As experts in the Asheville real estate market, we get asked this question a lot. To really understand the answer to this question it is important to look at the numbers.
The answer isn’t as simple as yes or no.
First off, it really depends on the property type and location.
What are the three most important rules of real estate; location, location location. Single-family homes in great locations that are priced well have been flying off the shelves. There’s a lot of demand in the market for certain areas, while others can seem like ghost towns. We all know that that real estate in West Asheville is highly coveted while real estate in Sandy Mush for instance is not as popular.
Buyers are often looking for the same thing – good neighborhoods, access to transportation, shopping, good schools, close to work, etc. Properties that deliver all these are definitely a hot commodity. Sellers with a highly desirable property are in control of the market.
But for condos and townhouses – especially those a little off the beaten path, or with some funky features – it can be quite a different story. Prices were down in certain areas of Asheville, but seem to be rebounding as the rental market increases.
Investment properties are in demand. The massive amounts of cash flooding in to invest in US real estate have impacted the Asheville market in unique ways. You have both investors and primary residents buying properties for cash. This has created a situation where property prices have been increasing over the past 12 months. Overall, those people in a position to pay cash for properties have been picking up the good deals in the marketplace, these deals are becoming hard and harder to find.
Lots of sellers are trying out speculative prices just to see if anyone bites, but most buyers are walking away from deals that don’t pencil out.
Financing is still a major obstacle for buyers. Banks are being incredibly strict, requiring lots of money down and even changing their terms at the last minute. It’s not uncommon for approved buyers to get their loans pulled right before closing escrow, although it’s getting better than it was just a couple of years ago.
Overall the markets remain incredibly polarized – there is a lot of action at the very top and the very bottom, with the biggest challenges in the middle.
Sound confusing? It is. But We Can Help.
There’s a lot of shakeup in the US economy still taking place, and the markets are moving fast in lots of directions at once. Reach out to us if you want to chat about the state of the market for buyers in Asheville NC.
We’re investing in Asheville because we believe in the community and the people here.
If you need to sell a property near Asheville, we can help you.
We buy properties like yours from people who need to sell fast.