Mayday Mayday - Asheville Area Home Buyers Need Homes

A couple of weeks ago we talked about how housing inventory is shrinking.  We're starting to see properties go under contract having had multiple offers, buyers can't seem to get to homes quick enough, the great deals are slipping through their fingers, homes are selling after barely being on the market.

Here's what USA Today is saying:

"Nationwide, the supply of existing homes for sale has fallen for seven straight months, hitting an almost eight-year low in January, the National Association of Realtors says.  Competing offers for the same homes are rising in more markets, especially in the West.  Much of the country is now a seller's market, the Realtors group says, just one year into a potential housing recovery following the worst downturn since the Great Depression."

If you are looking to sell your home and you are in a position to do so, now is the time to do it.  Call The Puffer Team today at 828-771-2300 for your free, no obligation, market analysis, or contact us online here.

Great New Listings, Homes For Sale Fletcher & Swannaoa

We're trying to meet the ever growing demand of home buyers as housing inventory stays at it's lowest in the last few years.  Check out these great homes we recently put on the market.

325 Wilson Avenue; Swannanoa, NC  28778

 

Charming,beautifully maintained & completely updated Greystone bungalow in Historic Grovemont. Enjoy lovely red oak flooring throughout, newer eat-in kitchen, large living & family rooms, gas log FP in living, formal dining area w/butlers cabinet, many built-ins, 2nd level BR's perfect for playroom/craftroom, separate outside entrance to upstairs w/porch & mountain view, full unfinished bsmt, lrg detached 2 car garage & workshop. Do not miss!

144 Riverbirch Drive; Fletcher, NC  28732

Immaculate home in a great Fletcher location, just minutes to shopping, dining, Fletcher Park and the library. Inside this home you will find a light and bright open floorplan, a vaulted living room, eat-in kitchen, separate dining area, and so much more. Outside enjoy relaxing/entertaining on the partially covered back deck.

Interested in seeing one of these homes or getting more information about buying a home?  Call The Puffer Team today, 828-771-2300, and be sure to check out our website, www.homefinderasheville.com.

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Homes For Sale - Swannanoa

Homes For Sale - Fletcher

Asheville Area Local Real Estate Market Update

The Asheville area real estate market is still going strong, below is an absorption for 6 months through the end of January 2013.  Call us at 828-771-2300 if you have questions about any of the information provided or if you're ready to buy or sell a home, we're happy to help!

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The Puffer Team, Keller Williams Professionals, 828-771-2300, www.homefinderasheville.com

New Listings Of Homes For Sale: Candler & Asheville

Our team has been hard at work trying to provide more options for buyers by putting some great homes on the market, here's what we've been up to:

22 Lower Glady Fork Rd; Candler, NC  28715

Short Sale Opportunity! Up-to-date & move-in ready 1920's cottage less than 15 minutes from downtown Asheville. Inside you will find refinished hardwoods, a bright kitchen, ceramic tile, textured walls/ceilings, insulated windows, a new glass storm front door and and a new heat pump. Full of character and charm, come and see all this home has to offer. **All offers subject to 3rd party approval**

327 Baird Cove Road; Asheville, NC  28804

Great opportunity to expand! Cute cabin on 10 acres with a covered front porch, wood stove, and a cozy floorplan. You're just a quick trip to Weaverville and 10 minutes from downtown Asheville. Perfect for a vacation getaway.

3106 Idle Hour Drive; Asheville, NC  28806 

 Immaculate condo in a gated community, with pool/tennis/clubhouse, shows like new. Features include updated appliances, granite countertops, a gas log fireplace, separate dining area, and a screend-in porch with views. If you're looking for low maintenance living, this is it!

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Want more information about the homes listed above or to set an appointment to see one?  Call The Puffer Team today, 828-771-2300, or visit us online at www.homefinderasheville.com.

See Also:

Condos For Sale In Asheville  

Homes For Sale In Asheville

Homes For Sale In Candler

This Month In Real Estate (February 2013)

via www.kw.com

The national housing market continues to recover as a result of existing-home sales improving with low inventory supply pushing home prices upward. National Association of Realtors (NAR) Chief Economist Lawrence Yun states, “Momentum continues to build in the housing market from growing jobs and a bursting out of household formation. With lower rental vacancy rates and rising rents, combined with historically favorable affordability conditions, more people are buying homes.” 

NAR President Gary Thomas said there had been speculation of a rise in short sales before the end of 2012 with the pending expiration of the Mortgage Forgiveness Debt Relief Act, which allows the forgiven debt to not be counted and taxed as income. He goes on to say, “There’s no movement in short sales, their market share is staying in a narrow range, and they’re still taking much longer to sell—typically three months.”
There are good signs that 2013 will be a year of recovery for the housing market. 2012 is the first year since 2005 where the year ended in positive territory, and if 2013 is anything like 2006, it could mean we are headed for a strong rebound. There is an urgency to buy now as home prices continue to increase and mortgage rates are at historic lows.

Home Sales

In Millions

Home sales this month increased 14.5% from last year and 5.9% this month to a seasonally adjusted rate of 5.04 million units, the highest level since November 2009. Distressed homes (which include short sales and foreclosures that traditionally sell for 15%–20% less on average compared to nondistressed homes) accounted for 22% of November sales, down from 24% the previous month and 29% last year. NAR Chief Economist Lawrence Yun states, “the market of distressed property sales will fall into the teens next year based on a diminishing number of seriously delinquent mortgages.” This is a promising sign, but the amount of distressed properties is still high by historic standards.

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Home Price

In Thousands

The current median home price rose this month to $180,600, an increase of 2.1% from the previous month and up 10.1% from last year. November marks the ninth consecutive month of year-over-year price gains, which last occurred from September 2005 to May 2006.

Inventory- Month's Supply

In Months

Housing inventory fell 3.8% this month to 2.03 million existing homes for sale, representing a 4.8-month supply, the lowest housing supply since September 2005. An inventory supply of 6 months indicates a balanced market. More than 6 months points to a buyer’s market and less points to a seller’s market.  The current supply is further evidence that the market clearly favors sellers on average across the country.

 

Source: National Association of Realtors

Interest Rates

This month mortgage rates are at or around 3.37%, still hovering near record lows. In terms of the monthly payment on a 30-year fixed rate mortgage, a 1% increase in interest rate is the equivalent to a 10% increase in price. Low rates and a rebounding market have put buyers in a sweet spot, fueling urgency to buy now.

   

Are you in the market to buy a home, sell a home, or make a real estate investment?  Call The Puffer Team today, we'll be happy to help you with all of your real estate needs, 828-771-2300, www.homefinderasheville.com.