Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
In the 2008-12 recession, there were two Western North Carolinas... real estate prices in the greater Asheville area did not drop as much and then bounced back much quicker & higher than the High Country (Boone/Banner Elk/Blowing Rock). It's not accurate to treat all of WNC as one entity. It remains to be seen what happens next time.
True, but even taken as whole, prices in WNC did not drop as much as in some other places in the U.S.
Yes, that's very true. They have the cash and to them our housing prices are still "cheap". But also, it's out-of-state INVESTORS, large and small, who are driving the price increases. They don't even intend on living here. They just immediately put the house up for rent and become absentee landlords. They come in with wads of cash and buy up the type of mid-priced homes that locals would typically move up to.
I'm certainly no expert but I don't think it's all "out-of-state" buyers or investors. I've seen countless homes on MLS flipped, many of which were bought and sold by local RE agents for a handsome profit. When money gets cheap, prices go up. I can't see prices maintaining current levels, especially with interest rates skyrocketing, but then again I said that two years ago which shows you how wrong I was.
The prices are outrageous. Beaverdam Run used to go for $500,000-$600,000, now they are $975,000 for the same place. Only a fool would pay those prices. Even if they don’t drop, the value is not there.
The prices are outrageous. Beaverdam Run used to go for $500,000-$600,000, now they are $975,000 for the same place. Only a fool would pay those prices. Even if they don’t drop, the value is not there.
Its not just in your area, but in most highly desireable areas across the USA, but now we are seeing price reductions again. I doubt prices will retreat to where they were, but these higher interest rates will push prices back down to some extent.
If I were in the market to buy, I'd wait longer to see how much more the prices will fall and the interest rates will increase. I'd wait at least another 3 months before buying, but perfectly timing markets is impossible.
I got lucky in another highly desireable locale...bought for $550k 3.5 yrs ago, now worth $1.1M, but we are now seeing price reductions again, & bidding wars have mostly ended.
I saw a property in Lake View Park in Asheville with a price drop of 400k. However inventory is still very tight all over Asheville. Since the job situation here sucks a lot of buyers may be remote workers. Im wondering that if they get called back to the office inventory will rise and affect prices.
I saw a property in Lake View Park in Asheville with a price drop of 400k. However inventory is still very tight all over Asheville. Since the job situation here sucks a lot of buyers may be remote workers. Im wondering that if they get called back to the office inventory will rise and affect prices.
What’s the address? I couldn’t find a house in Lakeview with that price drop.
I saw a property in Lake View Park in Asheville with a price drop of 400k. However inventory is still very tight all over Asheville. Since the job situation here sucks a lot of buyers may be remote workers. Im wondering that if they get called back to the office inventory will rise and affect prices.
Quote:
Originally Posted by organic_donna
What’s the address? I couldn’t find a house in Lakeview with that price drop.
Just reading this. I don’t remember this house. I’m thinking that I made a mistake on the price drop, I may have meant to write 40k.
I keep an eye on the market and am looking in the 500k to 1.25m range. This morning I saw 20 unsold houses in my search. That’s a huge jump from last week.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
