those without a vested interest know better. Good luck.
I'm a Hendersonville native...lived there for forty years and now reside in Charlotte. My children and many family members are still in Hendersonville. Traffic is as bad as Charlotte. There's not as much but it doesn't move as smoothly. Housing costs are high. The transplant population is about the same. The crime rate per capita is probably close. It's not a bad town but not utopia either, much like Charlotte just smaller.
It's not quite side tracked as you're looking to move here to work. You're moving from an area with a stable job base to an area with a very unstable job base. Hendersonville and Asheville are largely service industry dominated. If you're a medical professional you'll do fine here. If you're in an industry related real estate (construction, realtor, supplier) or restaurant/tourism you will be slaughtered over the next couple of years. Those 270k houses that were mentioned earlier in the thread will be selling for a 100k haircut if not slightly more in a couple of years. The only buyers in this market are either ignorant of the market forces at work, have more money than sense, or are willing to buy now and sit on a depreciating asset until their value recovers 10 to 15 years down the road. Repeating the maxim that it is currently a buyers market is a fallacy. A fallacy that can be added to the old adage that "all real estate is local", and a favorite of realtors at the top of the boom "buy now or be priced out forever."
Yes, 30 year fixed rates are very low now, but you better bring 20% down or you're not getting that loan. You better not be carrying another mortgage on an unsold property or you won't be getting that loan.
If you still want to move to the area more power to you, just do your research and think twice. The economy in the area is not good. It's a facade based on this area being one of the last bubble areas. Wages have been stagnant for over a decade, outside investment money is the only thing keeping the area propped up along with tourism dollars.
JSTUBBSPT's advice is good medicine for all to take!
It's not quite side tracked as you're looking to move here to work. You're moving from an area with a stable job base to an area with a very unstable job base. Hendersonville and Asheville are largely service industry dominated. If you're a medical professional you'll do fine here. If you're in an industry related real estate (construction, realtor, supplier) or restaurant/tourism you will be slaughtered over the next couple of years. Those 270k houses that were mentioned earlier in the thread will be selling for a 100k haircut if not slightly more in a couple of years. The only buyers in this market are either ignorant of the market forces at work, have more money than sense, or are willing to buy now and sit on a depreciating asset until their value recovers 10 to 15 years down the road. Repeating the maxim that it is currently a buyers market is a fallacy. A fallacy that can be added to the old adage that "all real estate is local", and a favorite of realtors at the top of the boom "buy now or be priced out forever."
Yes, 30 year fixed rates are very low now, but you better bring 20% down or you're not getting that loan. You better not be carrying another mortgage on an unsold property or you won't be getting that loan.
If you still want to move to the area more power to you, just do your research and think twice. The economy in the area is not good. It's a facade based on this area being one of the last bubble areas. Wages have been stagnant for over a decade, outside investment money is the only thing keeping the area propped up along with tourism dollars.
I agree about the unstable job base.; that's why we're not there now.There is also a distinct diacotomy between the haves and the have nots.
It is high. Real estate prices will be dropping like a rock in WNC as it is one of the most overheated markets in the nation. It was one of the last bubble markets to inflate, and will be pounded hard on the down side. Asheville doesn't have the economy to support these prices, and contrary to the opinions of the used house salesmen the boomer retirement wave isn't going to save this market.
If you truly want to move to this area for the right reasons (ie you're an outdoors oriented person looking to enjoy the national forests and parks) wait a bit. You'll be able to get much more house and land for you money than what is currently being offered.
Your dreaming, most of the sales in the area are cash buyers from much more expensive citys. The job market has nothing to do with the economy here. people come here with money!
Your dreaming, most of the sales in the area are cash buyers from much more expensive citys. The job market has nothing to do with the economy here. people come here with money!
I'd like to see those stats and I don't understand your generalization that....the job market has nothing to do with the economy here....
If these so called 'cash' buyers can't sell their homes in FL or the more expensive cities, then they can't use that built up equity to purchase elsewhere. That's what is happening now. Those limited buyers available in the Hendersonville marketplace can't buy now so many are looking at renting.
Hendersonville and the rest of WNC depend on these 'cash' buyers as well as the job market.
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