As November wraps up and December in Asheville gets underway I am reminded of winters when I first started real estate in 2000. There wasn’t much activity on the buying side of things, but then again there wasn’t much activity on the selling side either. Basically people stopped looking in the winter and most all sellers know it so they just waited to sale their homes until the spring.
It looks like we may have a winter of those in the past this year but I wanted to share with you three great reasons to consider purchasing in Asheville now if you have the ability and were thinking about it.
1) Interest rates aren’t going to be any lower than they are right now. All indications are that rates will continue to rise through the winter and level of around 6% in the Spring. I just helped a young couple by their first home here utilizing the gov’tbacked USDA loan program and they closed with a 4.68% rate. Yes, that was a 30 yr. fixed rate loan!
2) Normally sellers will wait until the Spring to put their houses on the market if they haven’t do so by now. If the house is on the market most sellers will opt to take it off and wait. Not this year! Sellers are bringing new inventory to the market in unprecedented numbers. What does this mean for a buyer. a) High inventory and low buyer market equals good deals. b)These sellers have to sell and again this equals good deals. Just to give you an idea, normally we might see 15-20 new homes a day coming to the market this time of year. Right now we are seeing on average 45-55 new homes a day. That’s a lot of new inventory.
3) Don’t forget the government is going to give first timers $8,000 to buy a new home and most step up buyers $6,500 to do the same. That’s living room furniture or remodel money!
I’m still getting many inquiries into relocating to Asheville – “as soon as my houses sells here.” I think the winter will be cold but the spring could be much more brisk. I’m not calling for a return to the markets of 2005-2007, but it will be much improved from today.
You can read over the entire November Market Report here: