You have probably heard the quote, “location, location, location”. It really is all about location. An identical house in downtown Asheville, NC will sale for several thousand dollars more than the same house located in Candler, NC. Currently, people want to live as close to downtown Asheville as possible. The majority of people moving to the area want to partake in the food, fun, and events that occur downtown. If they can afford it they would like to be able to walk to restaurants and pubs.
This week I did something different for the YouTube video update. I used a program I have to compare apples to apples and see what a difference location makes. I was comparing the median home price for May 2020. I reviewed different cities and towns in Buncombe Co. NC.
- 3 bedrooms/ 2 baths
- Tradition (not distressed) resale existing homes (currently new construction is always more then existing homes)
- 1,000-2000 square feet
Asheville city $314,500
Alexander $ 260,450
Black Mountain $198,650
As you can see there is a big difference between Asheville city proper and the surrounding towns. The same holds true for increase resale value. While you may end up paying more for the city limits of Asheville, in most cases you will also end up selling it for more.
This is important for sellers whose house is only 20 minutes from down town Asheville. An appraiser will compare houses closest to you because location does make a difference.
This is also important for buyers. Depending on what you want and if living in the city is not important to you then you can get a bigger yard and maybe a bigger house for the same price of that house on the infield lot.
Be sure to view this week’s YouTube update and subscribe.