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Western North Carolina The Mountain Region including Asheville
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Old 05-10-2016, 02:45 PM
 
73 posts, read 59,831 times
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Reflecting what many on this forum have said the past couple years, a new study reports that

"Housing prices are rising much more quickly than wages in the Asheville metro area. Experts agree this is negative, but they don't know what the ultimate consequences will be...
...The report released last month also listed the Asheville metro as eighth-worst in the country in terms of housing-market health decline during 2015 — ranking just above Boulder, Colorado, and Santa Fe, New Mexico.

Austin, Boulder and Santa Fe all are cities often named by longtime area residents as places they hope Asheville never resembles, particularly because only the affluent may afford to live there....

National study finds Asheville housing market unsustainable
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Old 05-10-2016, 03:54 PM
 
2,586 posts, read 2,237,263 times
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lmao if there are no jobs who cares about living there I swear people act like the appalachian mountains start and end in asheville, there are cool mountain towns from south carolina to new hampshire
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Old 05-10-2016, 09:16 PM
 
Location: NC High Country
4,067 posts, read 7,306,654 times
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Quote:
Originally Posted by hey_guy View Post
lmao if there are no jobs who cares about living there I swear people act like the appalachian mountains start and end in asheville, there are cool mountain towns from south carolina to new hampshire
.. and elsewhere in WNC.
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Old 05-11-2016, 09:02 AM
 
Location: Central Indiana/Indy metro area
1,620 posts, read 2,574,655 times
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Quote:
Originally Posted by hey_guy View Post
lmao if there are no jobs who cares about living there I swear people act like the appalachian mountains start and end in asheville, there are cool mountain towns from south carolina to new hampshire
The entire WNC area is nice, but as one who is planning to retire from my current job in ten years and move to the S. Appalachians, I've looked at areas outside of Asheville as I hear the housing is just costly. Unless something happens it looks like Knoxville metro area will be where we end up if we are able to go. We will still need jobs and with our current skill set, we will likely take significant pay cuts, but it seems like we can likely at least find halfway decent employment more so in the Knoxville area than Asheville. Driving a couple of hours to do things in WNC isn't a big deal to me.
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Old 05-11-2016, 11:11 AM
 
2,393 posts, read 2,962,647 times
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Been in a bubble for a couple + years. If you bought recently, you may have bought at the top of the market.
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Old 05-11-2016, 04:01 PM
 
11,116 posts, read 16,807,605 times
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Quote:
Originally Posted by indy_317 View Post
The entire WNC area is nice, but as one who is planning to retire from my current job in ten years and move to the S. Appalachians, I've looked at areas outside of Asheville as I hear the housing is just costly. Unless something happens it looks like Knoxville metro area will be where we end up if we are able to go. We will still need jobs and with our current skill set, we will likely take significant pay cuts, but it seems like we can likely at least find halfway decent employment more so in the Knoxville area than Asheville. Driving a couple of hours to do things in WNC isn't a big deal to me.


Ten years is pretty much a complete cycle in the real estate world. Planning more than 2 years out can be a waste of time actually. Life can change considerably in ten years, or less.
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Old 05-11-2016, 08:28 PM
 
Location: Gods country
6,555 posts, read 5,042,960 times
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Lol, I get a kick out of these gloom and doom market forecasts.
Strong sellers' housing market seen in Asheville, Buncombe
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Old 05-11-2016, 08:38 PM
 
11,116 posts, read 16,807,605 times
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^^^ Yes, very accurate assessment AAB. Here in Hendersonville we are seeing home prices up exponentially. Where the average is now in the area of $375K for a 3BR, 2BA home in Asheville, median prices in Hendersonville, Mills River, Flat Rock etc. are close to $275K; lower than that may need work or lack some other desirability. Tract homes on a slab are edging toward $300K in some areas because they are newer, have good sq. footage of living area, garage(s), and located with good highway access to Asheville. Condominiums under $200K aren't staying on the market more than a week. It's all a matter of supply and demand. Economics 101.
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Old 05-11-2016, 09:23 PM
 
Location: Carolina Mountains
2,089 posts, read 3,941,120 times
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Husband does commercial mortgage underwriting. He says the market is set to crash again due to the loans that were made right after the crash with low rates coming up to their amortization. Don't know anything more as I'm the biologist not the finance guru but he made a good point and his industry is expecting it within 2 or so years. We shall see.

On another note I do find the price homes are selling alarming here. Just in our neighborhood One home was flipped. Granted it was a nice flip but they paid 160k, sold for 440k! Another 1200sq home in our neighborhood just sold for 260k! Ours is 1800 and much nicer. We bought it at 210k. A similar home just went up and they are asking 290k.
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Old 05-12-2016, 08:49 AM
 
5,128 posts, read 6,394,488 times
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Quote:
Originally Posted by QuilterChick View Post

It's all a matter of supply and demand. Economics 101.
It wasn't a matter of supply and demand that drove us to the cliff of the housing collapse.

Our economy is too controlled by the federal reserve for anything to be that simple.
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