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March 15, 2024

February Stats - Buncombe County

February statistics have been compiled, and here's the scoop on what you need to know when analyzing Buncombe County's data!

New listings have surpassed last year's numbers for the same period and have also increased from the previous month. This uptick is excellent news, as it indicates a growing inventory, albeit gradually. This expansion is crucial in attracting the buyers we're seeking!

However, there's a bit of a mixed bag with the median and average sales prices, as they've dipped. For buyers, this is a favorable trend, but for sellers, it might not be as welcomed. Nonetheless, sellers can still find solace in the fact that prices remain at respectable levels. The downward trajectory mirrors the percent of the original list price received, signaling that some properties are initially priced higher and may require adjustments or accepting offers below the listing price.

The months of inventory have remained steady at a two-month supply from January to February but have seen a significant increase compared to February of last year.

March 7, 2024

Spring Cleaning 2024

🌷🧹 It's that time of the year again - time to freshen up your living space and welcome the rejuvenating spirit of spring! With National Cleaning Week kicking off on the fourth Sunday in March, which falls on March 24 this year, there's no better excuse to dive into some serious spring cleaning.

National Cleaning Week isn't just about tidying up; it's a week-long celebration of decluttering and reviving every nook and cranny of your home, office, car, or storage locker. It's a chance to bid farewell to the winter blues and embrace the vibrant energy of the new season.

So, roll up your sleeves, gather your cleaning supplies, and let's get to work! From dusting off forgotten corners to organizing chaotic closets, there's plenty to do during this dedicated week. And don't forget about your car - give it a thorough clean to welcome the warmer weather with a fresh start.

Whether you tackle it solo or enlist the help of family and friends, National Cleaning Week is a fantastic opportunity to reset and refresh your surroundings. So let's make the most of it and get ready to welcome spring with open arms and a sparkling clean home! Below you can find a couple websites with helpful tips and trends for the big "spring clean"!🌸✨

https://nationaltoday.com/national-cleaning-week/

https://www.goodhousekeeping.com/home/cleaning/

Posted in Holiday & Seasonal
March 1, 2024

Assumable Mortgages?!

New to looking at homes? Have you ever noticed a section that says "Assumable" followed by the answer "No"? If your answer is yes and you just simply ignore that, let me fill you in! 

When you see this on a listing it is referring to the current mortgage loan and it being able to be "assumed"/transfered to the buyer. An assumable mortgage is a type of home loan agreement where a buyer can take over the existing mortgage terms and payments from the seller when purchasing a property. This arrangement can offer benefits to both the buyer and the seller. For the buyer, it may provide access to more favorable loan terms, such as a lower interest rate or a shorter repayment period, especially if market rates have risen since the original mortgage was taken out. For the seller, it can make their property more attractive to potential buyers and potentially facilitate a quicker sale. However, assumable mortgages are relatively rare and typically require approval from the lender. Additionally, not all mortgages are assumable, so it's essential for both parties to carefully review the terms of the existing loan agreement before proceeding with an assumption.

We are starting to see more listings, especially in the larger Metro areas, advertising "assumable" loans. Click the link below to read the full article and see the areas where "assumable" loans are on the rise! 

 

View Article Here

Posted in Home Affordability
Feb. 23, 2024

January 2024 Monthly Stats - Buncombe County

In Buncombe County, the real estate market has seen significant growth compared to last January, with noteworthy increases in new listings, closed sales, and inventory levels. This surge reflects a robust demand for properties within the region. New listings entering the market indicate a healthy influx of available properties, providing buyers with more options. Closed sales signify an active market, where transactions are thriving, possibly driven by favorable economic conditions. Additionally, the increase in inventory suggests a broader selection for prospective buyers, potentially offering them more negotiating power. Overall, these trends indicate a buoyant real estate market in Buncombe County, presenting opportunities for both buyers and sellers in the area. If you'd like to know more about the current market, were here to help.

Feb. 16, 2024

You Own a Home Now - Heres What You Should Know How to Do

Ladies and gentlemen, brace yourselves for the epic saga of a brave soul who dared to venture into the wild world of adulthood and responsibility—our protagonist, the newfound homeowner extraordinaire! Picture this: a person armed with nothing but a dream, a stack of mortgage papers, and a vague notion of what a wrench looks like. Yes, folks, they've embarked on the treacherous journey from renting to owning, from calling the landlord to anxiously googling "how to fix a leaky faucet" at 2 AM. It's a tale of triumph, terror, and probably a few too many trips to the hardware store. So, grab your tool belt and get ready to laugh, cry, and wonder why anyone would voluntarily sign up for this madness as we delve into the hilarity that ensues when a clueless individual becomes... a homeowner!

Here are 20 MUST KNOW HOW TO's when being a home owner!

1) Fix a running toilet

2) Unclog a drain (still can't always get this one done lol)

3) Set your thermostat properly

4) Install weather stripping

5) Caulk cracks and gaps

6) Turn off a smoke detector

7) Test GCFI's

8) Know where your main water shut off valve is (thank god for home inspections LOL)

9) Find a wall stud

10) Clean refrigerator coils

11) Clean grout

12) Paint

13) Change air filters

14) Change lawn mower oil

15) Clean washing machine

16) Use wall anchors

17) Clean gutters & downspouts

18) Deal with a flooded basement

19) Inspect and know where your attic access is

20) Relight pilots

 

click here to read GHTV's full article

 

Posted in Good to know info
Feb. 8, 2024

Knowing the Difference Between Prequalification & Preapproval

When it comes to buying a home, navigating the process can be both exhilarating and overwhelming. From browsing listings to securing financing, there are numerous steps involved in purchasing a property. Two terms that often come up during this journey are pre-qualification and pre-approval. While they may sound similar, they serve different purposes and carry varying levels of significance in the real estate world. Let's delve into the nuances of pre-qualification versus pre-approval and why understanding these differences is crucial for prospective homebuyers.

Pre-Qualification: A Preliminary Assessment

Pre-qualification is typically the initial step in the home buying process. It involves a basic assessment of your financial situation based on information provided by you to a lender. This information usually includes your income, assets, debts, and an estimate of your credit score.

The lender uses this information to give you a rough estimate of how much you may be able to borrow. Pre-qualification is usually done quickly and doesn't require a thorough examination of your financial documents or a credit check. It provides a general idea of your purchasing power, allowing you to start your house hunting journey with a ballpark figure in mind.

However, it's essential to recognize that pre-qualification is not a guarantee of a loan. The information provided during pre-qualification is based on self-reported data and is not verified by the lender. As such, the amount you're pre-qualified for may not accurately reflect what you can actually borrow once your financial documents are reviewed in detail.

Pre-Approval: A Comprehensive Financial Evaluation

Pre-approval, on the other hand, is a more rigorous process that involves a comprehensive evaluation of your financial background by a lender. To obtain pre-approval, you'll need to submit detailed financial documentation, including pay stubs, tax returns, bank statements, and authorization for a credit check.

During pre-approval, the lender thoroughly examines your financial information to determine the maximum loan amount you qualify for. This process provides a more accurate picture of your borrowing capacity and demonstrates to sellers that you're a serious buyer with the financial means to make a purchase.

One of the key benefits of pre-approval is that it gives you a competitive edge in a competitive real estate market. Sellers are more likely to consider offers from pre-approved buyers because they have greater confidence that the transaction will proceed smoothly. Additionally, pre-approval provides you with a clear understanding of your budget, allowing you to focus your search on properties that are within your price range.

Key Differences and Why They Matter

  • Verification of Information: Pre-qualification relies on self-reported data, while pre-approval involves verifying the information provided through documentation.
  • Accuracy of Loan Estimate: Pre-qualification provides a rough estimate, while pre-approval offers a more precise determination of your borrowing capacity.
  • Competitive Advantage: Pre-approval enhances your credibility as a buyer and strengthens your position in negotiations.

In summary, while both pre-qualification and pre-approval play roles in the home buying process, pre-approval holds greater weight and provides a more reliable indication of your purchasing power. By obtaining pre-approval before you start your home search, you can streamline the buying process, gain a competitive edge, and make informed decisions that align with your financial goals.

Remember, every real estate transaction is unique, and it's essential to consult with a qualified real estate agent and lender to guide you through the process and help you make the best decisions for your individual circumstances.

Posted in Good to know info
Feb. 2, 2024

December Monthly Stats - Buncombe County

 

December Market Update is here! This is always good to look at because it will give us a good look at the overview for the 2023 year. There are few important take aways from this data, although it is all good information!!

The first thing that I think is important to note of is the "list to close". This number has increased meaning that it is taking longer to sell house and that is very true. I think houses are sitting for a couple reasons, being overpriced and the interest rates. 

The theory of houses being over priced can be backed by the data on the "percent of orginial list price received". This number dropped just over 2% making it roughly a 96.8% received of the list price. Knowing that houses are staying on longer and the prices received are less than asking are going to be helpful in creating the balance we need in the market. Hopefully in the coming months we will see data continue in this same trend making it a little better for buyers out there. 

Next thing to take not of with above market stat for year end is Months of Supply. Buncombe county is now up to a whopping 2.2! Which means there is roughly 2.2 months of inventory supply of homes. Though this is still low its much better than where we were at in 2022 which was between 1.5 & 1.8. The more inventory we have the market will start to approach a buyers market and we can hopefully level things out. 

And as for prices, I always like to look at the Median price as the Average I think tends be skewed with all the multi-million dollar homes that we have. So even though the median price has gone up to $467,655 it seems much more reasonable than the $597,710 Average Sales Price and much better than the Average List Price of $655,700!

Posted in Good to know info
Jan. 25, 2024

The Fate of Short Term Rentals in Buncombe County

Short-term rentals (STRs) have become a popular option for travelers seeking unique accommodations and for homeowners looking to supplement their income. However, recent discussions in Buncombe County, NC, have brought to light the possibility of implementing new restrictions on these rentals. As the landscape of vacation rentals potentially shifts, it's essential for both hosts and guests to stay informed about the proposed changes and their potential impact.

The proposed restrictions on STRs in Buncombe County are aimed at addressing concerns related to noise, parking, and the overall character of residential neighborhoods. One of the primary considerations is the distinction between primary residences and investment properties. While many homeowners rent out their primary residence occasionally to earn extra income, there's a growing concern about the proliferation of investment properties solely dedicated to short-term rentals.

~Impact on Hosts

For hosts who rely on income from short-term rentals, the proposed restrictions could have significant implications. Depending on the specific regulations enacted, hosts may face limitations on the number of days they can rent out their property, restrictions on the types of properties eligible for short-term rentals, or additional permitting requirements. These changes could affect hosts' ability to generate income and may require adjustments to their business models.

~Impact on Guests

Travelers accustomed to the convenience and flexibility of short-term rentals may also feel the impact of these proposed restrictions. With fewer available properties for short-term rental, guests may face higher prices, limited availability during peak seasons, or fewer options in desirable locations. Additionally, if new regulations result in stricter enforcement measures, guests may encounter more stringent rules and regulations during their stay.

~Community Considerations

While the debate over short-term rental regulations often focuses on the interests of hosts and guests, it's essential to consider the broader community impact. Proponents of stricter regulations argue that unchecked growth in the short-term rental market can disrupt the fabric of residential neighborhoods, driving up housing prices, reducing long-term rental availability, and altering the character of communities. By implementing reasonable restrictions, policymakers aim to strike a balance that preserves the rights of property owners while safeguarding the interests of the community as a whole.

~Staying Informed and Engaged

As discussions about short-term rental regulations continue in Buncombe County, it's crucial for stakeholders to stay informed and engaged in the process. This may involve attending public meetings, providing feedback to local officials, and staying updated on proposed changes through official channels. By actively participating in the dialogue surrounding short-term rentals, individuals can help shape policies that address community concerns while supporting responsible tourism and economic growth.

The potential for new restrictions on short-term rentals in Buncombe County, NC, underscores the complex interplay between property rights, economic interests, and community well-being. While the outcome of these discussions remains uncertain, it's clear that stakeholders on all sides will need to collaborate to find solutions that balance competing priorities. By fostering open dialogue and considering diverse perspectives, Buncombe County can develop regulations that support a thriving tourism industry while preserving the quality of life for residents and visitors alike.

 

Posted in Good to know info
Jan. 17, 2024

Homeowners Insurance Increase?!

42%...42%! That is a pretty large increase on our homeowners insurance!

I'm not sure about everyone else but I'm not seeing that much of an increase in my pay to keep up with raising costs of everything; groceries, housing, gas etc. As it is mortgage rates, granted they are coming down slowly, still make it difficult to afford a house and now if you have to add on your homeowners insurance that has increased by almost half-thats going to affect what homes people can afford!

This rate filing follows the homeowners’ insurance rate filing that the Department of Insurance received from the North Carolina Rate Bureau in November 2020, where the Rate Bureau requested an overall average increase of 24.5%. That filing resulted in a settlement between Commissioner Causey and the Rate Bureau for an overall average rate increase of 7.9%.

A public comment period is required by law to give the public time to address the proposed rate increase.  There are four ways to provide comments:

  • A public comment forum will be held to listen to public input on the North Carolina Rate Bureau’s rate increase request at the North Carolina Department of Insurance’s Jim Long Hearing Room on Jan. 22 from 10 a.m. to 4:30 p.m.  The Jim Long Hearing Room is in the Albemarle Building, 325 N. Salisbury St., Raleigh, N.C. 27603.
  • A virtual public comment forum will be held simultaneously with the in-person forum on Jan. 22 from 10 a.m. to 4:30 p.m.  The link to this virtual forum will be: https://ncgov.webex.com/ncgov/j.php?MTID=mb3fe10c8f69bbedd2aaece485915db7e
  • Emailed public comments should be sent by Feb. 2 to: 2024Homeowners@ncdoi.gov.
  • Written public comments must be received by Kimberly W. Pearce, Paralegal III, by Feb. 2 and addressed to 1201 Mail Service Center, Raleigh, N.C. 27699-1201.

All public comments will be shared with the North Carolina Rate Bureau.  If Department of Insurance officials do not agree with the requested rates, the rates will either be denied or negotiated with the North Carolina Rate Bureau.  If a settlement cannot be reached within 50 days, the Commissioner will call for a hearing.

To see a specific table of proposed homeowners’ rate increases across the state, please click here.

Posted in Good to know info
Jan. 9, 2024

Small Kitchen? No Problem!

Buying a house in today's market can be tough for some and though we have our hopes and dreams as to what our next home might look like, some of us might have to make sacrafices when buying. I know that we did and thats ok. For the last couple years while renting, we lived in a very open house with a much bigger kitchen than we have now, oouff! Its been a little tricky especially as a family of four, and thats not including ours pets haha. But after reading this article, I feel a little bit better about our "smaller" kitchen and hope to put some of these ideas to good use! All 50 ideas can be viewed in this article, Small Kitchen Ideas but here are some of my favorites:

1) Floating Shelves

2) Add a Skylight

3) Hang Items such as a fruit baskets or using S-hooks to hang utensils or pots/pans

4) Incorporate built-ins

5) Get super organized in your cabinets & pantry

6) Create an "Appliance Garage" so that your countertops can stay clean

 

Posted in Home Improvement