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I sold my house in North Asheville in August. I have been looking to purchase a new house for the last two years. I am very familiar with the North Asheville and Weaverville market. This housing market is ridiculous. The first day a house gets listed it has 5 offers and sells over asking. This is in the $600,000-$800,000 price point. These are not even great houses. People are coming here from California, New York, Florida and Chicago, and bidding up these prices. I refuse to complete in this market. Asheville is nice, but definitely not worth these prices. I think eventually this will slow down. This is ridiculous.
It's happening in Denver and much of CO, also western WA. I have kids trying to buy in both locations and it's crazy. Probably happening other places too but those are the ones I know. Friends from Charlotte are trying to move here and can't get a bid in before things are over asking. Low interest rates are driving some of it. I feel so bad for people trying to buy for the first time - they can't get a foothold.
I think this market will change. People relocating from California will be disappointed. Many will leave after a few years, and expensive houses will be hard to sell. Only time will tell.
I’m looking in the same location and price point as OD. And I’m experiencing the same frustration. It will be interesting to see how Covid and the election affect the stock and local real estate markets. IMO we are over do for a correction.
I’m looking in the same location and price point as OD. And I’m experiencing the same frustration. It will be interesting to see how Covid and the election affect the stock and local real estate markets. IMO we are over do for a correction.
The houses I have looked at are not worth the prices they are getting. I looked at a house in the Reams Creek Golf Community. It was listed for $725,000 and had 5 offers. It was a very nice house, but not worth 5 offers in one day. I think people are overpaying and these prices won’t be sustainable. Only time will tell. My local friends and realtor don’t agree with me. It may take a while, but this won’t last.
I tried to beat the system by buying a fixer-upper in Black Mountain and discovered that the greedy local contractors are cashing in on the WNC population influx just like the sellers. I'd bail save for the facts that (a) I would never be able to buy back in and (b) my little house has appreciated by 10% or more in the year that I have owned it just as it sits.
I was planning on buying a new construction house that wasn’t started yet. The builder was adding $25,000 to the price because lumber had more than doubled due to the coronavirus. He said all his costs were up, and he was passing the increase on to the buyer. I decided against it.
I would have been better off keeping my house, but it was an acre and way too much land to take care of, plus it was very secluded and I felt isolated.
I sold my house in North Asheville in August. I have been looking to purchase a new house for the last two years. I am very familiar with the North Asheville and Weaverville market. This housing market is ridiculous. The first day a house gets listed it has 5 offers and sells over asking. This is in the $600,000-$800,000 price point. These are not even great houses. People are coming here from California, New York, Florida and Chicago, and bidding up these prices. I refuse to complete in this market. Asheville is nice, but definitely not worth these prices. I think eventually this will slow down. This is ridiculous.
It does sound ridiculous and have been reading about the situation here for quite a while now.
Hope the sale of YOUR home did quite well with multiple offers and you getting more than your asking price !
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