We are launching our completely redesigned website on Tuesday July 3rd. The design team at Union Street Media has done a great job: the new site is loaded with features that make it easy and useful for people searching the real estate market around Weaverville and Asheville. We are excited about the new site and it’s potential to deliver well informed clients and customers to us!
Rain this Labor Day changed outdoor Labor Day plans here – but we sure did need it. I watched the lawn turn from brown to green yesterday afternoon. I think alot of leaves fell during this wind and rain because of the preceding weeks of drought. I wonder if that will impact the fall color.
Showing appointments climb to highest level of any month since we began tracking them in April of 2009…Up 40% over February and 13% ahead of March of last year. Closings are pretty strong too! – according to our Western North Carolina MLS.
As we march further into spring, there are more and more opportunities to purchase the home you are looking for, but you have to know what to expect in the many different purchase scenarios.
The economy seems to be improving overall and, as a result, some bright spots are showing up in the real-estate market for buyers as there are great deals to be found in our current market and more homes coming online with spring in full swing.
Foreclosures are really setting the table for all home sales, as downward price trends have pushed the median prices down, and they appear to be staying that way for awhile. But, remember there are a lot of factors to consider when deciding what type of home to buy, and at what price. Yes, foreclosures and short-sales can be great deals from a strict price/purchase standpoint, but they also require extreme patience and foresight as they can drag out for months and months and still fall apart. I think all buyers should look at foreclosures and short sales, but also keep in mind that ALL sellers are affected by this market, so ALL “sale prices” HAVE to reflect the current sales in the market-place ad that includes traditional sellers and banks.
Ultimately, it comes down to finding what is right for your wallet and your family, so I have included some additional examples of points to consider when pursuing a ‘distressed’ home via – rismedia.
Thanks! – Team Tierney
‘This “second wave” of foreclosures – combined with the fact that many people’s 401(k)s have bounced back with the stock market, and most economists agree that the bottom of the recession has hit – means that competition for these foreclosed homes is, in many cases, fierce. There’s a renewed, final dash to get in on what some perceive as the best real-estate deals they’ll get in awhile. But how do you know which foreclosure is a good buy, and which to walk by?’
Get it checked out by a pro. Perhaps the most essential point: Never go by looks alone as an indicator of whether a foreclosure is a good buy. A $2 million mansion may look gorgeous on the surface but might have toxic mold hiding beneath, which will require extremely pricey, lengthy repairs. On the other hand, a Mission fixer may look dilapidated but may have excellent bones and can be repaired at reasonable cost. Stipulate to your client that a certified professional home inspector must be contracted to check out a property before making a deal on it, to determine what repairs need to be done — so they can truly assess whether it’s worth it for them. Don’t rely solely on previous inspections, even if relatively recent – a vacant home can deteriorate quite a bit in a short time, especially in an area with climate extremes.
Don’t abandon common real-estate logic. Too many people, when shopping for a foreclosure, abandon their real-estate sense and focus on price alone. Remember, things like a sub-par location, poor light, terrible view, below-average school district, high local crime rate and other negatives might be part of the reason why a home went into foreclosure in the first place. Don’t assume that financial problems of the previous owner are the main reason for every foreclosure. The last owner may have bought the home ignoring some of the aforementioned problems, and seen value sink because of them. Don’t ignore those problems, especially if your client is considering selling in the next 5 to 10 years. Let your client know how long the home has been empty; the longer it has, the more of a chance this isn’t a good deal. Also, if there are plenty of other foreclosures nearby, that’s also a bad sign.
Skip – or, at least, very strongly rethink – the flip. “House-flipping,” i.e., buying at bargain-basement pricing, updating, then selling for much higher – is very 2006… and hasn’t exactly been hot since. Even if a house looks like an incredible flipping opportunity, beware of this temptation unless your client is a pro, with incredible contractor connections. Tell them to automatically triple the amount they think they’ll be spending to fix up the home. Clients should avoid the temptation to make fast money unless they think it through and talk to their real-estate professional, a home inspector, contractors – and possibly even a therapist!
Go over the budget. A fixer-upper means nothing if you can’t afford to fix it up – and that’s especially true for foreclosures, where those fixes can cost a pretty penny. Before buying, make sure your client has an ample budget to do all the repairs needed, after truly taking stock (with the help of a home inspector) of what those needs are. Make sure they have at least half of that money in cash, and preferably all of it. They don’t want to take more loans than needed, especially private loans, which shouldn’t be taking at all – the interest on them will, little by little, chip away at the initial foreclosure bargain.
Do your homework on lenders. Fewer people are getting financing for home-buying than they did before the recession, but good financing is luckily still available to many qualified buyers. Just make sure, as with regular home buying, that you enlist a reputable lender. A good lender will take the time to do a review of your client’s financial life and long- and short-term goals, to truly pick the best solution for them, rather than just spitting out options. Also ask about hidden costs, rate locks, prepayment penalties, origination fees and whether underwriting is done in-house. Make sure everything is explained to them clearly, and recommend that they review all of the answers with a real-estate attorney, who will also be able to check out the lender’s overall reputation. These are things that many people do during the standard home-buying process, but might gloss over when lured by a low foreclosure price tag.
Well, Spring is here, and things are popping up all around the area. Folks are enjoying the weather and the landscapes that our area has to offer. Of course, right now, while the leaves are still waiting to pop is a great time to view land because you can really see the contours of different properties. But did you know that you can also take a canopy tour while you are in town?
Adventure America Canopy Tours is building a high-flying zip line this spring on its property. Yet to be officially named, the zip line would be the first within the city limits, according to those in the industry.
“This is good for our guests and good for the whole community,” said Angela Beattie, spokeswoman for Crowne Plaza, adding that the zip line would be open to the public.
“It is just another thing to draw people here to Asheville, and for visitors who are only staying one or two nights in town, it’s something close by Asheville they can take advantage of.” -according to Asheville Citizen Times
Also, just north of Asheville, in the wonderful town of Barnardsville there is another canopy tour you can do right now on a lovely piece of property. Navitat is ready to take you on one awesome ride in the woods!! Check out this link to learn more: Navitat
Nationwide, residential home sales declined by 9.6% from the same month last year. Locally, our year-to-year sales were up by almost 1 percent, so it is still a challenging time to sell property and a great time to buy property. If you are selling your home, you really need an expert to help you price you home correctly to be successful in THIS market!
February new home sales fell nationally by a record 16.7% reflecting the relative pricing attractiveness of existing homes. This will likely continue to be a national problem for new home builders until excess inventory and lower residential prices moderate.
However, our local market continues to outperform national real estate averages.
Let us know how we can help.
Thanks,
The Asheville citizen reports that home sales increased around 9% in February of this year. That’s the first increase since last summer. Follow this link to read the article:
Sales are beginning to show signs of life, especially in the lower price ranges. The Western North Carolina MLS is reporting that showings of existing listings were up 22% in February. That is a promising statistic – especially if it keeps trending upwards.
Let’s face it, the Real Estate market is challenging right now even though it is a great time to buy. You need the right Realtor to work for your specific needs and interests. But more importantly you need to keep your sanity through the process and have fun finding the home of your dreams!
At Tierney & Co. Real Estate, our primary objective is to guide you through the process with experts in all areas of the transaction while bringing laughter and humility to the process as well . Laughter can be the best medicine in the twists and turns that we face together, but it all leads to where you’re meant to be inour wonderful mountains.
We hope to see you soon, and look forward to sharing our experience with you!
Daffodil
They say that before you get married, you should see your would-be spouse without her makeup, or in his case without a shave and shower. If you’re prepared for the worst, you’ll judge more wisely.
Same goes for buying a house in the mountains around Asheville, particularly if there’s some wooded land involved. In the spring, the leaves are still off the trees. You can see beyond the treeline to learn if the neighbor keeps a tidy yard, and discover if there’s a year-round view if you’d just take a tree or two down. All the lovely blooms and grass have become a hibernating brown for the winter, so we don’t get charmed by the green lushness of the land while trying to determine its contours and garden potential. In the spring, after a winter of snow, rain and thaw, the gravel roads are at their worst, which is good to know if you need that road to reach your dream home year-round.
Best of all, spring smells like new beginnings, a time to make plans for life’s next adventure. How sweet to see that house or land in the cool months of new blooms, then to take possession as it bursts forth with colors of mountain flowers. At Tierney and Co. Real Estate, we love to share that sense of wonder and newness with our clients. Come share spring with us.
Home Sales in Buncombe Co. Through January 2011
Weaverville real estate has a new name
Peregrine Properties has had some name changes since Paul Tierney took charge in 2002.
A couple years back, we became United Country Peregrine Properties, affiliating with a company that put us in touch with rural land buyers.
But now, we’re returning to our roots as Weaverville’s home-town real estate experts.
With that, comes a new name, Tierney & Co. Real Estate .
We’re the same folks, just Paul and broker associates with homes and an attachment to Weaverville, but who also are familiar with the real estate market for all of the Asheville area and Western North Carolina.