Asheville real estate--home prices still going down? (Waynesville, Fletcher: for rent, condominiums)

[jskirwin]

Originally Posted by tkhk3746

The comments on here should allow you to see why you really should stay away from Asheville...and not due to the real estate market.

Care to be more specific?

[The Mule]

One thing I've noticed here is that people are willing to allow their house to sit on the market forever and NOT lower the price. The supply of homes for sale in this area is very high, partially because of that.

Like Flat said, I think you can negotiate a good deal if you make an offer substantially below the asking price and then just be patient. Sooner or later, people trying to sell are going to come to the reality their house is not worth what they thought. Some will have to sell, anyway.

If Asheville's situation is like the rest of the country, there are a lot of ARMs due up for rate adjustments next year. That should create more opportunities for the potential buyer.

[NCBND]

The previous poster makes a powerful point that's important to remember if you are a prospective real estate buyer in western NC. When I first started investigating the purchase of land there I just couldn't understand seller behavior - it seemed irrational. I kept coming across interesting properties that were priced far higher than a "normal" market-clearing price. I figured that I'd just wait until the prices were reduced to something sensible and then I'd move on them. That very rarely happened. The price never changed regardless of how long the property sat on the market.

Up my way that's not normal - you mark it down and move it or else the property gets labeled as "shopworn" or "crazy seller" and people look elsewhere. Not in western NC - its Standard Operating Procedure. Maybe it's a leftover from the old bubble mentality where sellers figure that eventually either the market will come up to their level or some sucker will pay a premium.

In any event, either these sellers have incredible financial staying power or they simply don't care if they sell. The message sent loud and clear to prospective buyers is "unmotivated". Call it a matter of personal preference but I simply won't play that game - I just move on to something else where the sellers aren't employing the "Rope-A-Dope" strategy.

[Cofga]

One observation--a lot of these sellers probably are retired folks who don't need to move and can afford to sit on it until they get their price or the grim reaper calls. That said I have been watching a few houses for a couple years and prices do change. I watched one house up in Grove Park that went from ~$395K, to 380, to 370, to 350, and finally sold for about $325 after about 9 months. It was a nice older house without AC and no real upgrades but was jsut grossly overpriced at first. I guess it was a motivated seller that finally had to move--Larry

[nancy thereader]

Are there any over 55 places that anyone knows about?
What is Asheville like as a city?
Libraries?
Hiking paths , parks and recreation ?
Shopping , malls and restaurants?

[Kootr]

Originally Posted by nancy thereader

Are there any over 55 places that anyone knows about?
What is Asheville like as a city?
Libraries?
Hiking paths , parks and recreation ?
Shopping , malls and restaurants?

Take a look at Hamburg Crossing, which is located in nearby Weaverville that is a quaint little town with a lot of history.

[nancy thereader]

Homes in the $500K and above are the ones taking the worst hits. Go to $1.0M and above range

That is true of many places. No one can afford those overpriced McMansions right now.

[LiveLoveLaugh]

What would you rather do? Pay someone elses mortgage or pay your own? Owning a home is the greatest THING IN THE WORLD....I feel it is the American Dream...I grew up in NY my parents rented...my dream was/ is owning a home...I don't give a rat's a$$ what investments do....I OWN MY HOME.

[nancy thereader]

Well, I do too. I was just saying that homes in the million dollar range are a hard sell in this market.

[lovesroses]

With the stock market dropping 500 pts yesterday and the other gloomy financial happenings there arent going to be alot of takers for overpriced real estate anywhere.

When we were looking around outside Waynesville for lots, we found some developer selling lots 5 ac and less for around $400,000. Well he has since reduced the prices to $200,000 and still no takers. The guy hails from New England and probably bought the property a few years ago thinking he could make a killing, and now he is about to lose his shirt...