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Has anyone else been following the market recently? The cost of real estate, particularly land, has had a drastic increase. Land, at .15 acre or even less, is selling well over $100K Real estate is selling within days. You would think with Covid 19 things would not be increasing so much. I know it's all about supply and demand but I just can't see it staying this way given the circumstances. Could there possibly be a boom in the area? I know that's not typical for here but geesh.
I check the area every day and while I do see many
listings labeled as contingent I have also noticed a ton of
listings go down in price.
A lot of price drops often twenty thousands so idk what gives.
I’m looking in the 700k range in N Asheville and pickings are slim. Houses that I’ve seen but passed on we’re selling within days or weeks at close to asking, asking, and above
People simply are not in the mood to move in these times hence the
slim pickings. imo
My realtor knows we hate our house. Long story but ended in lawsuits against builder and investor. He contacted us last week and said there’s a huge need for homes right now and a lack of inventory is causing the highest spikes he’s ever seen. Claimed we could get $75k more then I thought our house was worth. I didn’t believe him and didn’t want to deal with selling without anywhere to go but now I’m wondering if I’m passing up a great chance to bail. Hmmmmmm.
Well the problem comes when you will have to find another place to live doesn't it?
It is slim pickings.
I check the area every day and while I do see many
listings labeled as contingent I have also noticed a ton of
listings go down in price.
A lot of price drops often twenty thousands so idk what gives.
Interesting. I check daily as well. If I do see price drops occasionally, they are very minimal. There are a select few that may have larger price drops that may have been overpriced by the market value or need alot of work. The desirable properties are getting snatched up quickly.
I am not surprised I would think Henderson Co would follow suit since many people head that direction if they can't afford Buncombe Co. I am curious to see how all this will pan out.
Don't assume people choose other areas because they can't afford Buncombe...when I was researching where I wanted to buy I immediately crossed Asheville off my list. I'm sure I'm not alone in wanting rural. I wanted farms and country roads..the last thing I was looking for was congested roads, traffic lights, buses, traffic and a downtown. If that's what I wanted I would have stayed in Florida. I chose a beautiful area where I could drive on a 2 lane country road with no trafic lights and no big box stores for miles!
Good point. Another option is they could rent for the time being. I think Saucy wants out either way due to her circumstances.
Yea. Hence why we didn’t immediately jump on it. Our 5 yr plan is to buy land and then just build our forever “aging in place” style home. Which sounds weird coming from an early 30s but my husband and I both have autoimmune diseases and even just the upkeep on our current home is incredibly hard for me if I’m having a bad month. I need single or most living on one level with no massive stairs, little yard upkeep, and general accessibility considerations. Our last house meet all those things but it was too small. Because we didn’t have a yard to maintain or big stairs it never occurred to me that it would be an issue but my disease has also progressed in the last 3 yrs.
But our other dilemma is how crappy the school system has become. Both my husband and I are NC pub school grads and ended up with top college acceptances no problem. But one year into what was suppose to be the best elementary school in buncombe and I’m done. My daughter won’t be returning but I can’t afford Carolina Day and the only other private is too far of a daily drive. This year I will be homeschooling due to covid and just hoping she will eventually get into a charter I guess. We considered moving to Cary due to family and better schools but the family in Cary doesn’t want to stay there due to other family being far away. Bah. Haha sorry for the overshare, I think lack of real socialization made me over explain!
I watch the Black Mountain housing market daily and the available inventory (excluding houses under contract) is the lowest I have ever seen. Anything in-town below $500K that isn't outrageously overpriced goes contingent in a day or two. I have no scientific evidence to support this but I'm hearing that western NC is getting a variant of "flight capital": decamping buyers from urban covid-19 or unrest zones.
We moved from Cumberland Co and our realtor told us in March that the local inventory of houses for sale was well under half of normal. Homes were getting snapped up and the virus effect didn't seem to have much impact on things. Low inventory isn't limited to WNC.
House prices are getting bubbly. Part of it is I think we are getting near a top. Part of it is because Asheville continues to experience steady, relentless growth of around 1% per year. Part of it is because home builders began almost no housing starts from 2006 to 2012. After the housing bubble popped in 2006, the massive number of foreclosures for years and years caused home builders to sit on land and wait. Developments stopped building out, no new starts were begun, and nobody wanted to buy land.
It was inevitable that the home builders would be caught behind for the next boom, and that is one factor why homes are so expensive right now. Just wait. They will overbuild and the new bubble will pop. Of course, nobody knows how long that will take or how high real estate prices will get before that happens.
But everything cycles, so mark my words, it will happen.
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Real estate is selling within days. You would think with Covid 19 things would not be increasing so much. I know it's all about supply and demand but I just can't see it staying this way given the circumstances. Could there possibly be a boom in the area? I know that's not typical for here but geesh.
Another option is they could rent for the time being. I think Saucy wants out either way due to her circumstances.
I would think Henderson Co would follow suit since many people head that direction if they can't afford Buncombe Co. I am curious to see how all this will pan out.
