Happy 2009!
January 5th, 2009 categories: Interesting Tidbits, Real Estate News
Being the ever-optimist, I’m willing to the Universe that 2009 WILL be better than 2008.
Here’s a very cute video from YouTube that summarizes the year of 2008 in a nutshell.
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Asheville, North Carolina ranked #1
December 22nd, 2008 categories: Interesting Tidbits
The Beverly-Hanks Relocation Department is always on top of it when it comes to knowing where Asheville ranks in popularity. Click here to see the newest list of Best Places to Live or Retire.
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North Carolina Real Estate Rebound in sight?
December 11th, 2008 categories: My Market Opinions
OK my fence sitters, and you know who I’m talking about, yes you do! Here’s some news you’ve been waiting for: A prominant economist, John Connaughton of the University of North Carolina at Charlotte has stated in the Triangle Business Journal that North Carolina’s economy will continue to decline through this year and beginning of 2009 by 0.2%. He says this signals the end of the state’s expansion which began seven years ago. He goes on to say that he predicts in the 2nd quarter of 2009, growth should start again! He expects the gross state product to grow by 1.4% in the 2nd quarter on a annualized, inflation-adjusted basis.
What this says is that we’re at the bottom with a recovery in sight! Everyone talks about when we’ll hit bottom and the optimum time to buy, this statement from one of North Carolina’s top economists is a good indicator that YOU SHOULD BE BUYING!!! I’ve been advising my Asheville clients for the last several months that we were close to bottom. One of my favorites sayings is to never try to time the market, it doesn’t work in the stock market and it usually doesn’t work in real estate.  This is the closest I can come without flags, megaphone and jumping up and down to saying the bottom is coming.
There are so many fantastic deals out there, it makes a grown Realtor cry because she can’t buy them all herself. All I can say to all of you who have been waiting for the “right time” to start looking, NOW IS THE RIGHT TIME!Â
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Mortgage Week In Review
December 8th, 2008 categories: Market Updates, Real Estate News
Mortgage rates moved even lower this week, helped by economic weakness and recent actions by the Fed and the Treasury. conforming fixed-rate mortgage rates dropped to levels last seen in 2003. According to Freddie Mac, the weekly decline in rates was the largest since 1981, over its Wednesday to Wednesday measurement period.
The Fed and the Treasury are looking at additional programs to boost the economy. On Wednesday, the Treasury confirmed that it is considering a plan which would offer below-market mortgage rates for select loans used to purchase homes. The lower rates would not be available for refinancing loans. At this point, it’s not certain if, when, or in what form this latest idea will be acted upon. As we have seen recently, most notably with the $700 billion TARP rescue plan, government programs often change significantly before their implementation.
During the first half of this week, Pending Home Sales on Tuesday will be the only economic data.
Brought to you by: Cameron Lewis, Beverly-Hanks Mortgage, MBS Quoteline & Xinnix
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Mortgage Rates to Drop?
December 4th, 2008 categories: Market Updates
The Government appears to be ready to take any necessary action to bolster the economy and the housing market. Click on here to see a video explaining three main agendas being considered.
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Cherry Ridge, Weaverville
December 2nd, 2008 categories: Neighborhoods
Last week I had the opportunity to hold an open house at a brand new development in Weaverville named Cherry Ridge. This special little development will be limited to a total of 15 lots on 18.4 acres, all of which range from .71 to 1.66 acres. What I immediately liked upon arriving was how beautifully forested it was. The developer has taken pains to keep a very natural forested feel, which provides a sense of privacy between neighbors. The developer is Stewart Acquisitions, LLC, owned by Bill and Sabra Stewart. They are on the job daily and have their own team of talented craftsmen who take pride in their workmanship.
I was impressed by the detail and amount of upgrades they offered at such a reasonable price. 
The home I held open was 28 Cherry Ridge Lane. Constructed in a Arts and Crafts style, it offered hardiplank siding, shakes and natural stone which gave the exterior a lot of attractive texture. There are covered porches in front and back, and a neat little spot off the back deck just waiting for a fire pit! The interior was on par with many higher-end homes I’ve been in: High ceilings, hardwood floors, large open family room with fireplace that’s wired above waiting for your flat screen. The kitchen has beautiful, neutral toned granite countertops, two-toned cabinets and a huge walk-in pantry. All the bedrooms (4) are located on the second floor. Square footage is 3012, on 1.18 acres,  underground utilities, well water and septic. This house is packed with value for $419,000.
Of the 15 lots, a few have been sold, so there are still excellent lots available from 59,900 to $89,900. Located just 5 minutes to downtown Weaverville and only 13 minutes to Asheville. I really liked this neighborhood and think if you’re looking for value but don’t want to give up on quality, it’s worth looking into Cherry Ridge.Â
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Would you like some GOOD news?
November 26th, 2008 categories: Asheville Economy
I’m on the verge of not watching the nightly news anymore. So much doom and gloom each and every night. I think I’ve figured out that’s why they have pure entertainment shows like Entertainment Tonight right after the news, you need a dose of fantasy to pull you out of the depression they just put you through during the nightly news . . .
So, when I read this Asheville Chamber of Commerce report, I immediately knew I had to share it with everyone. The Asheville area has always seemed to fare better than many parts of the U.S. and we continue to do so:
Total employment in the
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Metro Unemployment Rate Lowest in State
At 5.2 percent, the September 2008 unemployment rate in the
Industry Sectors Split on Net New Growth
Four major industry sectors in the Asheville metro experienced net year-over-year job gains in September, while seven sectors were either flat or down. The Health Services & Private Education sector led with 1,100 net new jobs over the year. The sector has added jobs consistently for over a decade. The Leisure and Hospitality sector added 1,000 net new jobs over the year, its 33rd month of record year-over-year growth. Professional and Business Services added 700 net new jobs, it’s 38th month of record year-over-year growth. The largest job losses came from the Manufacturing sector, down 700 jobs over the year.
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Mortgages and the $700 billion TARP rescue plan
November 18th, 2008 categories: Market Updates
For mortgage markets, the biggest news of the week came from Treasury Secretary Paulson during an update on the $700 billion TARP rescue plan. Paulson surprised investors with the news that the Treasury has scrapped the original plan to purchase troubled assets from banks and will use the funds in other ways to support the still “fragile” financial system. Lawmakers an investors were provided few details about the anticipated future use of the funds, and this abrupt shift in plans added to the uncertainty confronting investors in recent weeks.
While mortgage rates ended the week nearly unchanged from the prior week, daily volatility remained high. During October and November, movements in mortgage rates have been much larger than usual, primarily due to the high degree of uncertainty facing investors. Will there be a second major government stimulus package and what form will it take? What will be the impact of the extra debt issued to fund the government programs? Will other countries such as China have less money available to invest in US bonds, including mortgage backed securities, while they stimulate their own economies? Finally, how will the Treasury use the remaining funds from the $700 TARP rescue plan (discussed above)? Once investors have answers to these and other questions, we should see less volatility in mortgage rates.
Brought to you by : Cameron Lewis, Beverly-Hanks Mortgage Services
MBSQuoteline Xinnix
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So, WHO are we bailing out?
November 16th, 2008 categories: Financing Programs
I’m getting just a bit confused and irritated by the sudden shift of who Treasury Secretary Henry Paulsen is going help with the 700 billion we’ve all given to the Government. Although Paulsen feels it’s “an important idea” to help 3 million American households avoid foreclosure, he feels it goes beyond the intent for funding under the $700 billion financial rescue plan passed by Congress. For more information on the changes the Gov’t is considering, click on this link.
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7 Critical Steps to Avoid Real Estate Pitfalls
November 11th, 2008 categories: Interesting Tidbits, Real Estate News
 
If you’re getting ready to embark into the real estate world, as a buyer or seller, there are a few very critical things to remember as you go about the process. These are tips that I use to educate my clients on a daily basis. The’re all very important and valid points that will clearly benefit you by implementing them.
 Skipping the loan pre-approval step. For buyers, getting pre-approved for a mortgage gives you a clear idea of how much you can safely borrow and gives you insight as to what mortgage programs are available. Most importantly it identifies you as a serious buyer who’s done their homework. Sellers who have a great property and have priced it right, will have much more buyer interest and should expect proof of pre-approval from the potential buyer’s financial institution. Why waste time on an unproven buyer.
Timing the market. This is probably my biggest peave in real estate. Why buyers and sellers feel they can time it “just right” are living in La La Land.  Have you ever tried timing the stock market? I rest my case . . . Once in a great while I’ll meet someone who happened to sell and gain optimal profits, but their reasons were usually driven by the timing being right for them, not for profit.  If you think the market has bottomed out, chances are it has already started it’s way up. Always take the approach that real estate is a long-term investment.
Not understanding the length of the buying/selling process. The home-selling process is often more extensive than you think, from the early planning stages to protracted negotiations to often delayed closings. Financing can get held up, buyers may have a tough time selling their old house, repairs needed that the inspection uncovered etc. Don’t back yourself into a corner time-wise, the last place you want to find yourself is living in a hotel with all your belongings in a truck.
  Curb your enthusiasm.  The moment you drove up, you knew you were hooked. Now you’ve been inside, it’s absolutely heaven!  Now’s the time to play the game and keep that poker face. If you let the sellers or their agent know you love the house, you are giving them a position of power.  They may assume you might forgive some flaws because it’s your dream home. So, hold on to that giggle, shout for joy, or statements announcing “this is the one”, until you get in the car and close the door.
 Poor timing. Unfortunately we’ve all heard about people committed to a new house before selling their old one? Sometimes, you have little choice in the matter, but when you do, secure the sale of the old house before signing on the dotted line for the new one. Sure, you hate to miss out on that rare find and you might have to find an interim rental, but that’s better than spending time in financial limbo and biting your fingernails to the quick.
Hiring the wrong agent. You may not benefit by opting for an agency’s top-volume seller. That top-producing agent may have listed 40 homes last year and sold 30, but another agent may have listed 15 and sold 14. Opting for a friend or family member who is an agent doesn’t assure you of results either. It could cause a rift. And choosing the agent who suggests the highest listing price is not a recipe for success either — nor is opting for the agent who charges the lowest commission. Remember the SEED qualities in an agent: Smart, Empathetic, Experienced and Dedicated will usually get the job done right.
 Thinking appraisal equals actual value. In theory, appraisals are objective estimates of value. But several different appraisals can yield several different numbers. For example, an appraisal that’s been done for a possible refinance may have been slightly inflated to encourage that refinance. So sellers, before you put your home on the market, have an agent do a comparative market analysis to better indicate the home’s worth. And buyers, get similar “comps” from your agent. But realize the true value of a house is what someone is willing to pay for it.
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