Come-Home-To-Asheville

2013 Investment Tax- How it will effect Real Estate...

2012-01-26T11:16:00.002-05:00

I have been hearing a lot of people talking about the new Investment Tax that is part of the health care overhaul set to take effect next year, 2013. Based on what I have been reading the tax calculation is complex. It will apply to individuals with a adjusted gross income of $200,000 and couples filing jointly with an ajusted gross income of $250,000 when they realize a gain/profit on the sell of an investment. Visit the link I have provided for an example of how the taxes will effect real estate investments. The National Association of Realtors is working hard to repeal this tax before it take effect.

For Sale: 1BR/1BA Condo in Asheville, NC, $245,000

2012-01-11T17:43:00.000-05:00

For Sale: 1BR/1BA Condo in Asheville, NC, $245,000

Forecast for 2012

2012-01-02T10:34:00.000-05:00

Forecast for 2012

4 predictions about 2012 real estate market | Inman News

2011-12-29T08:28:00.000-05:00

4 predictions about 2012 real estate market | Inman News

Three Quarters of Buncombe County Housing Stats for 2011

2011-11-02T11:24:00.000-04:00

The Buncombe County housing sales stats are in for three quarters of 2011, this data is compiled by the National Association of Realtors®, the data was compared to the first three quarters of 2010.
• Sale Volume is flat- 1,728 sold this year and 1729 for 2010
• Average 3 Bedroom sells price is down about 5%, from $222,517 to $210,159
• 3 Bedroom list to sell ratio is down from 95% to 94%
• Average days on the market is up from 141 to 162
• 29% of sales this year have been cash purchases
Want more sales data or statistics, email me: Bonnie@TheCityPros.com.

Fall Leaf Season

2011-10-10T10:13:00.002-04:00

Fall is in the air in the mountains of Western North Carolina. The colors are really starting to change in the higher elevations. I made a visit to Max Patch this weekend, where I was pleasantly surprised by the amount of fall color I found there. Enjoy the beauty that our area has to offer and get out and do some leaf viewing!

MLS 507505

2011-10-03T14:22:00.000-04:00

MLS 507505

Distressed Properties in Buncombe County

2011-09-20T09:46:00.003-04:00

I wanted to share some information regarding the number of distressed properties that are on the market in Buncombe County. Based on data from the Western North Carolina Regional MLS as of this morning, there are 3,016 residential properties on the market. Of those properties, less than 3% are bank owned (REO) or in froclosure; less than 4% are listed as short-sales. That makes less than 10% of Buncombe County's real estate market distressed properties. Food for thought on a rainy Tuesday.

Short Sales for Distressed Home Owners…

2011-08-29T07:37:00.000-04:00

Attorney Stephen Wilde was a guest speaker at a recent Trillium meeting; Mr. Wilde is a short sale specialist. He provided us with excellent information regarding short sales and answered many questions we had regarding the process. A short sale is a sales transaction in which the seller's mortgage lender agrees to accept a payoff of less than the balance due on the loan. A short sale is an excellent alternative to foreclosure and the process has become a bit easier than it once was. If you or someone you know may be interested in more information on the short sale process, send me an email: bonnie@thecitypros.com.

MLS 505017

2011-08-21T12:41:00.000-04:00

MLS 505017

Western NC Market Conditions...

2011-08-08T08:06:00.000-04:00

According to an August 4th blog by the Western North Carolina Regional MLS, “Unit [housing] sales soar by 33%. Median [sales] price continues to decline (down 10% from last year). Residential inventory hovers at 20 months [and] homes over $500k have growing problem, with over 4 years worth of inventory.”

Buncombe County Housing May Stats

2011-07-05T17:18:00.000-04:00

The stats below are provided by the Nation Association of Realtors® and are based on data collected from the Western NC Regional MLS for May 2011.
• Median Sells Price for 3BR Home: $182,000
• 23% of sales were cash purchases
• Median days on the market: 117 days
• List to Sell Ratio for 3BR homes: 94%

MLS 482661

2011-06-07T07:56:00.000-04:00

MLS 482661

Thursday April 14th- HATCH Asheville

2011-04-11T22:24:00.000-04:00

Apr 14, 2011 to Apr 17, 2011

HATCH Asheville will celebrate creative artists, with events being held in prime downtown locations including Asheville Area Arts Council (front gallery), Echo Mountain Studios, Fine Arts Theatre, Pack Place and The Orange Peel. Film screenings, concerts and exhibits from groundbreaking artists from around the world will occupy these venues. All educational events will be free to the general public. Cost: Free Educational Events, Details: Visit website for specific schedule of events.

Asheville Facts...

2011-04-11T22:22:00.000-04:00

Did you know that the NC Arboretum has 434 acres of public garden space located within the Bent Creek Experimental Forest of the Pisgah National Forest? The Arboretum was established in 1986 by the NC General Assembly as an affiliate of the University of North Carolina.

Local Residential Sales Buck National Results…

2011-04-11T22:19:00.001-04:00

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.

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.

Our local market continues to outperform national real estate
averages.
Source: Asheville Board of Realtors, 3/23/2011

4th Annual Winter Warmer Beer Festival

2011-01-20T15:13:00.000-05:00

This weekend- 4th Annual Winter Warmer Beer Festival at the Asheville Civic Center!

Vacation Rentals in Buncombe County- Ordinance Change

2011-01-20T14:39:00.002-05:00

In January 2011, Buncombe County Planning Commission implemented changes to the zoning ordinances regarding vacation rentals. The changes were to the definition of a vacation rental and to the zoning districts to allow for vacation rentals. Many of the residential districts that did not previously allow for vacation rental now have vacation rental as a permitted use under the new zoning ordinances. For more information visit the link I have provided.

Biltmore Village- This Weekend!

2010-11-30T10:25:00.001-05:00

This weekend... Biltmore Village Dickens Festival! Dec 3-5, Friday, 5-7pm; Saturday, 11am-7pm; Sunday, 1-5pm. It's FREE!

Buncombe County Housing Market Report …

2010-11-30T09:34:00.000-05:00

According to data from the Asheville Board of REALTORS®, the average sales price for Buncombe County in October 2010 was $242,314; the sales price is down almost $20K compared to October 2009. The October inventory numbers show that there are 16 months of inventory for homes priced from $100K-$200K and 20 months of inventory for homes priced from $300K-$500K. For homes priced over a million, there are over 221 months of inventory on the market. Have questions about market conditions in your neighborhood? Send me an email: Bonnie@TheCityPros.com.

56 Short Video

2010-11-24T14:33:00.000-05:00

What Did the Tax Credit Do?

2010-11-24T14:30:00.000-05:00

A look back on the First-Time Buyer Tax Credit… According to a report just leased by the National Association of Realtors®, the tax credit did generate activity in the housing market. “The number of first-time home buyers rose to a record high 50 percent of all home sales” from July 2009 and June 2010. Our new housing market has created a buyer with long term grow and investment on their minds, and these first-timers “plan to stay [in their homes] for 10 years” according to the report. Whether you agree or disagree with the tax credit, it is great to see more people able to live the American Dream. Source: Walter Molony, 2010 NAR Profile of Home Buyers and Sellers

14 Hawk View Video 0001

2010-11-01T13:33:00.000-04:00

For Sale: 3BR/2BA Single Family House in Marshall, NC, $210,000

2010-10-20T15:23:00.000-04:00

For Sale: 3BR/2BA Single Family House in Marshall, NC, $210,000

Party Time!

2010-09-19T11:03:00.000-04:00

Our annual Client Appreciation Party is today! Trillium Properties will be hosting the party at the Eller Farm in Fletcher. Live music, hayride, food, beverages, and games. To Our Clients: "Thank you for another great year- we appreciate you!"

The # of FHA 203(K) Loans are rising!

2010-09-01T12:37:00.003-04:00

JCHS Havard University Reports: Substantial increases in the # of FHA 203(k) loans! 16,655 203(k) renovation loans made in 2009, up from 6,562 in 2008 and 3,255 in 2007. These loans are used for renovations to improve/update homes that need essential repairs- wiring, plumbing, roof replacement/repair or structural repairs.

These FHA 203(K) loans are great when considering buying a distressed property or if you just want to make improvements and don't have the cash!

Asheville- Top 10 Dog-Friendly Resort Areas!

2010-08-24T11:28:00.001-04:00

Did you know, Asheville is the in Top 10 Dog-Friendly Resort Areas- We're #3 on DogFriendly.com. Have friends or family needing a pooch friendly place to stay? Visit the link provided!

2009's Highest Sales Price...

2010-08-16T15:03:00.004-04:00

Of the over 1,800 single family homes that sold in Buncombe County last year, the highest sales price was in the Grove Park Subdivision. The home was over 7,000 square feet with 4 bedrooms, 5 baths, 2 half baths, and just over an acre of land. The home was listed for $4.5 million and sold for $2.9 million in 466 days on the market.

Help for Unemployed Homeowners...

2010-08-12T10:18:00.001-04:00

From HUD: Obama Administration Announces Additional Support for Targeted Foreclosure-Prevention Programs to Help Homeowners Struggling with Unemployment

Treasury’s Hardest Hit Fund Will Provide $2 Billion of Additional Assistance in 17 states and the District of Columbia; HUD to Launch a New $1 Billion Program to Help Unemployed Borrowers in Other Areas
...
The program will work through a variety of state and non-profit entities and will offer a declining balance, deferred payment “bridge loan” (zero percent interest, non-recourse, subordinate loan) for up to $50,000 to assist eligible borrowers with payments on their mortgage principal, interest, mortgage insurance, taxes and hazard insurance for up to 24 months.

This is an extension of a program announced in February to help the unemployed.

Under the program, eligible borrowers must:

-Be at least three months delinquent in their payments and have a reasonable likelihood of being able to resume repayment of their mortgage payments and related housing expenses within two years;
-Have a mortgage property that is the principal residence of the borrower, and eligible borrowers may not own a second home;
-Demonstrate a good payment record prior to the event that produced the reduction of income.
HUD will announce additional details, including the targeted communities and other program specifics when the program is officially launched in the coming weeks. Read more at: http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-176

Home Ownership Has Been Relatively Flat Since the 80's...

2010-08-06T09:30:00.001-04:00

Interesting fact- only 2.9% more Americans owned homes in 2009 compared to 1984 and only 67.4% of Americans owned homes in 2009. In the height of the real estate market, 2005, 68.9% of Americans owned homes.

Home Ownership rates by state over the years from 1984 to 2009: http://www.census.gov/hhes/www/housing/hvs/historic/files/histtab15.xls

Help for Home Owners Struggling with Their Mortgages

2010-08-03T10:18:00.002-04:00

There are programs available for homeowners that are struggling to make their mortgage payments...
These programs offer refinancing and loan modification options. To see if you qualify visit the link I have provided or call the number below.

"The Making Home Affordable Program was launched in February 2009 to help homeowners who are at risk of foreclosure through no fault of their own make their monthly mortgage payments more affordable. Since then, more than 1.5 million homeowners have been offered help under the program, and almost 1.3 million homeowners have started a trial plan. Homeowners in permanent modifications under the program have a median monthly savings of over $500 each month or about one-third of their previous payment.

Any homeowner who is struggling with their mortgage is encouraged to visit MakingHomeAffordable.gov or call 1-888-995-HOPE (4673) to learn about options they may have and to speak with a HUD-approved housing counselor for free."
Source: Making Homes Affordable.gov

MLS 468240

2010-08-03T10:14:00.000-04:00

MLS 468240

Proposed Shopping Center in Enka/Candler Area

2010-07-12T10:07:00.002-04:00

The word is spreading regarding a proposed shopping center in the Enka/Candler area. I have seen news stories from both the Citizen Times and News 13 WLOS regarding the possibility of the new shopping center. The proposed center would redevelop an old industrial/manufacturing site located near the gated community of Biltmore Lake. The proposal will be going up for a vote with the Asheville City Council since the property is located inside the city limits or in the ETJ. This could mean big changes for the Enka and Candler areas if the plans are approved.

Want to Know About Crime Stats in Buncombe County?

2009-12-03T10:54:00.003-05:00

As a real estate agent, this is a question that I get asked frequently: "What is the crime like in this area, is it safe?"

Now if you are planning on moving to Buncombe County or buying a home in a neighborhood that you are unfamiliar with, you have the resources to find out about the crime statistics in your neighborhood. The Asheville City Police Department and the Buncombe County Sheriff's Office have joined forces and are allowing public access to some great software. It's called "Crime Mapper"!

If you want more information on crime in a certain area of Buncombe County please visit this link http://gis.ashevillenc.gov/mapAsheville/crimemapper/. The site is pretty straight forward and easy to use and has many different search criteria available for the public to access crime information.

1st Time Buyer Tax Credit with a Co-Signer on the Loan?

2009-11-11T10:18:00.002-05:00

Someone asked me if a first time buyer could get the federal tax credit if they had a parent co-sign for them on the mortgage. I dug around on the IRS website and found just this scenario in the Q&A section.
This scenario came for the IRS website:

“S2. Taxpayer A is a single first-time home buyer. Taxpayer B (parent) cosigns for A and does not qualify. Both names are on the mortgage. Can Taxpayer A claim the credit and, if so, how much?

Yes. Taxpayer B is not a first-time home buyer and cannot claim any portion of the credit, but A may claim the entire credit ($7,500 for purchase in 2008; $8,000 for purchase in 2009), if the home was purchased as Taxpayer A's primary residence.”

Visit the IRS link I have provided for more answers to your tax credit questions.

$6,500 Tax Credit for Repeat Home Buyers!

2009-11-11T09:54:00.004-05:00

Great news for buyers who have owned and lived in their primary residence for 5 of the last 8 years! If you were thinking about trading-up or scaling down, the federal government is offering a $6,500 tax credit for a limited time based on you purchasing a another home. The National Association of Home Builders has provided a comprehensive website with questions and answers for buyers who may qualify for this new tax credit. It truly is a great time to be a home buyer! Visit the link that I have provided.

Possible Extension of First Time Buyer Tax Credit

2009-10-30T08:41:00.001-04:00

I have been receiving email updates from the National Association of Realtors along with checking with national news media over the past couple of days regarding the extension of the First Time Buyer Tax Credit.

What is being proposed by Congress, and seems to have been agreed to verbally, is that there will be an extension for the First Time Home Buyer Tax Credit until April 2010. There is also a proposal that will include a $6,500 credit. To qualify for this credit, the buyer must have lived in their primary residence for five continuous years before the purchase of their new home.

Although the senators have not decided how they will pass this bill, it is being reported that they may attach it to a current bill for unemployment benefit extensions. This new tax credit will be great news for the trade-up housing market. This is the market currently suffering the most in our area, homes priced at $250K and above.

Tax Credits for Energy Efficient Upgrades to Your Home…

2009-10-30T08:39:00.000-04:00

A local CPA in Asheville, Rhulon “Todd” Fowler with Thomas and Company Accounting, sent me some information to pass along regarding questions that many of his clients have had about the tax credits associated with energy efficient upgrades to their homes.

Todd states that “Residential Energy Efficiency Incentives Homeowners can qualify for a variety of federal tax credits by making home envelope improvements and heating and cooling upgrades, and by installing onsite renewable generation. All incentives are in effect for measures placed in service during 2009 & 2010 unless noted otherwise.

Home Envelope and Home Heating & Cooling Equipment
Homeowners can receive a tax credit for making envelope improvements to and installing energy-efficient heating, cooling, and water heating equipment in their primary residence. The incentive is 30% of the cost of eligible measures, with a $1,500 cap on the credit per home. The tax credit for envelope improvements is based on the cost of the materials installed (insulation, windows, sealants, etc.), not the cost of labor. The credit for home heating and cooling and water heating equipment is based on both the cost of the materials and installation labor costs. These incentives do not include measures placed in service during 2008.
Home envelope eligible measures include: Insulation and Sealing: Added insulation to walls, ceilings, or other parts of the building envelope and sealing ducts and cracks in the building shell to reduce infiltration and heat loss, as specified in the 2009 IECC model energy code.
Replacement Windows, Skylights, and External Doors: Eligible replacement windows and doors must be equal to or below a 0.30 U Factor and Solar Heat Gain Coefficient. Some storm windows and doors are also eligible.
Window Films: Window films are eligible for the tax credit if the manufacturer certifies that the specific window film satisfies the requirements of a "qualifying insulation system."
Roofs: Pigmented metal roofs and asphalt roofs with cooling granules that meet ENERGY STAR standards.
Eligible home heating & cooling equipment includes: Furnaces and Boilers: High-efficiency gas and propane furnaces that meet an Annual Fuel Use Efficiency (AFUE) of 95 or higher and gas, oil, or propane boilers and oil furnaces that meet an AFUE of 90 or higher.
Air Conditioners and Heat Pumps: Central air conditioning units must meet the highest tier standards set by the Consortium for Energy Efficiency (CEE) as of January 1, 2009, which for most systems is a Seasonal Energy Efficiency Ratio (SEER) of 16.
Ground Source or Geothermal Heat Pumps: See next section.
Biomass Stoves: Stoves must have a thermal efficiency of at least 75%, and be used to heat a dwelling unit or water for use in the same. The law defines biomass fuel as anything from agricultural crops, trees, wood wastes, and residues to pellets, plants, grasses, and fibers.
Fans: High-efficiency fans for heating and cooling systems that use no more than 2% of total heating system energy use, as defined by DOE test procedure.
Water Heaters: Gas or propane water heaters that meet an Energy Factor (EF) of at least 0.82, or a thermal efficiency of at least 90%, and electric heat pump water heaters that meet an EF of at least 2.0.
Onsite Renewable Generation
Homeowners can take advantage of several onsite renewable generation incentives, for Solar Energy Systems, Small Wind Systems, and Geothermal Heat Pumps placed in service at any of their residences between January 1, 2008 and December 31, 2016. The incentive is for 30% of the cost of the system (equipment and labor). Solar and geothermal systems installed during 2008 are subject to a cap of $2,000; wind systems installed during 2008 are subject to a cap of $4,000.
Solar Systems
Homeowners are eligible for tax credits for qualified solar water heating and photovoltaic systems. Solar water heating systems produce hot water; photovoltaic systems produce electricity. To qualify, residential systems must meet certain criteria as follows: Solar Water Heating: Systems must be certified for performance by the Solar Rating Certification Corporation (SRCC) or a comparable entity endorsed by the state government in which the system is located. SRCC is an organization set up by the solar industry to test and certify equipment so purchasers have an independent assessment of system performance. At least half of the energy used by the system to heat the water must be solar energy. The credit is not available for expenses to heat swimming pools or hot tubs.
Photovoltaic (PV) Systems: Systems must provide electricity for the residence, and must meet applicable fire and electrical code requirements.
Small Wind Systems
Homeowners, farmers, and businesses that install wind turbines with not more than 100 kilowatts of nameplate capacity are eligible for the federal investment tax credit.
Geothermal Heat Pumps
Taxpayers who install geothermal heat pump property for residential use are eligible for an incentive. Qualified geothermal heat pump property refers to any equipment that uses the ground or ground water as a thermal energy source to heat the taxpayer's residence, or as a thermal energy sink to cool the residence. The unit must meet the requirements of the ENERGY STAR program that were in effect when the heat pump was purchased.

What Do I Need to Do to Qualify for the Incentives?
Under the IRS rules, manufacturers need to certify that specific products are eligible. Homeowners should obtain a copy of this certification from the manufacturer, installer, or retailer when buying these products. Certifications need not be submitted to the IRS, but should be kept on file in case the IRS has questions. Homeowners should also keep records of when each eligible measure is installed and the cost of the system (including labor). To apply for these incentives, taxpayers should use the IRS Residential Energy Efficient Property Form 5695.”

For specific questions about the energy efficient tax credits, please contact Todd Fowler at (828)776-8633. Also Todd is offering a service to first time home buyers who qualify for the $8,000 tax credit: He can amend your 2008 return so that you will get your money sooner rather than later. The cost for this service is $75 for single taxpayers and $100 for Married filing jointly.
Thanks to Todd for all this great information!

How Much Time Do First Time Buyers Have to Take Advantage of The Tax Credit?

2009-08-25T14:15:00.002-04:00

Are you a first-time buyer planning on purchasing a home this year to get the up to $8,000 in tax credits?

Well, if you have just been "just looking", the time has come to get serious. Lenders are taking from 45-60 days to fund loans for closings on purchases. This means that if you plan on buying a home before the December 1st cut of date you need to have a game plan.

All the lenders I have talked to are expecting a last minute surge in loan applications to meet the first-time buyer deadline. This surge in applications will mean delays in closing times for all buyers. Based on the current 45-60 day closing periods, first-time buyers need to: have found the right house, negotiated the offer, and applied for their loan no later than October 1st-15th to meet the December 1st cut off.

September 1st is next week! So, first-time buyers have about a month to find the right house, negotiate an offer, and get the house under contract. The clock is ticking and the deadline is fast approaching.

Call a Realtor today to get started! Don't have a Realtor? I have relationships with agents nationwide and would be happy to refer you to an experienced agent, call or email me.

What Inflation will Mean for Buyers and Sellers

2009-08-05T10:02:00.006-04:00

There has been a lot of talk in the News Media regarding inflation, and historically periods of recession and depression are commonly followed by periods of inflation.
What will the coming period of inflation mean for home buyers and sellers?

An inflationary period will definitely bring new challenges to the real estate market (Well, some not so new to those who bought homes in the early 1980's- when interest rates where between 10-15%).

For Buyers: Most people who buy a home have to borrow money for the purchase. Borrowers are subject to repay the principle plus interest to their lenders. The interest rates are determined by the lender and established during the purchase process. Today's interest rate for a 30 year fixed rate mortgage is 5.36%, according to BankRate.com. If a Buyer purchases a home with a mortgage amount of $200,000 at today's 30 year fixed rate, their payment would be $1118.07 a month for principle & interest. However, say that the inflationary period causes interest rates to increase- let's say to 7.36%- that same mortgage will cost the Buyer/Borrower $1379.30 a month, a monthly payment increase of 23% for the same house at the same purchase price. We have all gotten use to "cheap" money and low interest rates. Some people might be shocked at a 2% increase in interest rates, but when I bought my first home in 2000, just 9 years ago, my interest rate was 8.25% and that was with good credit.

For Sellers: Selling your home in an inflationary period will be a challenge. Even though prices have fallen in many ares, the overall cost of buying a house will increase for Buyers as they are hit with higher interest rates on loans. This will cause the pool of available Buyers to shrink due to the simple lender qualifying ratios for monthly payment costs. Seller financing and assumable loans were great options in the 1980's, but assumable loans have gone the way of the dinosaur and many sellers don't own there homes out right to offer seller financing. This inflationary period could lead to even lower sales prices to off set the reduced buying power of Buyers and lead to even large amounts of inventory in areas of high priced housing.

So, when I am asked by Buyers or Sellers if we have reached the bottom of the market and if now is a good time to buy or sell a home- my answer would be to act sooner than later. There is no crystal ball to predict when inflation will start setting-in, but past indicators predict that inflation is likely in the near future.

6 Landscaping Tricks That Wow Buyers

2009-08-03T09:28:00.004-04:00

Landscaping Trends: Home and Design: REALTOR® Magazine

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Rockin’ RiverFest... This Weekend!

2009-07-31T15:21:00.001-04:00

Date: Aug 01, 2009 Time: 11:00 AM- 5:00 PM

Start making your "yacht" for this year's Rockin' RiverFest, a FREE day long festival sponsored by Asheville Radio Group and RiverLink at French Broad River Park featuring the ever popular raft race, music competition featuring local bands, kids parade, live performances, local food and beverages, corn hole, frisbee golf, kayak demonstrations and much more! There's something fun for everyone! The deadline for raft race registration is July 31st and is only $15 per raft with the proceeds benefiting RiverLink! All the information can be found at www.riverlink.org. Non-profits raft for free so sign up soon and help save the French Broad River!
Location: French Broad River Park, Amboy Rd, Asheville, NC 28806

Expiring Tax Credit for Buyers... Don't Miss Out!

2009-07-31T15:17:00.001-04:00

Time is running out for first-time home buyers (defined as anyone who has not purchased or owned a primary residence in the last three years). The $8,000 tax credit will expire on December 1st of this year- meaning you must have closed on the purchase of a home by this deadline. If you plan on taking advantage of this tax credit, the time is now. Interest rates are low- still below 5.5% and there are lots of homes to choose from.
Many lenders I have talked to expect that there will be a last minute rush to meet this December 1st deadline. They are anticipating that banks will be backed-up with paperwork and this will mean much longer closing times for buyers. A quick closing is 30 days from the time an offer is accepted, but if buyers wait until the last part of October they may find themselves missing out on the tax credit deadline.

New home appraisal rules stir backlash - CharlotteObserver.com

2009-07-15T21:19:00.001-04:00

New home appraisal rules stir backlash - CharlotteObserver.com

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Buncombe County Housing Report

2009-07-02T08:13:00.002-04:00

Based on statistics from the NC Mountains MLS, the average house price for Buncombe County is down by 8% when comparing the sales of May of 2008 to May of this year. The Average Sales Price fell from April’s price of $286,203 to $244,490 in May. The median sales price for Buncombe County has been hovering between $205,000 and $208,000 for the months of March, April, and May of 2009.

Buncombe County is experiencing high levels of inventory with sluggish movement in sales, resulting in many months of inventory in the housing market. The Chart below represents the months of inventory on the market for different price ranges in Buncombe County as of May of 2009.

Traditionally, the Buncombe County housing market experiences a surge of sales during the summer months helping to reduce inventory. I will continue to send updates over the summer months regarding changes in the housing market for Buncombe County.

Capital Gains from a Short Sale?!?!

2009-06-11T20:57:00.002-04:00

Many Sellers in today's real estate market are having to consider a short sale to get out from under a house that has lost value from the time of purchase. A short sale is when a Seller negotiates with their lender to pay them less than the mortgage owed at the time the home sells. However, one thing that a seller must know is that just because they make no profit does not mean that there are no tax consequences.

During a short sale the lender has agreed to less money than is owed for a property; when this debt is forgiven by the lender it is usually considered as income by the IRS. I am no tax expert, but I would definitely recommend talking to an accountant before deciding to do a short sale. Some Sellers have been shocked to find out that they owe taxes for the amount for the loan that was forgiven by the lender.

Just Listed: 112 Gibson Road, Asheville, NC

2009-06-08T14:17:00.001-04:00

Just Listed: 112 Gibson Road, Asheville, NC

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Use Your $8,000 Tax Credit at the Closing Table!

2009-06-05T07:16:00.003-04:00

Realtor Magazine Reports about Bridge loans to help first-time buyers take advantage of the $8,000 tax credit up front:
"HUD: Tax Credit Can Be Used on Closing Costs

FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.

Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.

The loans can't be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning.

Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment.

There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders.

In addition, some state housing finance agencies have developed their own tax credit bridge loan programs, so buyers in states whose HFAs offer such programs can monetize the tax credit upfront to cover all or part of their downpayment. These programs are separate from what HUD announced today.

The first-time homebuyer tax credit was enacted last year--and improved upon earlier this year--to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven't owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment."

Source: Robert Freedman, REALTOR® Magazine Online

Asheville Real Estate Trends...

2009-06-02T13:18:00.002-04:00

This article was in the Sunday Asheville Citizen Times.
"Home prices decline slight in Buncombe
Mark Barrett • May 31, 2009 12:15 AM

ASHEVILLE — The precipitous drop in the number of home sold in Buncombe County is finally pushing the value of houses in the county downward — but not by as much as you might think.
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The number of existing homes sold in the county so far this year was down 34.4 percent from the same period of 2008 and was less than half the number sold for the first four months of 2006, the peak of the market.
Home values, however, have held up relatively well. Not all experts and statistics agree, but several sources say the decline in values has been less than 10 percent on an annual basis and possibly in the low single digits.
Local appraiser Troy Flack said values started falling in the latter part of 2008 and many homes in the county are now worth about the same amount they were in 2006. Recent appraisals are showing declines of about 2.5 percent to about 10 percent, depending on the size and location of the home, he said.
Those declines fall far short of horror stories in some markets around the country.
The Standard & Poor's/Case-Shiller National Home Price index last week said first-quarter prices were down 19.1 percent from the first quarter of 2008 and that prices nationally were at levels not seen since 2002. Three cities — Phoenix, Las Vegas and San Francisco — recorded declines of more than 30 percent.
The Federal Housing Finance Agency, which looks primarily at homes in the lower and middle price ranges, said last week that home prices were down 7.1 percent nationally for the first quarter compared with a year ago.
Local data
The agency found that values in the Asheville metropolitan area — Buncombe, Haywood, Henderson and Madison counties — had crept up 0.3 percent in the 12 months that ended March 31. But values declined 0.9 percent from the last quarter of 2008 to the first quarter of 2009, the agency said.
The Asheville metro ranked ninth among metropolitan areas nationwide in home price increases in fall 2007 but was only 79th in the most recent report.
The median sale price for existing homes in the four counties covered by the N.C. Mountains Multiple Listing Service — Buncombe, Haywood, Henderson and Transylvania — was $208,000 in April. The median is the midpoint of all sales, the point at which half are higher and half are lower."

How does a real estate agent get paid?

2009-05-11T08:53:00.004-04:00

I recently addressed the issue of my commission (how I get paid) with a client and thought many people might find this information interesting.

How are real estate agents paid?

Real estate agents are paid when a property sales- at the closing. A commission check is issued by the closing attorney to both the Listing firm and the Selling firm (buyer's agent)- both firms split the commission that is paid by the seller for selling the property. The firm then pays the agent based on an agreed to split minus any office fees that come directly of the top (E&O insurance, national marketing costs, or any other fees due to the firm) The scale of splits can range from 40% to 90%; some firms do not cover any advertising costs for the agents, they charge monthly office expenses ranging from $200-$3,000 a month, and most cover no costs of holding a license and professional associations.

According to the NAR (National Association of Realtors), only about 3-4% of agents earn a yearly six figure or greater income. Most agents, earn less than $65,000, and work 40-59 hours a week to provide their clients the best possible service.

The reality is that the majority of real estate agents love what they do and that is the reason that they stay in the profession. Many of us will never sell a million dollar home or see a 6 figure income- we just love working with our clients and helping them find their "home".

LEAF Festival in Black Mountain

2009-05-08T07:33:00.001-04:00

Lake Eden Arts Festival
May 07, 2009 to May 10, 2009
Enjoy a full weekend of art, music, and outdoor fun in a beautiful mountain lake setting. Experience cultural enrichment from all over the world!
Location: Rockmont, Lake Eden Road, Black Mountain , NC 28711
Visit the website for more information.

Buncombe County March Sales Trends

2009-05-01T10:15:00.000-04:00

Buncombe County March Sales Statistics are in and when comparing the March 2008 statistics with March 2009, sales in Buncombe County have dropped by 20%, a total of 45 units. The average sales price is up from February’s $268,800 to $275,882, meaning we are starting to see more movement in homes in the higher price ranges. However, the median sales price fell from February’s $215,000 to $205,000 in March. In comparison to March of 2008’s median house price of $215,000, that’s a 5% decrease in home values, and makes March 2009 the lowest median sales price in 12 months.

Homes in Buncombe County are getting more affordable and were the most affordable in the past twelve months during the month of March 2009. Great news for buyers!

What is a Home Warranty?

2009-04-21T17:27:00.002-04:00

When looking for a home you might see a sign posted about a Home Warranty.

A home warranty is a service contract, normally for one year, which helps protect home owners against the cost of unexpected covered repairs or replacement on their major systems and appliances that break down due to normal wear and tear. Coverage is for systems and appliances in good working order at the start of the contract. Check your home warranty policy to see which of the following items are covered. Also find out if the policy covers the full replacement cost of an item.
Plumbing
Electrical systems
Furnace
Water heater
Heating ducts
Water pump
Dishwasher
Garbage disposal
Stove/cooktop/ovens
Microwave
Refrigerator
Washer/dryer
Swimming pool (may be optional)

There are new warranty programs on the market that provide better coverage than the old plans once did, but you will probably pay more for the warranty than previously. Make sure that you understand what the warranty covers or doesn't cover to determine which plan and warranty company is right for you.

Source: American Home Shield, www.ahswarranty.com, REALTOR® Benefits Partner

State Wide Home Sales Trends- North Carolina

2009-03-30T11:38:00.001-04:00

North Carolina existing home sales improved in February with a 15 percent increase in units sold and a 14 percent increase in total dollar sales compared to the previous month.

Existing home sales compared to the previous year, however, remained low with 4,654 units sold in February 2009 compared with 7,383 units sold in February 2008. According to statistics compiled by the North Carolina Association of REALTORS®, total dollar sales for the month were $890,805,685 and the average existing home sales price was down 10 percent to $191,406 compared to February 2008.
Once again, Jacksonville posted the highest year-to-date sales growth with a 7 percent increase in total dollar sales. Brevard and Jacksonville both led the state with the largest appreciation at 9 percent, respectively.

Source: NC REALTORS®

February New Housing Construction Surges!

2009-03-19T08:04:00.002-04:00

Although all reports from the mass media still seem to be gloom and doom... New housing construction rose by 22.2 percent in the month of February.

The Associated Press reports that
"Housing construction posted a surprisingly large increase in February, bolstered by strength in all parts of the country except the West.
While the surge in construction was far better than the continued decline economists had expected, experts viewed the rebound as a temporary gain given all the problems the housing industry still faces.
The Commerce Department reported Tuesday that construction of new homes and apartments jumped 22.2 percent in February compared with January, pushing total activity to a seasonally adjusted annual rate of 583,000 units."

Source: By Martin Crutsinger - The Associated Press
Published: Wed, Mar. 18, 2009 12:00AM

Interest Rates Still Low...

2009-03-18T13:03:00.003-04:00

Great news for Buyers- Home prices are lower and interest rates are still low... conventional rates are just above 5% and some FHA interest rates are reported to be below 5%. Now is a great time to buy a home- $8,000 of incentives to first-time buyers, lots of homes to pick from, great deals on homes (many homes are priced at what they sold for 3 & 4 years ago- or less)!

Basics About the First-Time Buyer Tax Credit

2009-03-13T16:29:00.003-04:00

Housing Stimulus: $8,000 Home Buyer Tax Credit

The tax credit is for first-time home buyers only (The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the home ownership history of both the home buyer and his/her spouse).
The tax credit does not have to be repaid.
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000 (home buyers must use the residence as a principal residence for at least three years or face recapture of the tax credit amount).
The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
Qualified buyers will receive the tax credit when they file their 2009 Federal tax return (IRS Form 5405 to determine their tax credit amount, and then claim this amount on Line 69 of their 1040 income tax return).

Source: FederalHousingTaxCredit.com

Mardi Gras Comes to Asheville

2009-02-18T08:42:00.002-05:00

Looking for something to do this weekend?

Sunday, Feb. 22nd, downtown Asheville will come alive with a street parade "New Orleans Style". The Mardi Gras, “Riches to Rags"-themed parade begins outside the former Joli Rouge (across from City County Plaza) at 4:37 p.m. and ends at Pritchard Park. Should be fun for all!

Stimulus Package Updates... Tax Credit Changes

2009-02-15T12:31:00.004-05:00

Stimulus Advances With Tax Credit Changes

The $790 billion stimulus package hammered out by House and Senate conferees late yesterday increases the home buyer tax credit to $8,000, from $7,500, and drops the repayment feature for buyers who hold on to their property for at least three years.

The NATIONAL ASSOCIATION OF REALTORS ® has sought removal of the repayment requirement because it discourages buyers from taking advantage of the tax credit.

The three-year minimum holding period is a safeguard against speculators' use of the credit. The legislation also extends the effective date of the credit to December 1 from June 30, and extends eligibility to borrowers who buy their home with the help of state or local financial assistance that comes from the proceeds of tax-exempt mortgage revenue bonds.

The credit remains open only to first-time buyers (those who haven't owned in at least three years) and some income eligibility restrictions apply, but those are unchanged from the existing program.

Other provisions reportedly in the bill that could help housing markets and communities include:

FHA and conforming loan limits. Specifics have not been released but reports indicate that the 2008 limits have been reinstated for 2009 except in those communities where the 2009 limits are higher. Additional increases in individual communities may also be available at the discretion of the secretary of the U.S. Department of Housing and Urban Development.
Foreclosure mitigation and neighborhood stabilization. Funding for states and localities to be used for neighborhood stabilization activities for the redevelopment of abandoned and foreclosed homes are authorized. Some news reports put the funding level at $2 billion.
Rental assistance. Up to $1.5 billion to provide short-term rental assistance and other aid for families during the economic crisis.
Transportation infrastructure. Up to $29 billion for highway construction projects, $8 billion for rail projects, and $5 billion to weatherize low-income homes.
Rural housing development. Increased funding for the Rural Housing Service direct and guaranteed loan programs.
Low-income housing grants. Allow states to trade in a portion of their 2009 low-income housing tax credits for Treasury grants to finance the construction or acquisition and rehabilitation of low-income housing, including those with or without tax credit allocations
Tax-exempt housing bonds. Tax-exempt interest earned on specified state and local bonds issued during 2009 and 2010 will not be subject to the Alternative Minimum Tax (AMT). In addition, financial institutions will have greater capacity to purchase tax-exempt state and local bonds
Energy efficient housing. Grants for energy retrofits for federally assisted housing (Section 8), funding for energy efficiency and conservation block grants to states, and Increases in the residential tax credit through 2010 for certain energy efficient upgrades.

Source: NAR, AP, Washington Post, New York Times, Bloomberg, Realtor Magazine, and Wall Street Journal.

Propsed Stimulus Plan for the Housing Market

2009-02-12T14:42:00.001-05:00

If you're thinking of buying a home, there could be a big bonus for you in the economic stimulus bill that's now before Congress.

The Senate's version of the plan sweetened the $7,500 homebuyer tax credit provision proposed by the House, doubling it to $15,000 or 10% of the home's purchase price (whichever is lower). What's more, the credit applies to all buyers - not just those purchasing their first homes.
The Senate credit also has no income limits. The House version, in comparison, allows only those with incomes up to $75,000 for singles and $150,000 for couples to qualify for the full amount. (In that bill, those earning up to $95,000 and $170,000, respectively, can qualify for a partial credit.)

Also, unlike the tax credit passed last summer as part of the Housing Recovery Act, this one does not have to be repaid. The old credit acted more like a no-interest loan than a true credit and, as a result, had little impact on home sales.
Source: CNNMoney.com

Buncombe County 2008 Home Sales Statistics

2009-02-03T10:21:00.000-05:00

The final numbers have been calculated for Buncombe County real estate sales for 2008 by the Board of Realtors. The statistics are based on residential properties listed in the North Carolina Mountains MLS.

The average three bedroom residential property sold for $256,911; down from the previous 2007 average of $269,259. The total number of residential properties that sold in 2008 was 2,454 units with averaging days on the market from list to sell of 201. Residential sales were down by 1,025 units from 2007 sales reports.

"Green" Building Trends...

2009-02-03T10:17:00.002-05:00

THE BIG PICTURE
Did you know? According to several studies including the U.S. Department of Energy, homes and buildings account for 40-50 percent of total U.S. energy consumption and at least 20-40 percent of greenhouse gas emissions and pollution.

In addition, construction of homes and other buildings use more than 30 percent of all raw materials and produce at least 30 percent of waste generation in the U.S. each year. Wow!
Committed followers of green subscribe to sustainable growth principles which reject “false choices” of economic growth versus environmental stewardship and social responsibility. Proponents believe these goals can and should occur simultaneously.

The study and goal of sustainable growth is a topic which I encourage you to research. As it pertains to green homes and development, sustainability focuses on the concept of “smart” growth — growth without compromising the well being of future generations and their ability to satisfy their needs and desire for happiness.

All stakeholders—such as planners, developers, builders and owners—must consider the “triple bottom line” of prosperity (profit), people (community) and their planet (environment). We all share one big home after all—our planet Earth.

More and more people believe that greening our homes, buildings, schools and neighborhoods will have a lasting and positive impact on our environment, our health and our communities.

“Green” means different things to different people, and it’s a good idea to avoid generalizations and stick to specifics, such as noting specific features (substantiated) and third-party green rating systems, especially in the practice of real estate.
“Greenwashing” is the term used to describe erroneous or exaggerated claims about green, such as stating a home is green simply because of one or two green features.
The practice of green, therefore, should examine the entire building lifecycle and its impact – the design, construction, operation/maintenance or removal.

Consider this when you consider green:
How does the construction or remodel of a home preserve air, water and soil quality?
How does a home prevent waste of resources and damage to the environment?
How can a new home development create a harmonious community and healthy lifestyle?
Finally, and most importantly, how do you and your home currently conserve energy, water and materials?

Source: Erik Fowler, Realtor Magazine

Enjoy a Mild Winter Day... Visit the Carl Sandburg Home in Flat Rock!

2009-01-21T12:21:00.004-05:00

A mild winter day a few weeks ago, I decided I needed to explore a local place I had never been before... The Carl Sandburg Home in Flat Rock, NC. The temperature was in low 50's and the day was sunny. The perfect weather for getting outdoors in the winter. The home and grounds where nice with several trails and guided tours are offered of the home. The national park service manages that site and it is free admission for walking the grounds and visiting the barns and out buildings. I would recommend a visit to the Carl Sandburg home to learn more about this author's life and to enjoy some fresh air and the natural beauty of Western North Carolina. The park service still keeps many of the off-spring of the goats that Mrs. Sandburg raised and used for milk production... they are very friendly. This outing is fun for all ages.

FYI: The trail to the house is a bit steep but not very long. The trail around the lake is level and a nice easy walk.

Economic Forecasts

2009-01-21T12:15:00.002-05:00

A Quick Take on the Economy:

We are in for deflation in 2009, albeit a mild one. We will return to moderate price inflation in 2010.
Any wage increase is real money, since most things we buy will be cheaper.
December's industrial production numbers mirror the economic recession, pointing to sharp first quarter economic contraction.
On the consumer side, confidence improved slightly in early January due to lower gasoline prices, and an expectation that the new administration will push for the passage of a stimulus plan centered on job creation, reduction of taxes and improvements in infrastructure.
However, the level of consumer confidence is still weak, tempered by continued job losses, lack of credit and weak consumer spending, which may hold back home buyers.

Source: By George Ratiu, Research Economist

Looking for Something to Do Tonight... How About Comedy?

2009-01-17T09:12:00.001-05:00

Southern Fried Chicks Comedy Tour

Hear the hilarious take each of these very different women has on life, love, and the pursuit of happiness. The Southern Fried Chicks is where the "New South," the "Old South," and the "Deep South" come together for an evening of clever storytelling for every generation. Starring Etta May and featuring Trish Suhr, Beth Donahue and Sonya White.
Event Contact Information:Tickets: 828-257-4530 or online at www.dwtheatre.com
View Event Website
Date:Jan 17, 2009
Time:07:00 PM-09:00 PM
Cost:Regular tickets are $30 with discounts available for seniors and students.
Location:Diana Wortham Theatre2 S. Pack SquareAsheville , NC 28801

Smaller Homes Are the New Trend in New Construction.

2009-01-17T09:07:00.001-05:00

Builders Opt to Downsize New Homes The National Association of Home Builders (NAHB) reports a drop in home size to an average 2,438 square feet in last year's third quarter from 2,629 square feet in the second quarter.

NAHB research director Gopal Ahluwalia expects shrinking residence size to be a lasting trend, noting that consumers are more concerned about affordability and recognize that smaller households do not need large dwellings.

According to a January NAHB survey of builders, 89 percent have downsized their offerings. American Institute of Architects chief economist Kermit Baker attributes the trend to the weak economy, residential price declines, rising energy costs, and the perception that homes are no longer a good investment.
Source: Wendy Koch, USA Today (01/08/09)

FHA Myths and Facts

2009-01-08T15:18:00.001-05:00

I received this information from a lender today via email and thought I would pass it along.

FHA Myths and Little Known Tips

Myth 1 FHA has a list of allowable closing costs that limit the fees charged to the buyer; therefore, the Seller ends up paying for a lot of the borrower's costs.

Myth 2 It is harder to qualify for FHA.

Myth 3 FHA is only for low income or first time homebuyers.

Myth 4 Because of the FHA MIP, the overall rate for FHA is higher than conventional loans.

Myth 5 FHA is ONLY for high LTV loans.

Myth 6 Many homes don't qualify FHA and/or they need repairs and inspections.

Quick FHA Secrets : Did You Know?

When using a non-occupant co-borrower, such as parents, the occupant borrower is not required to have any income or assets of his/her own.
2-to-4 unit owner-occupied properties are eligible for 97% financing at the same interest rate as 1-unit homes.
Mom and Dad can lend, not gift, some or all of the money for closing, and put a second lien against the home that exceeds 100% LTV.
15 year loans at 90% LTV have -0- monthly mortgage insurance.
FHA has NO declining market policy reductions in LTV.
FHA will finance double-wide manufactured homes on permanent foundations, built after 1986.

The maximum 2009 FHA loan amount for BuncombeCounty:

One Family is $271,050.00
Two Family is $347,000.00
Three Family is $$419,425.00
Four Family is $521, 250.00

Give me a call 828-400-4751 and I'd be happy to meet with you.

Tim Heiland
Loan Officer

Paramount Mortgage Professionals of NC, Inc.
53 N. Market St. Ste.2
Asheville, NC 28801

North Carolina 4th Fastest Growing State in the US- Fastest Growing in the Eastern US!

2009-01-05T14:15:00.003-05:00

NC is 4th Fastest Growing State in U.S.

Census Report ShowsRelease date: 12/29/08
North Carolina's population rose 2 percent during the past year, making it the nation's fourth fastest growing state – and the most rapidly growing of any state east of Texas, a new report shows.

The state gained almost 181,000 residents from July 2007 to July 2008, according to the report released Monday by the U.S. Census Bureau. With a 2008 population of 9.2 million, North Carolina remains the nation's 10th largest state.

While the new figures don't reflect any changes during the past five months, when the economy registered its sharpest declines, they do show the state's growth rate is slowing. From 2006 to 2007, the state's population increased 2.17 percent.
Source: The Charlotte Observer

The Buyer Tax Credit, You'd Be Surprised at Who Quailifies...

2009-01-04T13:27:00.004-05:00

Home Buyer Tax Credit: How It Works

First-time homebuyers in 2008 can take an income-tax credit on their purchase, thanks to passage in Congress earlier this year of the first-time home buyer tax credit.

The definition of first-time homebuyer is generous. To get the credit, the homebuyer cannot have owned a home in the previous three years. The home must be a principal residence and purchased between April 9, 2008 and July 1, 2009.

The credit is equal to 10 percent of the purchase price, up to $7,500. Single taxpayers with modified adjusted gross income up to $75,000 and couples with MAGI up to $150,000 will qualify for full credit. Singles with MAGI up to $95,000 and couples with MAGI up to $170,000 will get a reduced amount. Those with higher incomes don’t qualify.

If the amount of tax a homebuyer owes is less than the amount of the credit, they get to keep the difference in the form of an IRS refund.

The homebuyer must begin to repay the credit in two years in increments of about $500 a year over a 15-year period for those who received the full credit.

Homebuyers who sell their home before the credit is repaid must pay off the loan with any profits. If they sell the home at a loss, the loan is forgiven.
Source: Chicago Tribune, Mary Umberger (12/28/2008)

Happy and Healthy New Year

2008-12-28T15:19:00.002-05:00

I would like to wish everyone a happy and healthy 2009. Now is a great time to reflect and plan. What are your goals for 2009?
What ever your goals may be taking the time to write them down will make you more committed, especially if you determine a time line for completion.
Have a happy New Year.

Real Estate Predictions for 2009

2008-12-22T10:37:00.002-05:00

Sellers will continue to face falling home values in the new year because they’ll be competing with banks and builders who are slashing prices to sell off the still-huge inventory of foreclosures and new homes.
The Obama administration will act on its plan to crack down on abusive lending practices.
Mortgage holders in danger of losing their homes will receive more assistance from a variety of programs since the Senate's Joint Economic Committee has predicted two million foreclosures in 2009.
Banks' restructuring should bring increasing calm, making loan modifications and short sales easier to obtain. Eventually this will lead to a decrease in the number of bank-owned properties on the market.
Mortgage applications will continue to receive a comprehensive review, requiring borrowers to provide extensive income and debt documentation. Those with the best credit will get the best rates.
The foreclosure crisis has created wiser consumers, with a deeper understanding of real estate, mortgages, and credit enabling better decision-making going forward.
Green is good with increasing numbers of buyers opting for smaller homes that are within walking distance of school and work.
Buyers and sellers will be more and more tech savvy, relying on tools like video, webcasts, and mobile search. Consumers and practitioners will benefit from being ahead of the curve.
Prices will be low as will interest rates, creating great buying opportunities, and likely, inspiring reluctant buyers to make their move.
The recession will end and buyers will regain confidence in the market.

Source: Frontdoor.com (12/03/08)

Buyers can still Purchase a Home with Little Money Down!

2008-12-19T08:02:00.004-05:00

Buyers: You can still buy a home with very little money down, if you know who to talk to...
I received this information via email from Lynn Davis at Asheville Savings Bank this morning:

"We have some FHA changes to bring in the new year!

FHA has changed their down payment require from 3% to 3.5%. Please keep in mind FHA will allow the down payment to be gifted or received from a government approved agency, like Mountain Housing Opportunities or FHLB (Federal Home Loan Bank).

Speaking of Federal Home Loan Bank – if you are not familiar with this grant – it is wonderful! The funds will be replenished in March of 2009, later than normal due to some technical delays, but nonetheless, funding will be replenished. This is a grant provided to first-time homebuyers, up to $10,000. The grant will match 5 times what the homebuyer contributes – up to $10,000. These funds are forgiven after 5 years. Income limits do apply to this program, as does down payment funding from Mountain Housing. Completion of an approved homebuyer education class is required and can be obtained through OnTrack Financial Services. This only applies to primary residence too!

Don’t forget – FHA will allow sellers to pay closing costs and prepaid costs too!

Great way to get your buyer into a house with very little down. I can pre-qualify your client over the telephone or in person.

Don’t hesitate to contact me with any questions. "

Lynn Davis
Mortgage Loan Originator
Asheville Savings Bank
778 Merrimon Avenue
Asheville, NC 28804
828-250-7059 - Direct
828-779-0706 - Mobile
828-254-1402 - Fax
www.lynndavismtg.com

Tax Liens Making it Difficult to Sell or Refinance?

2008-12-18T13:47:00.003-05:00

Having problems getting your home refinanced or sold due to a tax lien on your property? Well, the Feds have announced changes that may help many homeowners refinance or sell their homes despite a tax lien.

"The Internal Revenue Service today announced an expedited process that will make it easier for financially distressed homeowners to avoid having a federal tax lien block refinancing of mortgages or the sale of a home.If taxpayers are looking to refinance or sell a home and there is a federal tax lien filed, there are options. Taxpayers or their representatives, such as their lenders, may request that the IRS make a tax lien secondary to the lien by the lending institution that is refinancing or restructuring a loan. Taxpayers or their representatives may request that the IRS discharge its claim if the home is being sold for less than the amount of the mortgage lien under certain circumstances.

In some cases, a federal tax lien can be made secondary to another lien, such as a lending institution’s, if the IRS determines that taking a secondary position ultimately will help with collection of the tax debt. That process is called subordination. Taxpayers or their representatives may apply for a subordination of a federal tax lien if they are refinancing or restructuring their mortgage. Without lien subordination, taxpayers may be unable to borrow funds or reduce their payments. Lending institutions generally want their lien to have priority on the home being used as collateral."

Source: IR-2008-141, Dec. 16, 2008

January Should Be a Great Time to Buy a Home!

2008-12-15T08:13:00.004-05:00

There has been a lot of talk in the financial sector regarding lowering mortgage interest rates to as low as 4.5% in the coming month. January is going to be a great time to buy real estate.

Housing prices have fallen
Interest rates will be very low- making the monthly mortgage payments lower
Many homes to choose from- lots of inventory on the market
First-time buyers have the opportunity to get a $7,500 tax credit from the Federal Government

I personally remember a number of years ago when the interest rate went down to around 4.5%. I refinanced my mortgage from a 8.25% (the going rate at the time I purchased) to 4.5% and saved almost $300 a month on my monthly mortgage payment. Truly a great time to be a home buyer!

Asheville City Market Holiday Bash 12/13/08

2008-12-12T12:58:00.002-05:00

Looking for Somthing to Do This Weekend?
Asheville City Market Holiday Bash

Browse the displays of local food from Western North Carolina farmers, and also enjoy local gifts, live music, and activities. Pre-order baked goods and visit Silverbelle, the rein-goat.
Event Contact Information:(828)348-0340 or mike@asapconnections.org

Date:Dec 13, 2008
Time:10:00 AM-04:00 PM
Location:Asheville City MarketAsheville Public Works Building161 South Charlotte StreetAsheville , NC 28801

Thinking of Doing a Home Improvement Project? 2008 Cost Vs. Value Survey

2008-12-10T18:06:00.003-05:00

2008 Cost vs. Value Report: Still Many Happy Returns for Home Rehabs
Remodeling magazine's annual report shows that maintenance-related projects and moderately priced upgrades are providing stable paybacks, even in a slower market.

Top 10 Project Paybacks

Once again, exterior remodeling projects lead the way for recovery on dollars spent in this year’s Cost vs. Value survey. When you compare the national averages, replacement projects that boost curb appeal—siding, windows, and decks—give you the greatest chance of recouping your money. Inside, only kitchen remodels can compare, at least on a national level.

1. Upscale fiber cement siding (86.7%)
2. Midrange wood deck (81.8%)
3. Midrange vinyl siding (80.7%)
4. Upscale foam-backed vinyl (80.4%)
5. Midrange minor kitchen remodel (79.5%)
6. Upscale vinyl window replacement (79.2%)
7. Midrange wood window replacement (77.7%)
8. Midrange vinyl window replacement (77.2%)
9. Upscale wood window replacement (76.5%
10. Midrange major kitchen remodel (76.0%)

Source: G.M. Filisko, Realtor Magazine, December 2008

Mortgage Applications Up!

2008-12-08T08:36:00.004-05:00

The number of home buyers applying for mortgages surged by a record amount last week in response to aggressive federal efforts to lower mortgage rates. Financial lobbyists advocated more of the same to stimulate the housing market.
Mortgage applications more than doubled in the holiday week ended Nov. 28 from the week before, according to a report Wednesday by the Mortgage Bankers Association. The association's index, a measure of mortgage loan application volume, was up 112% on a seasonally adjusted basis from the week earlier. And the refinance index leapt 203%.
By Stephanie Armour and Anna Bahney, USA TODAY

A Great Article About Pricing Your Home to Sell!

2008-12-05T08:33:00.003-05:00

But We Want More Money... When the average seller sits down to interview a real estate agent, it's easy to get caught up in the excitement over choosing a sales price. More money means more financial opportunities for the homeowner. Perhaps it means the seller can afford to buy a more expensive home, help pay for her child's college education or take that greatly overdue vacation. Unfortunately, uninformed sellers often choose the listing agent who suggests the highest list price, which is the worst mistake a seller can make.

Establishing Value... The truth is it doesn't really matter how much money you think your home is worth. Nor does it matter what your agent thinks or ten other agents just like her. The person whose opinion matters is the buyer who makes an offer. Pricing homes is part art and part science. It involves comparing similar properties, making adjustments for the differences among them, tracking market movements and taking stock of present inventory, all in an attempt to come up with a range of value, an educated opinion. This method is the same way an appraiser evaluates a home. And no two appraisals are ever exactly the same; however, they are generally close to each other. In other words, there is no hard and fast price tag to slap on your home. It's only an educated guess and the market will dictate the price.

Source: About.com/Home Buying/Selling

Looking for something to do this weekend?

2008-12-03T10:33:00.001-05:00

Biltmore Village Dickens Festival

Dec 05, 2008 to Dec 07, 2008, 5:00PM

Historic Biltmore Village transforms itself into a quaint Victorian village on the first Friday, Saturday, and Sunday of December. Enjoy three days of concerts, refreshments, horsedrawn carriage rides, and strolling vocalists and instrumentalists in costumes of the period. Come join us for the fun!

Location:
Historic Biltmore Village
Biltmore Ave South
Asheville , NC 28803

Mortgage Rates Are Falling

2008-12-02T12:44:00.001-05:00

30-Year Mortgage Rates Drop Below 6% …
Mortgage Brokers’ phones rang off the hook last week as 30-year mortgage rates dropped below 6 percent. Some brokers say their rates are as low as 5.25 percent.
The rates are down because the Federal Reserve announced that it would buy $500 billion in mortgage-backed securities held by Fannie Mae and Freddie Mac. That would help the two increase the pool of money for new mortgages.
"This is really craziness," says Brian Koss, a managing director of Mortgage Network.
Koss advises borrowers who find an attractive rate to lock it in for 60 days. “Drop everything you are doing, get the mortgage professional all of the paperwork they need, so you don't run out of time," he says.
Source: USA Today, Anna Bahney (11/28/2008)

It's Time Again for the Gingerbread House Competition...

2008-11-17T11:21:00.003-05:00

National Gingerbread House Competition & Display

Nov 19, 2008 to Jan 04, 2009

The Grove Park Inn Resort & Spa
Address: 290 Macon Avenue, Asheville, NC 28804
Fun for all ages…Contestants from across the country will bring their architectural masterpieces to The Grove Park Inn. Delight in the imagination shown in these sugar-and-spice creations, strolling through the competition is a sure way to be swept up in the holiday spirit.

Don't Miss a Great Fund Raiser Thursday Night 11/13!

2008-11-12T14:49:00.002-05:00

WNC Magazine presents a fundraiser for the Asheville-Mountain Area Chapter of the American Red Cross.
The preview showing of the musical comedy, Nuncrackers.

The Nunsense Christmas Musical
Date: November 13
Show Time: 7:30pm
Asheville Community Theatre
Tickets: General Admission $25
Senior / Student $20

A fun event and a great cause.

Considering Buying Land?

2008-11-11T11:47:00.000-05:00

Part of my goal in creating this blog is to share information with visitor to my website. While looking through the new listings on the MLS I found a good price on an over 2.5 acre tract of land in Candler. The land has 360 degree views and is actually 3 lots in a subdivision. If anyone is looking for an investment- this is a pretty good deal. Click on the link to view the information and photos of the property: http://www.wncrmls.com/wnc/maildoc/a000rU6079.html. (This is not my lsiting, but I would be happy to help any buyers interested by working as the Buyer's Agents). Thanks for looking. I will keep you posted on any other deals that I see. Prices have definitely dropped here, great news for Buyers.

Know Someone Struggling to Make Their Mortgage Payments?

2008-11-07T08:53:00.000-05:00

The HOPE for Homeowners Program will refinance mortgages for borrowers who are having difficulty making their payments, but can afford a new loan insured by HUD’s Federal Housing Administration (FHA).
“For families struggling to keep up with their mortgage payments, this program will be another resource to refinance into a loan they can afford,” said HUD Secretary Steve Preston. “FHA remains a safe and affordable alternative to the high-priced mortgage loans that threaten homeowners’ ability to retain their homes. We strongly encourage borrowers to work with their lenders to determine if HOPE for Homeowners is the right program for them.”

Want more information, visit RISMedia.

Buncombe County Real Estate Market Conditions

2008-11-05T13:44:00.000-05:00

The Asheville Board of Realtors published the home sales data for 2008 from January 1st to September 30th. Buncombe County has seen the median sales price fall $4,425 to a new median sales price of $220,575. The hottest selling price range for Buncombe County this year has been between $100k and $199K. The total units sold this year have also dropped for Buncombe County from 2741 to 1192, a 37% decrease. Great news for Buyers that can get financing!

My First Blog

2008-11-05T12:22:00.000-05:00

Hello. I wanted to add a blog feature to my website in order to share information about the local area, changes in the real estate market, and information that would be helpful to anyone visiting my website. I hope that you will enjoy reading and sharing this information.
Warm Regards.