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UMMM HELLO!!!! Can we just take a second and take a look at the Months Supply of Inventory!!??!! 2.9 MONTHS! We haven't seen a number like that in YEARS! Seeing our monthly inventory creeping back up is so good to see and for a couple different reasons. One being that it means our inventory pool is getting larger and buyers have a larger selection of homes to choose from. Another positive from the growing inventory is that it means we are slowly, very slowly, creeping towards a more balanced market!
Next, lets take a look at both the Average and Median Sales Price. These two numbers have quite a drastic difference and we can totally attribute that amount of high end homes/million+ dollar listing that are coming on the market monthly. But the median sales price is a good indicator of the price of homes in the buncombe county area.
Days on market we are seeing creep up as well. It is taking longer for houses to go under contract and we can see that correlation with the months supply of inventory. I think we are seeing houses sit on the market a little longer than we have for a couple reasons. One, because homes are still a little over priced and two, because buyers are being a little more cautious, especially with the higher interest rates.
Are high mortgage rates causing you concern? Or perhaps you're simply looking to secure a lower interest rate on your mortgage? Either way, there's good news! By following these four straightforward steps, you can improve your chances of locking in a better rate:
Boost Your Credit Score: A higher credit score often leads to more favorable mortgage terms. Take the time to pay down existing debts, avoid opening new lines of credit, and ensure your credit report is accurate. Consistent, responsible credit use can significantly raise your score over time.
Compare Mortgage Offers: Not all mortgages are created equal. Different lenders offer varying rates and terms, so it pays to shop around. Take the time to research and compare offers from multiple lenders, including banks, credit unions, and online mortgage providers, to find the best deal.
Reduce Your Loan-to-Value (LTV) Ratio: Aim to lower your LTV ratio to 80% or less. This means making a larger down payment or paying down your existing mortgage balance. A lower LTV ratio reduces the risk for lenders, often resulting in a lower interest rate for you.
Maintain a Low Debt-to-Income (DTI) Ratio: Lenders look closely at your DTI ratio to assess your ability to manage monthly payments. Keeping your DTI ratio below 30% shows that you have a manageable level of debt relative to your income, which can help you secure a more favorable mortgage rate.
By taking these steps, you can position yourself for a better mortgage rate, saving you money over the life of your loan.
Read the full article HERE
2024 has been an eventful year in the housing market, but it looks like we might finally be seeing some light at the end of the tunnel! This is exciting news for both Realtors and home buyers.
Over the past year, we’ve experienced interest rates climbing as high as 8%, but recently, they’ve started to inch back down. As of this week, we’re seeing 30-year fixed mortgage rates as low as 6.46%, and FHA loans as low as 5.9%. Just last year, when I bought my home, I locked in at a 6% FHA rate, so it’s encouraging to see rates trending in the right direction.
The market has slowed down due to these high mortgage rates, but with rates beginning to drop, now might be the perfect time to consider making the leap into homeownership. While it’s unlikely that rates will return to the lows we saw during the COVID era, waiting for that could be a mistake. If you buy now and rates do drop further, you always have the option to refinance—that’s the beauty of a loan. So, the moral of the story is: it’s always a good time to buy!
As summer winds down, the back-to-school season sneaks up on us, bringing with it the promise of new beginnings and the challenge of getting prepared. Whether you're a student, parent, or teacher, the transition from summer break to school mode can feel overwhelming. But with a little planning and organization, you can start the school year off on the right foot. Here's a guide to help you get ready for the new academic year.
1. Organize Your Space
Before diving into the school year, take some time to declutter and organize your space. A clean and tidy environment can help reduce stress and increase productivity.
2. School Supplies: The Essentials and Beyond
Make a checklist of essential items: notebooks, pens, pencils, binders, and any specific items required by your school. Don’t forget to check all the hidden drawers in the kiddos rooms - I can't tell you all the unused school supplies I found in my kids room!
Parents can involve children in the process, making it a fun and educational experience. Discuss budgeting, prioritize needs over wants, and make sure to check if any items from last year can be reused.
3. Update Your Wardrobe
Back-to-school shopping isn't just about supplies; it's also a great time to refresh your wardrobe. Assess what still fits and what needs replacing.
4. Establish a Routine
As the school year approaches, gradually shift back into a school-friendly routine. This includes setting regular bedtimes and wake-up times, as well as planning for meals and study sessions. A consistent routine helps students adjust to the demands of school and can make the transition smoother.
5. Mental and Emotional Preparation
Back-to-school season can bring about a mix of emotions—excitement, anxiety, and everything in between. It’s important to acknowledge these feelings and prepare mentally for the year ahead. Students should take some time to reflect on their goals for the new school year, whether it's improving grades, making new friends, or joining a club.
Parents can support their children by talking about their feelings and encouraging open communication.
6. Health and Wellness Check
A successful school year starts with good health. Schedule any necessary medical appointments, such as physicals, eye exams, and dental check-ups, before the school year begins. Make sure all vaccinations are up to date, and if your child requires medication during school hours, ensure the school nurse is informed and prepared.
7. Stay Connected and Informed
Communication is key to a successful school year. Parents should make sure they are connected with their child’s school and teachers through email, newsletters, or school apps. Attend any back-to-school nights or orientation events to get to know the school community and understand expectations for the year.
Teachers can reach out to parents and students before the school year starts, setting a positive tone for the months ahead. For students, staying informed about school events, deadlines, and extracurricular opportunities will help them stay engaged and motivated.
8. Set Goals and Expectations
Start the school year with clear goals and expectations. Whether you're a student aiming to improve your grades, a parent hoping to support your child's learning, or a teacher setting academic and behavioral standards, having a plan in place will guide your efforts throughout the year.
Write down your goals and review them regularly. Celebrate small victories along the way and adjust your strategies as needed to stay on track.
The back-to-school season is a time of renewal and opportunity. With a little preparation, you’ll be ready to tackle the challenges and embrace the excitement of the school year ahead. And don't forget to check out your towns back to school events!
Starting August 1st for us in North Carolina, and August 17th for all Realtors®, there are new practice changes and revised MLS rules that will impact how we conduct real estate transactions with buyers and sellers.
You might be wondering, "What does this all mean?" or you might not even know what I'm referring to. Don't worry; I've got you covered! These new changes stem from a lawsuit against NAR, which claimed that NAR's rules and Realtors® forced buyers to pay inflated amounts to buyer's agents. However, NAR has stated that realtor commissions have always been negotiable.
Here are the key takeaways from the NAR settlement and the new practice changes:
Buyer agency compensation can no longer be advertised in the MLS. This means that buyer agents must communicate more clearly with their clients about their expected compensation and whether the buyer will be responsible for any payment. Buyer agents must also discuss with listing agents to determine if any compensation is being paid by the seller or listing firm.
All states are now required to use Buyer Agency Agreements (BAA), and these agreements must be signed before viewing any home. This is a significant change, especially since only 18 states, including North Carolina, previously required buyer agency agreements. However, even though we have been using BAA's we were not necessarily having our clients sign them prior to touring homes. The purpose of these agreements is to disclose and negotiate the compensation expected by the buyer's agent.
Fortunately, for NC Realtors®, we have had buyer agency agreements in place since the early 2000s. We've been transparent and communicative with our buyers about our compensation for quite some time, so we are ahead of the curve. What we need to adjust to in NC is having the BAA signed before touring any homes and determining if any compensation is provided by the seller. There will also be a few additional forms to navigate with these new changes, but we are here to help you through any and all real estate transactions!
There are a few other thinngs that came out of the lawsuit but these two big ticket items are what are going to change the way we conduct buisness. For more information on the NAR settlement you can click this link HERE
Real estate professionals across the country have observed a growing interest from home buyers in eco-friendly features. While Energy Star appliances and water-saving bathroom fixtures are often top of mind when considering a home's environmental impact, outdoor spaces can also be sustainable.
According to U.S. News & World Report, decks and patios provide homeowners with up to an 80% return on investment. By learning to recognize eco-friendly patios and balconies, you can establish yourself as an expert in sustainable housing, making it easier to close sales more quickly.
Homes with green patios offer several selling points:
~ Sustainable patios boost buyers’ perception of the home.
~ Sustainable patios with rainwater harvesting reduce water bills.
~ Sustainable patios with passive cooling features minimize air conditioning use.
~ Sustainable patios extend the livable area of the home without increasing energy costs.
1) use sustainable materials
2) install a rainwater harvesting system
3) use sustainable lighting
4) incorporate passive cooling elements
5) get selective about planters and greenery
If you’ve been considering buying a home, now might be the perfect time to make your move. After an extended period of high demand and limited inventory, the real estate market is starting to shift, presenting new opportunities for prospective home buyers.
Increasing Inventory....
One of the most significant changes we’re seeing in the market is the increase in housing inventory. Total housing inventory at the end of May was up nearly 19% compared to a year ago, according to the National Association of Realtors (NAR) latest existing-home sales report. This substantial increase in available homes means buyers have more options to choose from, reducing the competitive pressure that has characterized the market in recent years.
Lower Demand....
In addition to rising inventory, demand for homes is beginning to ease. Various factors contribute to this trend, including higher mortgage rates and economic uncertainty, which have led some potential buyers to delay their home purchase plans. This shift in the market dynamics is good news for those actively looking to buy, as it means fewer bidding wars and more negotiating power.
Stabilizing Home Prices....
Lawrence Yun, NAR’s Chief Economist, suggests that these movements in supply and demand are likely to ease home price appreciation in the coming months. While the median existing-home sales prices in May surged to $419,300—the highest price ever recorded—this new balance between supply and demand could lead to more stable and potentially more affordable pricing in the near future.
What This Means for Buyers....
For home buyers, this changing market environment presents a unique opportunity. With more homes available and less competition, you have a better chance of finding a property that meets your needs and budget. Additionally, the potential for stabilizing prices means you might secure a home at a more favorable price point than you would have a few months ago.
Final Thoughts....
The real estate market is always evolving, and staying informed about current trends is crucial for making smart home-buying decisions. The increase in housing inventory and the easing of demand suggest a more balanced market, which is beneficial for buyers. If you’ve been on the fence about purchasing a home, now might be the time to take advantage of these emerging opportunities.
For more information on the latest market trends and how they could affect your home-buying journey, stay tuned to our blog and reach out to our team for personalized advice and guidance.
Whether you're a first-time buyer or looking to move up, understanding the current market dynamics can help you make the most of the opportunities available. Happy house hunting!
Asheville, North Carolina, is known for its vibrant arts scene, stunning natural beauty, and rich cultural heritage. This 4th of July, the city promises to deliver an unforgettable experience filled with fireworks, festivities, and fun for all ages. Whether you're a local or a visitor, here's your guide to making the most of Independence Day in Asheville.
The highlight of any 4th of July celebration is, of course, the fireworks, and Asheville does not disappoint. The city's main fireworks display takes place at Pack Square Park, where you'll be treated to a dazzling show set against the backdrop of the Blue Ridge Mountains. Arrive early to secure a good spot and enjoy the live music and food trucks that add to the festive atmosphere. The fireworks typically start around 9:30 PM, but the fun begins much earlier in the day.
Pack Square Park is the heart of Asheville's Independence Day festivities. The celebration includes:
For a more laid-back atmosphere, head to Lake Julian Park in Arden, just south of Asheville. The park offers a beautiful lakeside setting for picnics and outdoor fun. The fireworks display here is another spectacular show, starting at dusk. Bring your blankets and lawn chairs, and enjoy a relaxing day by the lake.
South Asheville's fireworks are hosted at the Asheville Outlets. The event is family-friendly and includes live music, food trucks, and plenty of activities for kids. The fireworks start around 9:30 PM and can be seen from various vantage points around the area.
A short drive from Asheville, Black Mountain hosts its own charming 4th of July celebration. The festivities start with a street fair featuring local artisans, food vendors, and live music. The day concludes with a fantastic fireworks display over Lake Tomahawk.
While Biltmore Estate does not host a public fireworks display, spending the 4th of July here can still be a memorable experience. Enjoy a tour of the historic mansion, stroll through the gardens, and savor a special holiday meal at one of the estate's restaurants. The grandeur and beauty of Biltmore provide a unique and elegant way to celebrate the holiday.
Asheville's 4th of July celebrations offer something for everyone, from vibrant fireworks displays to community gatherings and family-friendly activities. Celebrate Independence Day in this beautiful mountain city and create lasting memories with friends and family. Happy 4th of July!
Rising Home Prices: Home prices have steadily increased due to limited inventory and strong buyer interest, especially from those relocating from larger cities.
Low Inventory: Homes are selling quickly, often within a couple of weeks, still creating a competitive market for buyers, particularly in Asheville.
Diverse Properties: The market offers a range of properties, from historic homes to modern condos and rural estates, catering to various preferences and budgets.
Out-of-State Buyers: The area's natural beauty, cultural amenities, and quality of life continue to attract buyers from other states, driving up prices and competition.
Economic Growth: A strong local economy, bolstered by healthcare, education, and tourism, makes Buncombe County attractive to new residents.
Tourism and Lifestyle: Scenic landscapes, outdoor activities, and a vibrant arts scene, especially in Asheville, enhance the county’s appeal.
Remote Work: The rise of remote work allows more people to move to Buncombe County, enjoying its lifestyle without sacrificing career opportunities.
The real estate market in Buncombe County is expected to remain competitive throughout 2024. Buyers should be prepared for a fast-paced market and higher prices, while sellers can expect favorable conditions. Working with a local real estate agent can provide valuable insights in navigating this dynamic market.
In summary, Buncombe County offers a thriving real estate market, shaped by its natural beauty, economic vitality, and cultural richness, making it an attractive destination for buyers and investors alike.