Beverly-Hanks & Associates - area sales leaders since 1976. Let us share our local knowledge and real estate expertise with you.
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Beverly-Hanks 2016 Local and National Real Estate Market Report (1 of 9)
Our housing markets are greatly improved from one year ago. Several niche markets are experiencing competing bids and a shortage of homes to sell. It is likely that the markets will carry this year’s momentum into next. Beverly-Hanks receives more than 1.7 million page views per year, and after years of monitoring our web traffic and sales history, we’ve realized our web traffic represents one of our best predictors of future market activity.
Beverly-Hanks 2016 Asheville NC Real Estate Market Report (2 of 9)
Our web traffic is trending up. We’ve identified four trends which we believe will continue into next year. According to the National Association of Realtors (NAR), millennials are the largest age group of buyers for the second consecutive year. They make up about 30% of all buyers. As they enter the markets in increasing numbers, demand for the types of homes preferred by first-time buyers are likely to surge.We anticipate more people qualifying for loans. Last year FHA premiums on mortgage
Beverly-Hanks 2016 Local Real Estate Market report (3 of 9)
insurance dropped from 1.35% to 0.85%. Homeowners are expected to save roughly $900 a year. For 2016, Fannie Mae has announced a new mortgage program, HomeReady. Borrowers will be able to put as little as 3% down, with expanded rules for the source of the monthly payment. According to Fannie Mae, in 2013, 14% of all households with a mortgage had extended family living under one roof. We expect this trend to drive demand for larger homes with separate intact living areas.
Beverly-Hanks 2016 Asheville North Carolina Real Estate Report (4 of 9)
New home sales surged in the fourth quarter of 2015. NAHB Chief Economist David Crowe believes, “a firming economy, continued job creation and affordable mortgages should keep housing trending up.” The current and projected sales pace are the best they’ve been in a decade. Reports indicate buyers are receiving fewer concessions and price breaks on new homes, making the best deal, the one you find today.
Beverly-Hanks 2016 Asheville Real Estate Market Report (5 of 9)
With markets in Eastern North Carolina, Florida and Georgia improving, we expect the rate of second home sales to increase... According to more than two-thirds of property managers surveyed in a report issued by Rent.com, rental rates are expected to rise 4-8% in 2016. The U.S. Census Bureau reported that for two quarters in 2015, vacancy rates dropped to 20-year lows, 6.8%. With increasing rents, dropping vacancy rates and the rate of homeownership falling we expect residential investment properties to be in strong demand.
Beverly-Hanks 2016 Asheville NC Real Estate Report (6 of 9)
The industry survived the roll out of “Know Before You Owe” changes governed by the Consumer Federal Protection Bureau (CFPB) with only a few bumps. The new disclosures designed to make mortgage information more easily understood are a boon to homebuyers… Kudos to the CFPB for making things easier to read and understand. “After a year of modest economic improvement, we expect the economy to gain momentum early in 2016.
Beverly-Hanks 2016 Asheville Market Report (7 of 9)
So far the financial markets haven’t experienced any sizable shocks. Consumers have been more cautious in recent months, preferring to save rather than spend, we believe spending will pick up next year amid solid job and income gains,” said Fannie Mae Chief Economist Doug Duncan. CoreLogic released their 2016 Housing and Mortgage Rates Forecast. They report that the Fed is expected to raise short-term interest rates by one percentage point over the year.
Beverly-Hanks 2016 Asheville North Carolina Real Estate Market Report (8 of 9)
Well we all know the markets hot, sales are up and interest rates are good. Now is a good time to invest in real estate in Asheville NC. Asheville is growing by leaps and bounds and now is a great time to invest here. Give us a call and let us organize a portfolio of properties that meet your needs. We will give you a tour of the areas that we think will suit your criteria. Asheville NC real estate has proven to be a sound investment, so give us a call today and let us get to work for you.
Beverly-Hanks 2016 Asheville Real Estate Market Report (9 of 9)
We at Beverly-Hanks thrive on being the local experts. Local means knowledge, even when searching for Asheville real estate on the web, "go local"! We know the communities/neighborhoods, after all we travel these streets everyday and we live in these communities, who better to serve you than the local expert Realtors at Beverly-Hanks. So keep visiting www.ashevillerealestate.com and contact us and let our local and professional expertise work for you!
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.