Archive for December, 2008
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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