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Western North Carolina The Mountain Region including Asheville
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Old 09-15-2009, 12:14 PM
 
374 posts, read 1,452,820 times
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Doing some research on the WNC real estate market. Has the 8k first time buyer money, low interest rates and lower priced homes increased sales? Money is still tight and the credit package has to be very clean. What is your feelings on this? Appreciate your input! Positive or negative.. thanks
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Old 09-15-2009, 12:28 PM
 
Location: Bernanke's Financial Laboratory
513 posts, read 1,037,438 times
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Quote:
Originally Posted by Wendyb0077 View Post
Doing some research on the WNC real estate market. Has the 8k first time buyer money, low interest rates and lower priced homes increased sales? Money is still tight and the credit package has to be very clean. What is your feelings on this? Appreciate your input! Positive or negative.. thanks
New listings coming in at a rate of three times the number of sold listings equals continued falling prices due to oversupply.

Monthly Statistics Report (http://www.abr-nc.com/resources/housing-statistics - broken link)

The 8k tax credit is about to expire. If they don't renew it or make it bigger, expect a bad winter and beyond for housing.

Or you could believe prices will rise forever because everyone is dying to move here despite the fact that wages are low and jobs are hard to get...
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Old 09-15-2009, 01:39 PM
 
1,282 posts, read 3,188,790 times
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Originally Posted by Wendyb0077 View Post
Doing some research on the WNC real estate market. Has the 8k first time buyer money, low interest rates and lower priced homes increased sales?
Of course. It's worked pretty much exactly as designed. Sales surely would have been much lower without the program. Rates will most likely continue to stay low in the near term.

Quote:
Money is still tight and the credit package has to be very clean. What is your feelings on this?
It is what it is. Have good credit, or don't buy a home.

The credit markets overall are improving though, without question.

The Asheville housing market continues to weather the storm better than most areas, and the mid-market (150K-300K range) in particular. The exceptional homes are still going very quickly -- there was a house on Vermont Ave. (*gasp*, in West Asheville of all places, where you need to wear your bullet-proof vests 24/7!! ) that I don't believe lasted 30 days on the market.

On other other hand, it's still a crappy market, relatively speaking, despite the fact that the worst is most likely behind us, and unless your house stands out in some way, it's still pretty tough out there.

For a reasonable, fact-based analysis on the economy in general (including a segment on the overall housing market), check out Liz Ann Sonders' latest presentation:

Market Snapshot with Liz Ann Sonders: Recovery ... What Recovery You Say? (http://event.on24.com/event/16/32/13/rt/1/documents/player_docanchr_1/lobby.html?eventid=163213&sessionid=1&key=37C4A6F7 B545BDDB5AE7FDF97785F189&eventuserid=27954847 - broken link)
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Old 09-15-2009, 03:24 PM
 
Location: Weaverville
765 posts, read 2,185,174 times
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Just about everything was down in August except for days on the market which increased. Look for a little bounce in Oct. if the leaf peepers show up with money and want to buy their little piece of heaven. My house up here is due to close on Oct 9 and I'll be down on a house buying trip either in late Sept or mid Oct to do my part for the stats so keep those prices down just a bit longer
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Old 09-16-2009, 06:41 AM
 
374 posts, read 1,452,820 times
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Quote:
Originally Posted by Dreamy46 View Post
New listings coming in at a rate of three times the number of sold listings equals continued falling prices due to oversupply.

Monthly Statistics Report (http://www.abr-nc.com/resources/housing-statistics - broken link)

The 8k tax credit is about to expire. If they don't renew it or make it bigger, expect a bad winter and beyond for housing.

Or you could believe prices will rise forever because everyone is dying to move here despite the fact that wages are low and jobs are hard to get...
The Monthly Statistics Report was very helpful. Thanx!
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Old 09-16-2009, 06:59 AM
 
374 posts, read 1,452,820 times
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Quote:
Originally Posted by Cofga View Post
Just about everything was down in August except for days on the market which increased. Look for a little bounce in Oct. if the leaf peepers show up with money and want to buy their little piece of heaven. My house up here is due to close on Oct 9 and I'll be down on a house buying trip either in late Sept or mid Oct to do my part for the stats so keep those prices down just a bit longer
Hope your closing goes well.. and thanx for your input!
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Old 09-16-2009, 07:03 AM
 
374 posts, read 1,452,820 times
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Quote:
Originally Posted by NC_Paddler View Post
Of course. It's worked pretty much exactly as designed. Sales surely would have been much lower without the program. Rates will most likely continue to stay low in the near term.



It is what it is. Have good credit, or don't buy a home.

The credit markets overall are improving though, without question.

The Asheville housing market continues to weather the storm better than most areas, and the mid-market (150K-300K range) in particular. The exceptional homes are still going very quickly -- there was a house on Vermont Ave. (*gasp*, in West Asheville of all places, where you need to wear your bullet-proof vests 24/7!! ) that I don't believe lasted 30 days on the market.

On other other hand, it's still a crappy market, relatively speaking, despite the fact that the worst is most likely behind us, and unless your house stands out in some way, it's still pretty tough out there.

For a reasonable, fact-based analysis on the economy in general (including a segment on the overall housing market), check out Liz Ann Sonders' latest presentation:

Market Snapshot with Liz Ann Sonders: Recovery ... What Recovery You Say? (http://event.on24.com/event/16/32/13/rt/1/documents/player_docanchr_1/lobby.html?eventid=163213&sessionid=1&key=37C4A6F7 B545BDDB5AE7FDF97785F189&eventuserid=27954847 - broken link)
Just hope it continues to get better. Even inch by inch. It's still a long road ahead of us. So many people are out of work because of this bad RE market. Including me! It will probably roller coaster for a couple of more years and then hopefully things will get somewhat normal again. (whatever that is!)
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Old 09-16-2009, 07:33 AM
 
Location: Weaverville
765 posts, read 2,185,174 times
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I'm not sure about your optimism for the future of housing in Asheville. Much of the real estate market there is dependent on 2 things: (1) retirees like me selling their homes elsewhere and flocking there and buying, and (2) folks with lots of equity in their homes taking out home equity loans and buying a second home or a lot to build on in the future. In the first case with the loss of so much value in homes and also losses in retiree 401Ks it will be a long time before that market sector rebounds. In the second case so much equity has been lost and loans are so hard to get now that that market sector is dead too. Add to that in the next few years ARMs (adjustable rate mortgages) are due to reset upwards and you'll see a new wave of foreclosures and short sales. Fortunately my house is paid for and we have a temporary sellers market up here right now so I am getting out right now with what I can while I can! I know this sounds like doom and gloom but I was one of those who thought the financial sector would never do what it did last fall/winter and thought GM was too big to go bankrupt--I learned my lesson about the "power of positive thinking"
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Old 09-16-2009, 07:42 AM
 
2,087 posts, read 1,306,276 times
Reputation: 262
Quote:
Originally Posted by NC_Paddler View Post
Of course. It's worked pretty much exactly as designed. Sales surely would have been much lower without the program. Rates will most likely continue to stay low in the near term.



It is what it is. Have good credit, or don't buy a home.

The credit markets overall are improving though, without question.

The Asheville housing market continues to weather the storm better than most areas, and the mid-market (150K-300K range) in particular. The exceptional homes are still going very quickly -- there was a house on Vermont Ave. (*gasp*, in West Asheville of all places, where you need to wear your bullet-proof vests 24/7!! ) that I don't believe lasted 30 days on the market.

On other other hand, it's still a crappy market, relatively speaking, despite the fact that the worst is most likely behind us, and unless your house stands out in some way, it's still pretty tough out there.

For a reasonable, fact-based analysis on the economy in general (including a segment on the overall housing market), check out Liz Ann Sonders' latest presentation:

Market Snapshot with Liz Ann Sonders: Recovery ... What Recovery You Say? (http://event.on24.com/event/16/32/13/rt/1/documents/player_docanchr_1/lobby.html?eventid=163213&sessionid=1&key=37C4A6F7 B545BDDB5AE7FDF97785F189&eventuserid=27954847 - broken link)


Wear a bullet proof vest in west asheville?????? Come on now, have you ever been anywhere with actual crime? W. Asheviile is full of families and kids, its hardly the ghetto. In fact its been named top 10 happiest places to live several times.



Also doesn't saying that asheville continues to weather the storm at mid level and exceptional houses still go fast.......but its still crappy contradict each other
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Old 09-16-2009, 07:57 AM
 
1,282 posts, read 3,188,790 times
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Originally Posted by organick View Post
Wear a bullet proof vest in west asheville?????? Come on now, have you ever been anywhere with actual crime? W. Asheviile is full of families and kids, its hardly the ghetto. In fact its been named top 10 happiest places to live several times.
Errr, I was being sarcastic. (hint: I live in west asheville.)

Quote:
Also doesn't saying that asheville continues to weather the storm at mid level and exceptional houses still go fast.......but its still crappy contradict each other
Umm, no.
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