Is there a home buyer in the House?
Home buying in Western North Carolina can be a challenge at times depending on the price range. First if you are looking for a home under $300,000 fasten your seat belts. If priced right will see quickly often sell off the shelf as if it was Black Friday. Frankly it is not much fun for real estate agents either unless you are representing the Seller.
On the other hand homes over $300-400,000 are selling fast but at a more normal speed. For example you can look at it today along with other homes and decide to make an offer a couple of days later and it most likely still on the market… But not always. There is a larger selection of homes to look at as well than under $300,000.
Now homes over $500,000 are selling much slower in fact in many medium markets these homes may be considered slow to sell. An opportunity for a buyer for sure.
Often when taking a market apart and braking down the actual numbers over all you may be surprised to learn that real estate overall is slowing down. Really!
While homes is Waynesville and Maggie Valley over $500,000- $700,000 are on the market for the average of 424 days but the ones that sell are on 192 days. Homes between $225-249,900 are averaging 85 days. Keep in mind homes once they go under contract do not close for 40-60 days.
Interest rates are creeping up to around that 5% market. Still very low but seems high looking back a year ago at 3.7%. They are predicting another rise in a few months most like over 5%, perhaps 5.5% be year end.
Believe it or not this is a good thing it protects you from that crazy increase in value of homes we saw in 2005 for example where by 2008 you where up side down.
So purchasing right know is overall a great time as home values are increase at a safe margin. Haywood County home sales continues to grow. Many Asheville Home Buyers are now look in the Waynesville, Maggie Valley area because their buying power is much stronger.
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