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The Blue Ridge Properties Group team

Jan. 12, 2023

2022 Year End Market Stats for Buncombe County

Take a look at the stats for December in Buncombe County. Not only does this show statistics for December 2022 but it also shows year to date! You can see that we are still in a seller's market but the median and average sales price have dropped! We have had a 30% decrease in new listings as well as closed sales. The higher interest rates definitely play a role in the lower number of closed sales. 

Posted in Good to know info
Nov. 11, 2022

Here are Ways to Lower Your Mortgage Rate

With rising interest rates we know that it can be difficult to make the leap to finance your next home but there are ways that you can save not only at the closing table but as well as on your monthly payments. 

 

A few ways that you can save are by negotiating seller paid closing costs. Those costs can be some if not all of your closing costs. You can also buy permanent rate or temporary rate buydowns. Perminate Rate Buydowns are done by paying for discount points, the price per point is determined by your loan amount. The Temporary Rate Buydowns can be in the form of a 3-2-1 or a 2-1 buydown. Temporary rate buydowns can be negotiated to be paid for by the seller and help lower your monthly payments for the first 2 or 3 years of your mortgage.

Below are couple great read articles on just how Buydowns work, enjoy! 

 

To read the full article please click the following link: ‘Incentives Come in Many Forms’: Here Are Ways To Lower Your Mortgage Rate, According to This Mortgage Company CEO

Buydown: A Way to Reduce Interest Rates

 

Posted in Good to know info
Aug. 26, 2022

7 Gorgeous Ways To Glam Up Your Kitchen for $1K or Less

Autumn is just around the corner, which means your kitchen is about to go into overdrive. We’re inching closer to the holiday season, and it’s about time you took a look at your cooking space and ask: Does it appear a little worse for wear? Maybe it isn’t set up for the demands of its busiest season of the year.

If you’re concerned about whether it’s worth it, keep in mind that minor kitchen remodels deliver about 80% return on investment, according to Remodeling Magazine. In other words, this room is one of the best to focus on to improve your quality of life and your home’s resale value.

A kitchen remodel doesn’t have to cost tons of money. There are a number of ways to quickly revamp this room’s form and functionality, all for $1,000 or less. Here are some ideas.

1. Upgrade your hardware
2. Adding a focal point light fixture
3. Update your paint
4. Consider installing an energy efficient fan
5. Upgrade with a new sink
6. Replace solid cabinet doors with glass doors
7. Add an Island 

 

to read the full article click this link: 7 Gorgeous Ways To Glam Up Your Kitchen for $1K or Less

Posted in Home Improvement
July 28, 2022

10 Things in your Living Room You Should Toss Now

Do you ever walk into your home after a day of being out and think "DANGGGGGG, this place is a mess"? I do, EVERY single day I come home from the office, primarily because we have SO MUCH junk. Or stuff, whatever you like to call it. I found this article (link at the bottom) and thought, I HAVE to share this. I don't about you, but, I am guilty of everything listed. From the gross and raged throw blankets, to the useless knick knacks that cover the house that I couldn't even get rid of at the yard sale - guilty of it all! I hope this article helps you just as much as it has helped me. Enjoy!

Click the link here to find out those 10 things: 10 Things in your Living Room You Should Toss Right Now

Posted in Home Improvement
June 14, 2022

How a Housing Market Curveball Has Completely Changed What Buyers Can Expect in 2022

The housing market, which received a turbo boost from the COVID-19 pandemic, has begun to shift. Surging mortgage interest rates are rippling through the housing market, threatening to upend real estate’s unprecedented tear. These changes led the Realtor.com® economic research team to revisit its 2022 housing forecast, issued in December, and make some adjustments. The updated midyear forcast factors in these higher rates—and the disruptions they’ve already begun to cause.

Realtor.com expects home prices and mortgage rates will continue to rise, home sales will drop as buyers are priced out of homeownership, and the housing market will continue to cool. However, in a bright spot for frustrated homebuyers, the number of homes on the market is expected to shoot up.

“The number of homes for sale right now is so low that it’s creating these ultracompetitive conditions for buyers, which are so challenging,” says Realtor.com Chief Economist Danielle Hale. “More homes for sale will help bring back more balance and sanity to the market.”

Mortgage rates are now anticipated to hit 5.5% by the end of the year—a rate expected to continue sidelining buyers already grappling with record-high home prices. Initially, the Realtor.com economists predicted they would hit only 3.6% for 30-year fixed-rate loans. However, rates hit a high of 5.3% last month before settling in at around 5.1%, according to Freddie Mac data.

The lower projection was made before persistent inflation became a thorn in the side of the U.S. Federal Reserve. The Fed is now hellbent on taming those runaway prices by hiking interest rates—causing historically low mortgage rates to soar.

“Rising interest rates have shifted the foundation of the economy as well as the housing market. So many homebuyers take out mortgages so that rising rates affect how expensive homeownership is,” says Hale. “It’s causing buyers to make tough trade-offs and disrupting the housing market.”

The nearly 2 percentage point difference between the initial low prediction and the actual mortgage rate increase is a game changer for the housing market

A median-priced home of $447,000 with a 3.6% mortgage rate would command a roughly $1,626 monthly mortgage payment. (This is for buyers who put down 20% and doesn’t include property taxes or home insurance.) Boosting the mortgage rate to 5.5% translates into buyers paying about $400 more a month—nearly $5,000 more a year, and roughly $45,000 over the 30-year life of their loans.

Buyers have descended onto the housing market, scrambling to win bidding wars before rates surge even higher. The Realtor.com economists believe prices will be 6.6% higher by year’s end. While that’s still a conservative estimate given the recent spike in home prices, which rose 17.6% year over year in May, the rise is more than double the 2.9% appreciation economists had foreseen in their original forecast.

“Our home price projection is going up as we’re seeing a lot of sticking power in prices and price growth,” says Hale. “We do still expect home prices to cool, but we’re starting at a higher price point.”

Those budget-busting rates and prices are expected to slow home sales. Instead of the number of home purchases ticking up, the Realtor.com economists now predict sales will drop 6.7% compared with last year. (These are for existing homes instead of newly constructed ones.)

However, no one should panic. Even if sales do fall, the real estate market is still on track for a historically good year. Last year was an anomaly with the highest number of closings since 2007. Plus, fewer sales could give inventory levels a boost in a win for buyers who aren’t finding many properties for sale.

“Were it not for last year’s extraordinary sales numbers, this would be a very good year,” says Hale. “We’re a long way from a crash.”

In some welcome news for buyers, all of these forces at play are expected to give the number of homes for sale a big boost. Inventory is expected to increase by 15% this year. That’s a game changer for the market and is a significant jump from an earlier estimate of just a 0.3% bump.

Construction of those badly needed new homes is expected to remain 5% higher than last year. That’s because builders have found ways to overcome a myriad of challenges, from supply chain woes making it difficult—and expensive—to source materials and appliances to construction worker shortages.

The Realtor.com economists now expect housing starts, which is construction that’s begun on new homes, to hit a 16-year high this year.

“We have a really big building deficit to climb out of. Over the last decade, we haven’t built enough homes,” says Hale. “So we’ve got a long way to go to catch up. That’s why we could still see construction increase even if home sales slow.”

Home sellers will also likely need to adjust their expectations as they may not receive the windfall they expected. The bidding wars they expected, offers of tens of thousands of dollars over their asking prices, and legions of buyers willing to waive just about every contingency might not materialize. While it’s expected to remain a seller’s market, buyers are now struggling with higher prices and mortgage rates. So they might have less money to put toward a home than they would have just a year earlier.

You can read the article here: No One Saw It Coming: How a Housing Market Curveball Has Completely Changed What Buyers Can Expect in 2022

 

Posted in Good to know info
May 24, 2022

When Clients are more than just Clients

It's true, I dont know about you but since I've been a Realtor I have remained pretty good friends with most of my clients. Its nice. Being a Realtor is rewarding on many different levels, my favorite one being the friendships formed. My very first clients I met at a local restaurant and they were wanting to move here from TN. Me, being as friendly as I am and an eager new Realtor, I jumped on the opportunity to help them and be their agent! They were an older couple and it was right when the pandemic happened so everything was already at a heightened level. But they trusted me and found their new home here in Weaverville. I was excited! I helped them move. I went over for morning coffee and porch talks. And then a couple years later when my husband and his business partners opened a new shop here in Weaverville, my clients were up there helping us getting the shop up and running! I mean, who would have ever guessed that as a Realtor these friendships would be born?! Others I have worked with got to watch me grow during my pregnancy and were just as eager to meet my little one as I was. Gifts were given, the coolest was a rocking chair for my little and I still send photo updates to them-Seriously, the best thing ever! 

Heres an atricle to futher read another agents ups and downs of being a Realtor and relationships formed!

You can read the full article here: The Weird Reason You Confide More in a Real Estate Agent Than Your Therapist—or Even Your Best Friend

 

Should I Work With a Realtor who is a Friend or Family Member? -

Posted in Example Category
May 16, 2022

What does the proposed budget of 2023 mean for your "like-exchange"?

A 1031 exchange is part of the IRS tax code, allowing real estate investors to defer taxes by exchanging “like-kind” properties. The term “like-kind” refers to the nature or character of the property. These properties must only be used for business purposes or held as investments.

The proposal would allow the deferral of gains up to an aggregate amount of $500,000 for each taxpayer ($1 million in the case of married individuals filing a joint return) each year for real property exchanges that are like-kind. Any gains from like-kind exchanges in excess of $500,000 (or $1 million in the case of married individuals filing a joint return) a year would be recognized by the taxpayer in the year the taxpayer transfers the real property subject to the exchange.

As an agent that has worked with clients making 1031 like-exchanges, I can see the impact that this could have moving forward if approved. President Biden’s proposal to limit 1031 exchanges would severely limit the property values investors can use and also adversely impact the overall U.S. economy. If the proposal is approved, savvy wealthy investors would likely just hold on to property in response — expecting that the tax code will change once again. 

You can read the full article here: Op-ed: What Biden’s proposed limits to 1031 exchanges mean for investors and the economy

Posted in Good to know info
May 10, 2022

Is May the Time to Sell?

Has the thought of selling your home cross your mind? Have you wondered when is the best time to sell? Well now just might be it! Over the last 10 years it has been shown that May is the best time to sell your house and get possibly the price for your home-who would have thought?!

Click the link to read the full article: Realtor Daily News

Chart showing seller profits in May 2022

Posted in Good to know info
April 28, 2022

Home Prices Have Begun Falling: Here Are the Cities Where They’re Down the Most

Home Prices Have Begun Falling: Here Are the Cities Where They’re Down the Most

We may not have made the list but it is a breath of fresh air to see that some areas are starting to see the home prices starting to come down. This is actually an interesting article to read and see what some areas home prices are currently. I mean, Tulido, Ohio has a median price of $115,000 - you can imagine what that will get you here in the Asheville area. One city I didn't expect to see on the list was Los Angeles, California but will the median home price being $985,000 I can understand why they are starting to see home prices fall there, granted its not much. Take a look at the article by clicking the link below. Cheers!

 

Home Prices Have Begun Falling

Posted in Home Affordability
April 26, 2022

Americans are fleeing climate change — here’s where they can go

Dreading those long winters? Or those too hot to handle summers? Thinking that it is time for a change? Well, Asheville has you covered! CNBC just released an article about climate havens and possible relocations for people that are trying to get out of the extreme. We welcome all here but I here Burlington, VT is pretty amazing too :) 

 

A few others named as possible climate havens are:

Buffalo, New York

Burlingotn, Vermont

Madison and Milwaukee Wisconsin

 

Climate Havens

 

View Full article here: Americans are fleeing climate change — here’s where they can go

Posted in Good to know info