Archive for May, 2009
Why Homeownership still pays
May 29th, 2009 categories: My Market Opinions
It would be an understatement for me to say many Americans have taken a hit to their home equity over the past two or three years, and some may wonder if owning a home is really the smartest financial decision. GOOD NEWS!-a recent analysis of Federal Reserve data by the National Association of Realtors (NAR) shows the answer is YES!
In comparison with renters, homeowners have much greater household wealth. Owner’s wealth exceeds that of renters by a factor of 50-to-1: a median of $205,200 versus a median of $4,200. The main wealth difference between the two is home equity, of course. Even for households who’ve owned their home only since 2003, home equity gains are the rule rather than the exception.
In all 150 markets tracked by NAR, including hard-hit markets, households who’ve owned their home for 10, 15 and 20 years have uniformly enjoyed strong equity gains depsite the recent downturn.
The data in this graph clearly shows that homeownership remains the biggest store of wealth for the typical household, even when markets are buffeted by some admittedly very rocky years.
And let’s not forget the incentive the government is giving 1st time home buyers, and $8,000 tax credit that does not have to be repaid if you live in the home at least three years, and you can now use it for a downpayment! BUT! You must purchase a home by December 1, 2009 to take advantage of this.
If you’re weighing all your options and considering buying this year, I hope the data here will settle any fears if homeownership still makes any sense.
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6 things to do this Memorial Day weekend
May 21st, 2009 categories: Places to go
It’s a nice long weekend, the weather is good and we’re all looking for something new or different to do in the Asheville area. Here’s a list of various activities that should appeal to almost everyone. But first, Veterans Ceremonies will take place for Asheville-Buncombe County at 1 p.m. Monday at the Memorial Stadium.
1. The Blue Ridge Parkway hosts a Wildflower Day starting 10:30 a.m. Saturday at the Parkway Visitor Center, and features music, dance, a hike and more.
2. The Carl Sandburg Home National Historic Site hosts the Sandburg Folk Music Festival, 10 a.m. -3 p.m. Monday.
3. The Memorial Day Powwow in Cherokee takes place 10 a.m.-5 p.m. Sunday at the Cherokee Indian Fair Grounds.
4. Asheville Community Band plays a free patriotic concert at 3 p.m. Sunday at the Folk Art Center on the Blue Ridge Parkway.
5. The Big South Conference baseball tournament takes place at McCormick Field, with preliminary games at 11 a.m., 3 p.m. and 7 p.m. Friday, and the championship game at 1 p.m. Saturday. Tickets: $5-$12.
6. The White Squirrel Festival takes place in downtown Brevard on Saturday and Sunday.
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Outdoor dining in Asheville?
May 20th, 2009 categories: Restaurant Reviews
Asheville isn’t called the “Paris of the South” for nothin’. One highlight of our spring, summer and fall seasons are the abundance of restaraunts with outside dining, specifically in the downtown area. People-watching at it’s best, and delicious meals at it’s finest! You get that “European” feel sitting outside with the occasional poochie sitting with their owners. People absolutely love it and if a restaurant can put a table outside, that’s where people want to be.
So, here is a partial list of places (clickable links) to go in downtown Asheville with outdoor dining:
Asheville Pizza and Brewing – Pizza, sandwiches, local brew. 77 Coxe Ave.
Bistro 1896 - Creative American. 7 W. Pack Square.
Flying Frog Cafe – American and Indian. Battery Park Ave at Haywood St.
Heiwa Shokudo – Japanese Food, sushi. 87 N. Lexington.
Jack of the Wood – Upscale pub. 95 Patton Ave.
Laughing Seed Cafe – Vegetarian. 40 Wall St.
Mellow Mushroom Pizza Bakers – 50 Broadway.
The New French Bar Courtyard Cafe – Tapas, Sandwiches, salads. 12 Biltmore Ave.
Tupelo Honey Cafe – Southern food. 12 College St.
Thirsty Monk – Appetizers, sandwiches. 92 Patton Ave.
Wasabi – Japanese, sushi. 19 Broadway St.
Zambra – Tapas. 85 W. Walnut St.
The Green Sage Coffeehouse & Cafe – Breakfast, sandwiches. 5 Broadway St.
ENJOY!!!
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Why you’ll like Asheville if you’re a vegetarian.
May 19th, 2009 categories: Interesting Tidbits
Did you know that Asheville leads the nation as a vegetarian city? Asheville was named the No. 1 Best Vegetarian-friendly Small City in the United States by GoVeg.com a few years ago, based on its abundance of meat-free restaurants, coffee shops, bakeries and markets. Asheville is known as a health center, there are a lot of people concerned about the environment, a big arts community, and Asheville’s reputation as a vegetarian haven is the city’s restaurant scene.
Downtown Asheville has two vegetarian restaurants of note, Rosetta’s Kitchen . Rosetta Star, who opened Rosetta’s Kitchen in 2002, said it makes sense that Asheville is known as a vegetarian-friendly town. “One of the things that makes Asheville what it is, is sort of that questioning of the norm,” she said. “Asheville questions norms all over the place as a community, so it makes sense that food is one place that people would do that.” Opening in the basement of the YMCA in 1991, the Laughing Seed Cafe owner Joe Eckert says many of the restaurant’s patrons are not necessarily vegetarians but are interested in eating healthier as well as local and organic.
For the full story from the Asheville Citizen-Times, click here.
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Where O Where has Sandy been!
May 18th, 2009 categories: Market Updates
Wow, it has been much too long since my last blog – My apologies! The reason? Blame it on two weeks of real estate continuing education. The information we learn is invaluable, but putting me in a classroom for 8 hours straight is like being in a straightjacket!! My saving grace was the comfortable wing-back chairs the school had available. Thank you Cumbie Institute!! So, now expect me to be back to normal blogging . . .
Here’s some fantastic news: The Secretary of the Department of Housing and Urban Development (HUD) announced this week that home buyers will be allowed to use the $8,000 first-time homebuyer tax credit for down payments on purchases financed by FHA loans. FHA will allow approved lenders, nonprofits, and government agencies to advance the funds in the form of bridge loans that buyers would use for down payments. Buyers would repay the loans after they received their tax refunds. The FHA will release more details on the program soon.
So, with a great tax credit being offered by the government, you’re not sitting on the fence not sure to buy yet, are you? Don’t let your chance slip away!! Prices have tumbled, interest rates are at an all time low, and now you have money to put down on your first home. Win, Win, Win.
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