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