Oct. 2022 real estate market update is similar to the past few months. Still, a low housing supply, and prices are climbing. I decided to focus on Barnardsville to see what was happening about 45 minutes from downtown Asheville. Typically, Barnardsville doesn’t have many listings per month. Last year it only had 1 new listing Oct. this year it had 4. This is a trend that is happening in most of the outer areas within 45 minutes of downtown Asheville. As soaring prices push out local workers, they have to move farther away in order to afford a house. There are still good deals in areas like Barnardsville with the median home price being $265,000.
Oct. doesn’t really reflect the increasing interest rate, because many buyers had locked in at lower rates. Houses under $300K sold faster and often for cash. The next price point to sale quick was $500k.
Due to the housing shortage and the continued price climb, Oct. was still a seller’s market. I think it will remain a seller’s market because people continue to move here. However, a price correction is occurring and prices will probably stop climbing during the winter.
If you are a buyer do so now. Prices aren’t coming down and the interest rate is going up. Get into a house and watch the interest rate and when it comes down refi.
If you are a seller, in order to get the best price your house will need to be perfect. Due to the high-interest rates, buyers will not have extra money to fix up things. Gone are the days of testing the market and seeing how high you can go.
If you are an investor, be sure to run your numbers with the current highest interest rate, because it is going up. You may have to be willing to realize part of your profit will come from appreciation.
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