April 2017 Real Estate Report

A Look at the Buncombe County Real Estate Market

April 2017 has remained steady in the real estate market. In Buncombe county, 276 homes have sold this month, about a fourth of the total homes on the market. As there continues to be a low inventory of homes and a high rate of interest, there is a strong seller’s advantage in this area. However, historic lows in mortgage interest rates makes it a great time to buy as well.

What does this mean if you are looking to sell a home in Buncombe County?

If you are currently looking to sell your home in Buncombe County, you will have the advantage. April 2017 shows listings spend an average of 60 days on market, and receive 97.9% of the asking price at close. This closing to list price ratio is nearly the highest it has been in over 10 years, indicating increased competition during the offer process. Our team, the Eskritt Group, has a closing to list price ratio of 99.2%, 1.3% above other agents in Buncombe county. With the median home price in Buncombe County being $291,000, using the Eskritt Group to sell your home would yield you $3783 more on average than using a different realtor.

What does this mean if you are looking to buy a home in Buncombe County?

Money is cheap! The mortgage interest rates are currently sitting at 4.05%, which is following the historic lows for mortgage rates since 2008. This allows you to afford more home for the same monthly payment. In 2008, the mortgage interest rates were 6.03% on average, meaning that if you could spend $1,200 a month on housing, your mortgage would cover a $200,000 home. However, with the current interest rate at 4.05%, the same $1,200 payment could afford a $250,000 home. Take advantage of these historically low interest rates, as they can truly influence how much property you can afford.

The Condo Market in Asheville

The Buncombe county market saw 51 condo sales in April at a median price point of $212,000. The average 2 bedroom, 2 bathroom condo is going for $230,485, which you can afford at $1107 a month at the current interest rates. Rather than renting an apartment, it is a wise idea to invest your money into a property that accrues value as opposed to paying a landlord. Any site-built property appreciates around 3.4% of the market cost annually (according to the Case-Schiller Index), but rent payments accrue no value.

Single Family Homes for Sale in Asheville

If you are looking for single family homes for sale here in Buncombe County, now is a great time to do so. Single family residences continue to rise in value, all while remaining relatively more affordable in comparison to the rental market. The average 2 bedroom, 2 bathroom home in this county goes for $201,000, constituting a $965 monthly payment at current interest rates. The Asheville Citizen Times reported in April that the median rent for a 2 bedroom property in Asheville is $1,180 a month, making it actually cheaper to invest in real estate.

Wrap-Up

Although there is a seller’s advantage in the current real estate market, it truly is a great time to buy or sell real estate in Buncombe County. With low interest rates, you can afford more home for the same monthly payment. Low inventory of homes for sale causes increased competition in the bidding process, securing more of the asking price than usual. If you are feeling ready to move forward with purchasing or selling property, the Eskritt Group would appreciate the opportunity to represent you in this hot market. With over 35 years of experience between us, we have the tools to make your transaction more stress-free and the competence to keep your real estate dreams on track. Call (828) 585-7370 to find out how we can help you today.

 

Sources:

“30-Year Fixed-Rate Mortgages Since 1971.” Primary Mortgage Market Survey Archives – 30 Year Fixed Rate Mortgages – Freddie Mac. Freddie Mac, n.d. Web. 09 May 2017.

Cronin, Mike. “Asheville rents most expensive in NC – and still climbing.” Citizen Times. N.p., 11 Apr. 2017. Web. 9 May 2017.

Mortgage Calculator. N.p., n.d. Web. 09 May 2017. <http://www.mortgagecalculator.org/>.

Western North Carolina Regional Multiple Listing Service. 2017 CoreLogic, n.d. Web. 09 May 2017. <http://www.wncrmls.com/>.

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