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Realtors have blinders. They never recognize a housing bubble.
How well I remember the lie from 2006, "If you don't buy now, you will never be able to." We all know what happened next, when housing prices collapsed 50% or more nationally. You had until 2011 to get a sweet deal.
Nobody can call a top, but we are definitely in another housing bubble nationwide due to liquidity and who knows what. It can't last. I would wait. How long? Who knows. Fortunately, I am a good 4-5 years away from my next house purchase. My timing should be good. Probably South Carolina, but the Charleston area is pretty bubbly right now too. Mount Pleasant is insane.
I agree, but nobody I talk to thinks this housing market is too high. I have bought and sold three houses in Asheville in the last five years. There were never bidding wars, with houses selling in one day thousands of dollars over the asking price. I just don’t see it.
I am going to wait it out. I am very happy in my apartment for now. It is nice to not have any yard work or house repairs to worry about.
I agree, but nobody I talk to thinks this housing market is too high. I have bought and sold three houses in Asheville in the last five years. There were never bidding wars, with houses selling in one day thousands of dollars over the asking price. I just don’t see it.
I am going to wait it out. I am very happy in my apartment for now. It is nice to not have any yard work or house repairs to worry about.
FWIW, it's been bidding wars and houses selling in one day in the Triangle for the past 25+ yrs. I think Asheville is just a little late to the NC boom.
FWIW, it's been bidding wars and houses selling in one day in the Triangle for the past 25+ yrs. I think Asheville is just a little late to the NC boom.
I disagree about Asheville. This is a housing bubble, mainly due to low inventory.
Well, I guess time will tell, but I don't see any reason for the moderate growth that Asheville has been experiencing for decades to slow or reverse, so I would think that housing would continue to be fairly hot. It might cool a smidge and the line might wiggle, but I think you will continue to see an upward trend. I don't see any reason for a bubble bursting effect. Asheville and Buncombe Co have been a popular spot for retirees for quite awhile now and has been a popular spot for wealthier folks buying a second home, literally, for centuries. If anything, the current crises, COVID and climate change, make Asheville a more popular spot to purchase a home. Lots of folks are moving out of crowded cities or buying second homes and lots of Floridians want to escape Florida and come north and lots of folks in California and in the west want to escape fire season. COVID will become manageable, but Climate Change is going to be a significant driver for migration. Folks in the Triangle and Charlotte, which are (and will continue to be for the foreseeable future) experiencing some of the most massive growth in the country, want second homes in the mountains. If y'all have property to sell, I think it will be a seller's market in Asheville for years to come.
Well, I guess time will tell, but I don't see any reason for the moderate growth that Asheville has been experiencing for decades to slow or reverse, so I would think that housing would continue to be fairly hot. It might cool a smidge and the line might wiggle, but I think you will continue to see an upward trend. I don't see any reason for a bubble bursting effect. Asheville and Buncombe Co have been a popular spot for retirees for quite awhile now and has been a popular spot for wealthier folks buying a second home, literally, for centuries. If anything, the current crises, COVID and climate change, make Asheville a more popular spot to purchase a home. Lots of folks are moving out of crowded cities or buying second homes and lots of Floridians want to escape Florida and come north and lots of folks in California and in the west want to escape fire season. COVID will become manageable, but Climate Change is going to be a significant driver for migration. Folks in the Triangle and Charlotte, which are (and will continue to be for the foreseeable future) experiencing some of the most massive growth in the country, want second homes in the mountains. If y'all have property to sell, I think it will be a seller's market in Asheville for years to come.
(BTW, Igor's location says Sacramento)
The only reason it’s a seller’s market is because of low inventory. A seller’s market is defined as less than 4 months of inventory. When that changes, it becomes a buyers market and prices drop. https://www.point2homes.com/agent-we...-of-inventory/
Last edited by organic_donna; 11-15-2020 at 10:05 AM..
I agree, but nobody I talk to thinks this housing market is too high. I have bought and sold three houses in Asheville in the last five years. There were never bidding wars, with houses selling in one day thousands of dollars over the asking price. I just don’t see it.
I am going to wait it out. I am very happy in my apartment for now. It is nice to not have any yard work or house repairs to worry about.
The only reason it’s a seller’s market is because of low inventory. A seller’s market is defined as less than 4 months of inventory. When that changes, it becomes a buyers market and prices drop. https://www.point2homes.com/agent-we...-of-inventory/
Agree with Poppydog. High housing prices in the Asheville area is a result of both low inventory AND high demand for housing in the area. Even with more inventory, prices are likely to stay relatively high because so many people view Asheville as a highly desirable place to live.
Historically, nobody ever thought that housing prices could decrease. I read an interview about Alan Greenspan a few years back, after the so called “Great Recession”, during which he expressed his complete surprise and shock that real estate prices could ever possibly decline. Yes, home prices can rise and fall just like any other asset class. If prices get too frothy in Asheville, like any other place, then there will be a market “correction”. Look at NYC today as an example. Prices are dropping there like a rock, after years and years of annual price increases.
A new Democratic administration will likely bring a slew of new tax law changes; the wealthy will definitely be paying more in taxes. “Carried Interest” tax benefits will be abolished, among other perks that the super-rich currently enjoy.
Interesting - they bought a house in Asheville a couple of years ago, then bought a house in Johnson City, and now live in Erwin, but spend a good bit of their time back in the Asheville area. What does this say?? Seems they don't stay anywhere very long...
Why are you so hostile and aggressive to the other poster? Your unrelenting cheerleading of the Asheville area and adamant refusal to see any downsides or even anything that isn't 110% positive is exhausting and nauseating. Dial it back. Some of us who are considering the area would like to hear the honest downsides, so we can compare to where we already live. Anyone can watch promotional material and videos gushing about the upsides. Sheesh.
So....inquiring minds, and all. Almost 2 years later, have you purchased?
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