Asheville Real Estate Blog

Buyers, great opportunity to view two great listings this Sunday, July 25th, from 2:00pm to 4:00pm.

Hosted by Terry Hess:
859 Town Mountain Road Asheville, NC 28804 
$835,000 :: MLS 470454
Town Mountain - Great Mountain Views

Hosted by Pam Welborn:
3603 Florham Place Asheville, NC 28806
$145,000  :: MLS 465192
Biltmore Commons

For more information or directions to the open house, please contact our office at 828-771-2333.

- The Bourke Group

Question: If a buyer thinks they are ready to purchase a home - should they look for property first and then meet with a lender before making an offer or meet with a lender first? Which one and why start there? 
Answer: Always, always, always talk to a lender first.  You wouldn’t buy groceries unless you knew you could afford them right?  Same for buying a house.  Your time is important and valuable, so talk with a lender who can help you determine how much house you can afford before looking at houses.  It doesn’t cost you anything up front and will save loads of time.  Also, if two offers come in on a property and all terms are equal, but one comes with a pre-approval from a lender, who do you think the seller will want to work with?  The pre-approved buyer.
 
Question: Would you recommend the buyer have a pre-approval letter to submit with an offer?
Answer: Yes, see above.

Question: How many lenders should the buyer contact? 
Answer: Like anything it’s best to get a referral, talk to your buyer’s agent for some options, then contact two or three lenders.  Sometimes your personal bank will have the best deal for you, sometimes not.

Question: If the buyer does not know any lenders, who should they contact?
Answer:  Buyers should discuss options with their buyer’s agent.

Question: What does it mean to be “house poor” and what should a buyer be aware of when meeting with a lender?
Answer: To be house poor is to have more house than you can afford and maintain the lifestyle you desire.  Just because you qualify for a certain purchase price doesn’t mean that the monthly payment will still allow you the financial freedom to do what you want.  When considering a house payment into your budget don’t forget to account for eating out, concerts, adventure sports, wine…. you get the picture. 

Question: As a buyer’s agent, do you get a sense that loans are hard to get right now? 
Answer: Actually there are still lots of options.  Loans are there for all kinds of qualified buyers. 

Question: How are interest rates right now?
Answer: Well, they are really low!  Low rates combined with adjusted, lowered prices make for lots of great deals for buyers.

Question: I hear it is a buyer’s market, so should buyer’s look in a higher price range to see if a seller will take a lower offer or what is your recommendation?
Answer: Talk to a buyer’s agent.  He or she will know whether a home is priced well for the current market.  The past few years have shown us that it’s not wise to move outside of what a lender has pre-approved.

Question: Is it a good time for a buyer to buy - or do you see prices continuing to decline - should a buyer wait or buy now?
Answer: Depends on the market.  Here in Asheville there is lots of opportunity, but remember this is a home, not a stock or a bond.

Please comment with any questions you may have regarding home loans or contact our office to speak to Peter directly.

Answers provided by Peter van Rijssen, Buyer Consultant with The Bourke Group

Steve Bourke, owner of The Bourke Group, has been in real estate for over 14 years, and the following questions and answers are Steve’s take on what is going on in our current real estate market here in Asheville.

Question: What is going in our market today for buyers in Asheville?
Answer: You will hear over and over about interest rates (which are at record lows) - most people do not understand interest rates meaning and relationship to purchase power. You also hear buyers market – which it is now! Most people think waiting is better, but they do not realize when the market turns – price jumps will be lightening fast and interest rates will likely go up at the same speed – that’s when the majority will buy.
 
Question: What change have you seen right now that reflects what is going on our Asheville Real Estate Market?
Answer: Asheville for many years has been growing at a very steady rate - 3 to 5% per year - which is very manageable. What happened in Asheville is a tale of other cities that people were leaving to move to the mountains but could not sell their home. This means they are not able to purchase a home in Asheville until their current home sells.

Question: What does this mean for a buyer and the importance of finding a good buyer agent?
Answer: This is key – it’s all about finding an agent that listens to their needs and also knows the Asheville market. In this agent/buyer relationship, you form a team together and both parties have to understand each other in working closely together.  The buyer must be honest with the agent in what they are really looking for and not hold back on what they are looking for and what they are willing to pay for in their home. Many buyers think if they tell the agent a low purchase price they will get a deal, but what happens is they do not like the properties in that price range and get frustrated. 
 
Questions: Are home sales up or down in Asheville?
Answer: Home sales are up in Asheville, mainly because last year sales were so low and the first time home buyer tax credit generated some sales. 
 
Question: What is the average sales price right now in Asheville?
Answer: The average sales price is Asheville is around $195,000.

Click here to see Buncombe County Absorption Rates - these figures, as seen in the image above, are as of June 6, 2010.

As a buyer, what are your questions? If you have questions, please leave us a comment.  If you would like to talk to Steve directly, please feel free to contact our office at 828-771-2333.

Answers provided by Group Leader, Steve Bourke

Buyers: See several great Bourke Group listings in the Asheville area this weekend from 2:00pm to 4:00pm!

The following homes are available to see on Sunday, June 27th, from 2:00 to 4:00pm.

16 Ironwood Court Candler, NC 28715

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8 Covewood Road, Asheville, NC 28805

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83 Cozy Mountain Lane Weaverville, NC 28787

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137 Castlerock Drive Asheville, NC 28806

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36 Valle Vista Drive, Asheville, NC 28804

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Please call us for directions or for more information - 828-771-2333.
The Bourke Group

As we continue to keep our readers informed about our real estate market in Asheville, we have decided to create a section on our blog called Ask the Real Estate Specialist.  Here, we will share the answers to questions we often receive from our clients that you too may be wondering the answers to these same questions.

Each month an agent from our team will answer a series of questions on various topics starting with Home Inspections.

These answers below regarding home inspections are provided by Peter van Rijssen, a buyer consultant with The Bourke Group.

Question: Do you recommend a home inspection for your buyers?
Answer: Always. A home inspection not only helps one understand how their home works, but what kind of care and maintenance it may need.  

Question: What is the biggest advantage of having a home inspection?
Answer: It helps you know what you’re buying. You’d do the same with a car right? 

Question: What if the home is brand new - do you need a home inspection?
Answer: Even new construction should be inspected to make sure everything is done properly. 

Question: Should the buyer attend the home inspection?
Answer: If at all possible the homeowner should be there for the entirety or at least the last 30 minutes for a summary.

Question: What if the inspector finds something seriously wrong - what do you recommend the buyer do?
Answer: Consult with the home inspector in detail, contact their buyer agent, and discuss options which may include contacting a contractor.  

Question: What if the seller will not fix the repairs - what do you recommend?
Answer: Make an appointment with your buyer agent to discuss options. 

Question: What if there are many little things the inspector finds but no major red flags? What do you recommend?
Answer: Make an appointment with your buyer agent to discuss options. 

Question: Have you ever had a deal fall apart because of a home inspection? What did the buyers do and how did you proceed?
Answer: Yes, it has only happened once, but the inspector found (while crawling on his stomach in a crawlspace) that the foundation had been under cut to make room for an addition. My buyer was not comfortable with this finding and was able to walk away from the contract and keep her earnest money.

If you have additional questions, please feel free to email, call us, or leave a comment below.  You can also read about home inspections in more detail on the North Carolina Real Estate Commission’s Questions and Answers on Home Inspections site.

If you have a specific topic or question that you would like to see discussed in our upcoming question and answer session, please leave a comment below, email us, or give us call.

- Answers provided by Peter van Rijssen, Buyer Consultant