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Beverly-Hanks 2014 local real estate and market report (1 of 10)
When segments of a specific market begin receiving multiple offers and closing very quickly, but others languish well beyond the average, we can infer that there is a shortage of well-positioned homes for sale. We can also safely assume that the properties with extended cumulative days on market are in need of repricing in order to make them more attractive for active buyers.If you’d like to take a deeper look at your market, our broker associates are uniquely prepared to help you with this type of meaningful analysis. Our Market Research Center at beverlyhanks.com includes a suite of tools to help you and your broker compare properties, analyze trends, and examine properties which have...
Beverly-Hanks 2014 local real estate and market report (2 of 10)
successfully closed. Whether you are a buyer or seller, insight such as this can help you make confident real estate decisions in any market. The modest recovery of our real estate markets continues. The supply of homes available for sale is down, prices are showing incremental improvement, and in some cases there is a shortage of desirable homes for sale. Many of the markets surrounding Asheville and Hendersonville are still experiencing an oversupply of homes for sale. These outlying areas continue to offer great values for buyers. Closer to Asheville and Hendersonville, we are beginning to notice specific neighborhoods and...
Beverly-Hanks 2014 local real estate and market report (3 of 10)
price ranges suffering from a lack of “desirable” houses for sale. We’ve detected this trend through conversations with our associates and by examining the percentage of homes selling in under 60 days versus the average marketing time. “The markets are beginning to experience a shortage of desirable homes priced correctly.” When segments of a specific market begin receiving multiple offers and closing very quickly, but others languish well beyond the average, we can infer that there is a shortage of well-positioned homes for sale. We can also safely assume that the properties with extended cumulative days on market are in need of repricing in order to make them more attractive...
Beverly-Hanks 2014 local real estate and market report (4 of 10)
for active buyers. If you’d like to take a deeper look at your market, our broker associates are uniquely prepared to help you with this type of meaningful analysis. Our Market Research Center at beverlyhanks. com includes a suite of tools to help you and your broker compare properties, analyze trends, and examine properties which have successfully closed. Whether you are a buyer or seller, insight such as this can help you make confident real estate decisions in any market.It was expected that interest rates would approach 5% by the middle of 2014. However, global uncertainty associated with civil unrest in Iraq and the Ukraine, along with a weaker economy in Europe, helped to push rates to 12-month lows. Rates around...
Beverly-Hanks 2014 local real estate and market report (5 of 10)
3.75% for VA loans were not uncommon in June, whereas rates on Conventional loans ranged between 4% to 4.375% for most borrowers. Currently, rates are similar to a year ago. Due to an improving economy and expected inflationary pressure, economists continue to forecast higher rates by yearend. Underwriting is beginning to loosen. Many lenders have lowered their FHA minimum score from 640 to 620, making mortgages more accessible. More accessible FHA loans will make it easier for Millennials and other first-time home buyers who have been sidelined by tighter credit standards to form new households and add additional support to the real estate recovery.Year to date, 35% of homes sold in less...
Beverly-Hanks 2014 local real estate and market report (6 of 10)
than 60 days. Yet 35% of the homes available for sale have been on the market for at least 150 days, indicating that a significant number of homes need to be repriced in order to sell.NEW HOME CONSTRUCTION-Demand for new homes surged 18.6% in May to an annualized rate of 504,000 units. Economists were forecasting a 439,000 pace. “The data are highly volatile, and the surge in May is clearly exaggerated, ” said Jim O’Sullivan, chief economist of High Frequency Economics, but “the housing recovery appears to be getting back on track.” An unusually harsh winter may have delayed people who might have bought during spring but ended up waiting for warmer weather to arrive. Falling mortgage...
Beverly-Hanks 2014 local real estate and market report (7 of 10)
rates may also be drawing more home shoppers back into the market. Sales are expected to pick up as the year wears on, though not at the same pace as in May. The 2014 commercial market has cooled somewhat nationally and locally. We’ve seen a slight decrease in volume in every commercial category except the office sector, which saw a healthy jump to more than triple the dollar volume of Q2 2013. $5.6 million in office sales is a healthy indicator for employment expansion in our area. Construction of two new medical facilities on Long Shoals Road by Mission and Park Ridge Hospitals points to the area’s continued dominance of the...
Beverly-Hanks 2014 local real estate and market report (8 of 10)
health care sector. Industrial sales volume totaled $7.34 million for the quarter, and the retail sector came in at $11.4 million. Multi-family volume continues to lead the way with $15.9 million in sales. Sales volume of all commercial property types for second quarter in the Asheville Market totaled $40,310,000. Leasing activity, while down somewhat from square footage numbers of 2nd quarter a year ago, remain solid. The market saw 170,510 square feet of industrial leases, 42,037 square feet of office leases, and 55,317 square feet in the retail sector. NAI Beverly Hanks ...
Beverly-Hanks 2014 local real estate and market report (9 of 10)
continues to lead the market in all categories for both sales and leasing volume in 2014. Asheville continues its historic trend of unbroken job growth into the second quarter of 2014. The metro has experienced 46 consecutive months of positive yearover- year growth. Entering the second quarter, Asheville is up 2,700 net new jobs, an annual growth rate of 1.5 percent.Currently employing 177,800, Asheville has grown past its 2007 pre-recession employment peak and now joins six of the state’s fourteen other metros that have reached this milestone.For nearly four years straight, growth has been driven by the following three major industry...
Beverly-Hanks 2014 local real estate and market report (10 of 10)
sectors: Professional& Business Services, Leisure & Hospitality Services, and Health Services. Each of these industries is setting its own all-time employment record in Asheville. As of the second quarter, the three lead sectors are also being supported by job creation from another five industries with renewed contributions from Construction and Manufacturing, two industries that had been largely silent until recently. Unemployment rates in Asheville continued their long Continued unbroken job growth. Your local Asheville NC market report
What area should I live in?
To help give you a better idea we have broken Asheville down to five areas; Central Asheville ~ North Asheville ~ South Asheville ~ West Asheville ~ East Asheville , so that we can share some of the area highlights along with a quick glance at Asheville real estate in each area. Hopefully this will give you a start in determining what area you might prefer to live and purchase real estate in.
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