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I thought that I'd revive this thread as I just closed in NYC. Price appreciation there has been at breakneck speed. Asheville is my home now and so I cashed in and did a 1031 exchange into 2 properties here and looking for a third. I will be living in one of the properties and renting the other two. This will allow me to live rent free and have an income to suppliment my pension.
I am hoping that the Asheville market will remain solid into my golden years. Anybody care to comment on the future of the Asheville real estate market?
Its very cyclical. Nobody can predict for sure, but Asheville is for retirees, the payscale is very low, hardly any professionals. So its too heavily dependent on retirees. If Asheville had good paying jobs, developers could build big communities filled with hundreds of homes. They wont take the risk in doing that in Asheville. Wages are really low, catering to retirees and tourists isnt good for local economy.
I have been looking for several months. My realtor says that it's a hot market. I saw a few houses that I liked and each time within a few hours my realtor told me "the listing agent says they may be getting an offer today".
With one house my realtor suggested that I make a full-price offer or even offer $5000 more to "seal the deal". There were no other offers submitted, only the vague "one may be coming soon".
To me this all sounds like speculation intended to pressure me to submit an offer. My automatic response is to walk away from that. I don't like feeling pressured to buy.
Several days later I checked back on realtor.com and those houses are still listed as active (not pending or in due diligence).
So right now I can't tell if it really is a hot market or if the realtors are attempting to manufacture one by pressuring buyers with "ghost" competition. Maybe someone here can offer another perspective.
I have been looking for several months. My realtor says that it's a hot market. I saw a few houses that I liked and each time within a few hours my realtor told me "the listing agent says they may be getting an offer today".
With one house my realtor suggested that I make a full-price offer or even offer $5000 more to "seal the deal". There were no other offers submitted, only the vague "one may be coming soon".
To me this all sounds like speculation intended to pressure me to submit an offer. My automatic response is to walk away from that. I don't like feeling pressured to buy.
Several days later I checked back on realtor.com and those houses are still listed as active (not pending or in due diligence).
So right now I can't tell if it really is a hot market or if the realtors are attempting to manufacture one by pressuring buyers with "ghost" competition. Maybe someone here can offer another perspective.
Realtors don't need to "pressure" anyone with "ghost" competition. Realtors with longevity in the business don't pressure anyone, they will give you honest answers. When buying property in NC, always use a Buyer's Agent and sign the agreement to employ that agent for your best interests. Your buyer's agent may have been told by the seller's agent that there may be an offer coming in. It could be an adventurous seller's agent who is lacking in experience, or, it could be true at the time and the offer didn't materialize. Don't second guess. Always get referrals on agents from others in the area, and read their bios online to determine how active they are.
It is a very good market, some consider it hot, I don't. Housing markets are cyclical, and right now we are in an up cycle just as other parts of the country are. Take FL for example, they were in a slump for several years after Hurricane Charley and for other reasons. Some places in FL have seen a 10% to 20% increase in home prices. Much of the FL market, as well as the market here, can be dependent on the weather and the market up north. Many tend to over react and move let's say from Maine to FL and find out they can't handle the extreme FL heat just like they couldn't handle (anymore) the Maine cold. So they often move back to the mid-Atlantic states. In my experience, it's usually a 7 to 10 year cycle of highs and lows on prices. And especially a "hopeful" market prior to a presidential election.
There is no crystal ball to figure out when to buy, or when to hold on -- because there are so many variables. In popular states like NC, and especially in Western NC and the coast areas, they are attractive for retirement and second homes. Also very important, if you don't trust the real estate agent you are working with, find another agent.
There are several more articles just like those ones from the last few months. They should tell you all you need to know.
Personally, I don't think we would be able to afford to buy here if we waited much longer. You will have to go further and further out to find anything normal folks can afford.
There are a lot of houses that the current resident paid too much for either because of the boom or the price looked cheap to a retiring couple.
Nothing has been done to the interiors and the current residents do not want to take a loss.
Fortunately there are still fools retiring to NC who have easily sold an expensive out of state house and the current price looks cheap. Not many, but they are still coming here to retire.
I don't see the market cooling off any time soon, at least within the city. There's just so little supply and such high demand, especially with every weekly #1 "best place in the universe" list Asheville makes. The 99% rental occupancy rate doesn't help. Especially at the lower and middle end of the market. Houses in decent shape under 350K seem to go in a heartbeat; over that it may take a little while, but not much longer. At the upper end (maybe 500K and up?) things seem to sit longer, but they are still selling so far as I can tell. As inflated as they may seem to locals, they're still a bargain to someone cashing out in Long Island or Tenafly. As one of the rare young professional homebuyers, searching for a house has been trying. My wife and I just found a house that meets our (modest, I assure you) criteria, size-wise (~1,500SF) and location-wise, and we've been looking since January. I have no idea how young people with hourly jobs and high student loans get by.
I don't see the market cooling off any time soon, at least within the city. There's just so little supply and such high demand, especially with every weekly #1 "best place in the universe" list Asheville makes. The 99% rental occupancy rate doesn't help. Especially at the lower and middle end of the market. Houses in decent shape under 350K seem to go in a heartbeat; over that it may take a little while, but not much longer. At the upper end (maybe 500K and up?) things seem to sit longer, but they are still selling so far as I can tell. As inflated as they may seem to locals, they're still a bargain to someone cashing out in Long Island or Tenafly. As one of the rare young professional homebuyers, searching for a house has been trying. My wife and I just found a house that meets our (modest, I assure you) criteria, size-wise (~1,500SF) and location-wise, and we've been looking since January. I have no idea how young people with hourly jobs and high student loans get by.
Those folks arent buying a house.
When local cops, firefighters and teachers all making $30k, its not them buying either.
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