Climb Every Mountain: Asheville, NC and the Changing Real Estate Market

In the article NAR Asks Home Owners: If You Sell It, Will Buyers Come? (posted on March 27, 2006) National Association of Realtors (NAR) President, Thomas M. Stevens, stated Selling a home is like climbing Mount Everest, if you dont prepare correctly, youll never achieve your goal. Getting a signed contract is like reaching the peak, but thats only half the journey, he continued, Many things can happen on the way back down the mountain. Savvy sellers know to hire a Realtor to protect their interests and guide them through.

As the national real estate market continues to change the real estate market in Asheville, North Carolina stays strong. During the spring and summer of 2006 Asheville has slowly transformed into a buyers market. Although this shift occurred more slowly in areas of Western North Carolina, than in other parts of the country, Asheville residents will now see an increased number of homes on the market, higher interest rates than 2005 and a shrinking pool of potential homebuyers. However, sellers fear not! The economic outlook for Asheville is stable and blossoming. Change often comes great opportunity!

The Summer Keeps Sizzling

Asheville still sustains a hot real estate market. The citys new advertising campaign highlights that Asheville has something for everyone and as summer temperatures keep rising in the flatland many people come looking for more comfort and a better quality of life. Currently, West Asheville and North Asheville are the hottest parts of the city. Homes sold near Beaverdam Lake, the Grove Park Inn, the University of North Carolina and Merrimon Avenue are still in high demand. Properties located in neighborhoods accessible to Patton Avenue and Haywood Road are also moving more quickly. Homes selling in Leicester and Candler are the slowest, sometimes taking 3 or 4 months.

The key to a successful home sale in Asheville is pricing. Overpricing hurts home sellers in a real estate market with fewer buyers who take more time to decide. In West and North Asheville a well priced home can sell in 2 or 3 weeks. Higher pricing will now sit longer, even in areas like Kenilworth, which used to be one of the most sought after neighborhoods in Asheville. Its also important to consult a professional. As the buyers market becomes consistently more competitive sellers will need to rely on the service and expertise of a professional real estate agent. One who can realistically price the home and market it efficiently.

We Are All Connected

According to the 2006 Asheville Metro Economy Outlook (AMEO), completed in June of this year by the Asheville Metro Business Research Center and the Asheville Area Chamber of Commerce, Local Strengths Assure Continued Economic Growth & Stability. The AMEO also indicates the unemployment rate in Asheville, at 3.2%, is well below rates for the nation and state. The AMEO describes 6 contributing factors that support the balanced economic growth in Asheville: a specialized healthcare industry, record-setting tourism activity, an merging professional services sector, the resilient housing market, the baby-boom fueled population growth and the transformation of the manufacturing sector. It also reports that population growth in Asheville is consistent and in the last 35 years has never declined.

The 2006 Asheville Metro Economy Outlook also highlights one of the most unique characteristics of Asheville; 90 percent of local population growth is from in-migration. The state of North Carolina supplies approximately 40 percent of the in-migrants, but the state sending the next highest number of in-migrants is Florida at 12 percent. I know approximately 80 percent of the homebuyers I work with are from Florida. I believe, this years hurricane season will make or break the Florida real estate market. The Asheville market has slowed in some ways because the Florida market is slowing considerably. After the hurricane, many homeowners put houses on the market. As these sit for longer periods of time potential buyers from Florida are unable to move to Western North Carolina and purchase homes. The affect of this phenomenon is a feeling of putting on the brakes in both Florida and the Asheville region.

Despite all of the changes during the last year the Asheville real estate market still offers steady population increases, secure job growth and comparatively affordable residential home prices. As of June homes sales were up 10.3 percent for 2006 and the average home price was up 7.8 percent as reported by the AMEO. For more information about the Asheville real estate market and to learn tips for selling your home in the Western North Carolina region visit my web site http://www.theskysthelimitasheville.com. In the meantime, happy home selling!

Mark G. Jackson is a long time resident of Asheville, North Carolina. He is a real estate agent and investor in the Western North Carolina region. He currently works for the John Carroll real estate office in downtown Asheville and specializes in finding the best properties for clients interested in the Asheville real estate market. Mark can be reached at http://www.theskysthelimitasheville.com.Merralee Blog10589
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