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  • NC Mountain Dreams Blog

    Wednesday, April 17, 2024   /   by Amy Brown

    Is renting right now truly a better deal?

    You may have seen reports in the news recently saying it’s more affordable to rent right now than it is to buy a home. And while that may be true in some markets if you just look at typical monthly payments, there’s one thing that the numbers aren’t factoring in: and that’s home equity. Here’s a look at how big of an impact equity can have and why it’s worth considering as you make your decision.
    What the Headlines Are Based on
    The graph below uses national data on the median rental payment from Realtor.com and median mortgage payment from the National Association of Realtors (NAR) to compare the two options. As the graph shows, especially if you’re not looking for a lot of space, it can be more affordable on a monthly basis to rent:
     
    But if you’re looking for something with 2 bedrooms, the gap between the median rent and the median mortgage payment starts to shrink to a differen. ...

    Tuesday, April 16, 2024   /   by Amy Brown

    New construction is getting smaller, here's why

    There’s no arguing it, affordability is still tight. And it is being felt across all aspects of the industry, not just home purchasing. If you’re trying to buy a home, that may mean you need to look at smaller houses to find one that’s still in your budget. But there is a silver lining: builders are focused on building these smaller homes right now, they’re offering incentives, and they are focused on the features that matter most for quality of living. With a bit of compromise, this can help give you more options that fit the bill.
    Newly Built Homes Are Trending Smaller
    During the pandemic, homebuyers wanted (and could afford) larger homes – and builders delivered. They focused on homes that were bigger, so people had more space for things like working from home, having a home gym, bonus rooms for virtual school, and more.
    But with the affordability challenges buyers are facing today, builders are increasingly shift! ...

    Monday, April 15, 2024   /   by Amy Brown

    Monday market in minutes, the latest happenings in the Asheville area real estate market

    We had a flurry of buying activity over the weekend purchasing 29% of the inventory present on the market! This is great news showing that buyers are buying and sellers are selling and the market is still as strong as ever.


    I do expect the inventory to replenish itself this week as we only ramp up from here going into the summer. In general, you can see from the graph below that we are already approaching levels equal to 2021 so inventory is growing.

    Sales prices are still rising albeit slowly with average prices hovering around $629,000.

    Average days on market from list to close is 35 days.
    The biggest change that we are seeing marketwide is more room for negotiation on the list side. Since the market is stabilizing, sellers are compromising more in order to get the deal done creating a more balanced scenario.

    Stabilization of the market is good for both buyers and sellers. Everyone wants to feel like they are getting a fair deal with time to make an informed decision.&! ...

    Sunday, April 14, 2024   /   by Amy Brown

    Record number of open houses today!

    Today's number of open houses and the prices on some fantastic homes are evidence of the market stabilization that is currently occurring. There are 60 homes having open houses today in Buncombe and Henderson counties. Surely one of them would suit your fancy!
    Let me know if you have any questions. I am always available! ...

    Saturday, April 13, 2024   /   by Amy Brown

    Latest news on interest rate changes this year

    Market Adjusts Expectations: Two Rate Cuts Expected This Year
    The Federal Reserve has signaled a readiness to reduce interest rates, with the timing dependent on economic indicators. However, recent inflation data suggests that any rate cuts in May or June are unlikely, as inflation has surpassed expectations for the second consecutive month, with Consumer Price Index (CPI) rising by 0.4% month over month. This follows last week's robust employment figures. Consequently, bond yields have climbed, with 10-year yields increasing by 15 basis points this week. Market sentiment has adjusted accordingly, now anticipating two rate cuts this year, down from three, with the first expected in September.
    From our lending partners at Movement Mortgage
    It's better to be informed even though the news may not be what you needed. Call me so that we can talk about your plans. I can help! ...