Archive for August, 2008
8 Quick Fixes to Increase Value
August 25th, 2008 categories: Sellers
I’m asked all the time what a seller can do to help sell their home faster. Sometimes they listen to me and implement the changes, sometimes they don’t – to their detriment. With buyers scarcer, sellers must up the ante to convince them that their property offers what many want most â top value for dollar expended. Here are eight fast fixes:
1. Buff up curb appeal. Youâve heard it before, but itâs critical to get buyers to want to look on the inside. Be objective. View listings from the street. Check the condition of the landscaping, paint, roof, shutters, front door, knocker, windows, house number, and even how window treatments look from the outside. Add something specialâsuch as big flower pots or an antique bench â to help viewers remember house A from B.
2. Enrich with color. Paintâs cheap, but forget the adage that it must be white or neutral. Just donât let sellers get too avant-garde with jarring pinks, oranges, and purples. Recommend soft colors that say âwelcome,â lead the eye from room to room, and flatter skin tones. Think soft yellows and pale greens. Tint ceilings a lighter shade.
3. Upgrade the kitchen and bathroom. These make-or-break rooms can spur a sale. But besides making each squeaky clean and clutter-free, update the pulls, sinks, and faucets. In a kitchen, add one cool appliance, such as an espresso maker. In the bathroom, hang a flat-screen TV to mimic a hotel. Room service, anyone?
4. Add old-world patina. Install crown molding at least six to nine inches in depth, proportional to the roomâs size, and architecturally compatible. For ceilings nine feet high or higher, add dentil detailing, small tooth-shaped blocks used as a repeating ornament. Itâs all in the details, after all.
5. Screen hardwood floors. Buyers favor wood over carpet, but refinishing is costly and time-consuming. Screening cuts dust, time, and expense. What it entails: a light sanding, not a full stripping of color or polyurethane, then a coat of finish.
6. Clean out, organize closets. Get sortingâorganize your piles into âdonât need,â âhavenât worn,â and âkeep.â Closets must be only half-full so buyers can visualize fitting their stuff in.
7. Update window treatments. Buyers want light and views, not dated, fancy-schmancy drapes that darken. To diffuse light and add privacy, consider energy-efficient shades and blinds.
8. Hire a home inspector. Do a preemptive strike, since busy home owners seek maintenance-free living. Fix problems before you list the home and then display receipts and wait for buyers to offer kudos to sellers for being so responsible.
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Mortgage Week In Review
August 21st, 2008 categories: Market Updates
 
The week’s headline economic report showed that inflation rose far more than expected in July, yet mortgage rates barely reacted and ended the week essentially unchanged. The July Consumer Price Index (CPI), the most widely watched inflation indicator, rose at the fastest annual rate since 1991. The core rate, which excludes the volatile food and energy components, rose at a 2.5% annual rate. The Fed’s perceived comfort level for core inflation is between 1.5% and 2.0%.Mortgage rates usually move higher after an unexpected increase in inflation. This time they did not. Investors have started to expect that inflation levels will diminish later in the year and point to a couple of factors. First, slower economic growth in major global markets will reduce demand for goods and energy. In addition, a stronger US dollar will lower the cost of imported goods.
Even the Fed’s Stern, noted for his vigilant anti-inflation stance, stated that he expects inflation to come down after the third quarter. To summarize, economic weakness at home and abroad, a stronger dollar, and a decline in oil prices offer hope that future inflation levels will be lower.
The Economic Calendar will be very light next week. The Producer Price Index (PPI) will come out on Tuesday. PPI focuses on the increase in prices of “intermediate” goods used by companies to produce finished products. Housing Starts will also be released on Tuesday. Leading Indicators and the Philadelphia Fed index will come out on Thursday.
 Xinnix 2008
Copyright @ 2008 MBSQuoteline
Cameron M Lewis
Beverly-Hanks Mortgage Services
Residential & Commercial Financing
828-258-1945 Office
828-231-4909 Mobile
828-254-7202 Fax
877-293-5946 Toll Free
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How are the Asheville area selling prices doing? Part 2
August 18th, 2008 categories: Market Updates
I wear an “Ask Me” button every day in addition to my Beverly-Hanks name tag in an effort to give people an avenue to ask me the “big” question, “How’s the market doing here in Asheville”. In general, we are faring a heck of a lot better than the rest of the nation, still down a bit, but notice that as an average over 6 counties we are down only 6.6%. Here is a snapshot look at Buncombe County and a few of our surrounding counties for the 2nd Quarter of 2008 – April thru June.Â
AVERAGE HOME SELLING PRICE
COUNTYÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 2008Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 2007Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â %change
Buncombe                                272,714                                 288,880                          -5.6%
Haywood                                 223,745                                 238,758                           -6.3%
Henderson                             230,654                                 253,519                             -9%
Madison                                  236,164                                  236,943                            -0.3%
Polk                                          301,214                                   309,932                           -2.8%
Transylvania                          281,940                                  337,839                          -16.5%
____________________________________________________________
AVERAGEÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 253,724Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 271,588Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -6.6%
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Mortgage Week In Review
August 11th, 2008 categories: Mortgage Reviews
Mortgage Week In Review
 The big news this week was Tuesday’s Fed meeting. As expected, the Fed held the Fed Funds rate at 2.0%, but investors were concerned with the tone of the accompanying statement. The Fed’s challenge is to balance the risk of slower economic growth with the threat of higher inflation. Overall, the statement indicated that the Fed is more concerned with stabilizing the financial system than with fighting inflation. This, combined with Monday’s higher than expected reading on core PCE inflation, led to a small increase in mortgage rates during the week.The European Central Bank (ECB) also held a policy meeting this week, and they, too, made no change in interest rates. ECB President Trichet’s comments were similar to Bernanke’s, with warnings about the risks of both slower economic growth and higher inflation in Europe. The economic performance of other countries is important for US mortgage markets, since foreign investors purchase a large quantity of US bonds. For example, foreign investors accounted for 43% of the 30-yr issue and 34% of the 10-yr issue in this week’s Treasury auctions.
In the housing sector, the June Pending Home Sales index rose 5% from May. Pending Home Sales are a leading indicator of future housing market activity, so the next Existing and New Home Sales reports may show increases. In addition, the chief economist of the National Association of Realtors (NAR) expects the recently passed Housing Bill to stimulate the housing market later in the year.
Next week, the Trade Balance will come out on Tuesday. Retail Sales is scheduled for Wednesday. Consumers account for about 70% of economic activity, and this report is a major indicator of spending levels by consumers. The Consumer Price Index (CPI) inflation data will be released on Thursday. CPI looks at the price change for those finished goods which are sold to consumers. Industrial Production, an important indicator of economic activity will come out on Friday. Consumer Sentiment and the Empire State index will round out the schedule.
 Have a great week!
Courtesy of Xinnix and MBS Quoteline
Copyright @ 2008 MBSQuoteline
Cameron M Lewis
Beverly-Hanks Mortgage Services
Residential & Commercial Financing
828-258-1945 Office
877-293-5946 Toll Free
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Is the Asheville Housing Market ready to bounce?
August 7th, 2008 categories: Market Updates
 Calling all Buyers!!! Please read this article – The Moon and Stars are in alignment here in Asheville to make your move. If you’ve been on the sidelines waiting for the right time to buy, “The Time” is here . . . don’t lose out.
 Fed Stands Still – Time to Make Your Move
The Federal Reserve held the line on Tuesday-leaving the Fed Funds Rate at 2.00% for the third straight meeting. The decision, however, was anything but cut-and-dry.
Earlier in the week, the Personal Consumption Expenditure data indicated that inflation climbed 0.8% overall in June, which is the highest inflation jump in 27 years. In addition, the report indicated that inflation now sits at 2.3%-above the Fed’s desired range of 1-2%.
Although the Fed ultimately left interest rates unchanged, inflation obviously remains a concern and the recent rise may lead to an interest rate hike by the Fed in the near future.
What Does This Mean to You?
Many experts believe the housing market is nearing the bottom and may even be set to bounce back up. For now, home prices remain low, personal incomes are high, and interest rates are still very attractive.
If you’ve been weighing your options and waiting to see how things shake out, this is the ideal time to act-especially when you consider the new Housing and Economic Recovery Act benefits for home buyers:
Tax credits. First-time home buyers who purchase their primary residence between April 9, 2008 and July 1, 2009 are eligible for up to $7,500 in tax credit, as long as they haven’t owned a home in the last three years. The credit is actually a generous interest-free loan, so we’ll have to talk about some income parameters and payback terms. But if you’re a new home buyer – or know someone who is renting or in the market to buy – this is a huge benefit that we should discuss.
Lower rates for larger loans. In the past, mortgages of $417,000 or more have been considered “jumbo” loans that were more expensive to finance. Thanks to recent provisions, however, those jumbo loans were able to qualify for better financing rates in some parts of the country. Although those provisions were set to expire, they are being extended-with a minor change to the maximum amount eligible. This is great news that may save you a ton of cash, so call me to find out how this impacts our area, and if it could help you.
Down Payment Assistance…going, going, not gone yet. Another provision of the legislation eliminates some down payment assistance programs later this year…but they are still available right now, and depending on your circumstances, we may be able to take advantage of them to double your benefit as a home buyer.
Bottom line…now may be the ideal time to put together a purchase strategy based on your unique situation.
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 Call today to discuss your situation and set up a time to talk.
Cameron Lewis
Mortgage Consultant
Beverly-Hanks Mortgage Services
Phone: (828)258-1945
Fax:(828)254-7202
clewis@beverly-hanks.com
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Asheville Housing Supply vs. Demand – Part 1
August 5th, 2008 categories: Market Updates
 
The Beverly-Hanks 2nd Quarter Market Report was recently published and I wanted to share some of this information which I think is necessary in making informed decisions regarding buying, selling and investing in this area. I’m going to break down this valuable information in four parts over the next couple weeks: 1.) Housing Supply vs Demand, 2.) Average Home Selling Price.  3.) Number of Homes Sold and 4.) Lot/Land Sales and active inventory.
It’s my opinion that there has never been a better time to buy real estate in Western North Carolina and specifically here in Buncombe County. Our region consistently ranks as one of the most desirable places to live in the Nation. Each and every year thousands of families choose to move here for the quality of life we all enjoy. These trends will continue and as the national real estate market improves I believe that our marketplace is poised for healthy and sustainable growth.
Sales activity is certainly behind the robust pace enjoyed in recent years but remains at acceptable levels. Inventory has indeed risen creating a Buyer’s market. While the scales may be tipped in favor of the real estate buyer at the present time, Sellers who are willing to price their properties competitively and embrace creative sales strategies are achieving successful results in today’s market.Â
Buncombe County
Price Range       YTD Units Sold    Active Units 6/30/08     Absorption Rate*
$0-74,999Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 34Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 14Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 2.46
$75,000-$149,999Â Â Â Â Â Â Â Â Â Â Â 247Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 273Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 6.63
$150,000-$199,999Â Â Â Â Â Â Â Â Â 278Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 482Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 10.41
$200,000-$249,999Â Â Â Â Â Â Â Â Â 247Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 467Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 11.33
$250,000-$299,999Â Â Â Â Â Â Â Â Â Â 165Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 459Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 16.69
$300,000-$349,000Â Â Â Â Â Â Â Â Â 97Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 274Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 16.91
$350,000-$399,999Â Â Â Â Â Â Â Â Â Â 71Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 276Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 23
$400,000-$449,999Â Â Â Â Â Â Â Â Â Â 57Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 169Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 17.79
$450,000-$499,999Â Â Â Â Â Â Â Â Â Â Â 24Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 198Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 49.5
$500,000-$549,999Â Â Â Â Â Â Â Â Â Â Â 28Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 120Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 25.53
$550,000-$599,999Â Â Â Â Â Â Â Â Â Â Â Â 23Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 116Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 30.53
$600,000-$699,999Â Â Â Â Â Â Â Â Â Â Â Â 16Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 125Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 46.3
$700,000-$799,000Â Â Â Â Â Â Â Â Â Â Â Â 20Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 91Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 27.58
$800,000-$899,000Â Â Â Â Â Â Â Â Â Â Â Â 6Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 77Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 77
$900,000-$999,999Â Â Â Â Â Â Â Â Â Â Â Â Â 9Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 57Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 38
$1Million-$1.9Million            17                                     223                                      79.64
$2Million-$2.9Million            2                                       43                                        143.33
$3Million-$4.9Million           0                                      30                                      unkownÂ
$5Million Plus                         0                                       14                                     unknown
Totals                                  1,341                              3,481                                      15.57 Â
*Absorption Rate – The “projected” months it will take to absorb all of the listings in a particular price range.Â
NOTE: Information as reported by the WNC Regional Multiple Listing Service. The WNC Regional Multiple Listing Service does not guarantee or is in any way responsible for its acccuracy.  These figures are based upon actual closed transactions as reported through the above mentioned service.
 How does Buncombe County compare to the rest of the Western North Carolina Region on absorption rate? Totals on the combined WNC Region for absorption rate are 19.75, Buncombe County comes out ahead at 15.57, meaning homes sell on an average 4.5 months quicker in Buncombe County.
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Calling all Asheville Antique Buffs
August 1st, 2008 categories: Festivals
The Asheville Antiques Show is one of the oldest Antiques Fairs in the Southeast, beginning in 1946. The 2008 Fair will feature over forty five antiques dealers from all over the East coast. These exhibitors will bring together examples of period furniture, fine art, prints, ceramics, silver and jewelry.
The Asheville Antiques Fair is a non-profit organization with all of the proceeds going to support worthy organizations and foundations primarily in Buncombe County. It is their mission to support the restoration, conservation and preservation of selected projects in Buncombe County.
The profits have aided the restoration and the furnishing of the Smith McDowell House Museum, one of the earliest homes in the county. Other grants were made to Pack Place, which houses the Asheville Art Museum, the Colburn Gem and Mineral Museum, the Health Adventure and the adjacent YMI Cultural Center.
Among the variety of special events this weekend will be the Heirloom Road Show. Bring your favorite treasures to the Heirloom Road Show. Three appraisers will be available to give you an evaluation of your most treasured heirlooms. The charge for evaluations will be $16 for one item, $18.00 for two items and $20.00 for three items. In addition, you must purchase a general admission Fair ticket, $10.00 per person for a Run of Show ticket, good for all three days
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