Homes for Sale Inventories are Low
Today is April 16th and I am sitting here in the office watching the snow fall. It’s too warm to stick here in Maggie Valley, but I have seen cars with about 2 inches on them. The higher elevations, above 4000 ft. must have gotten a late season snow fall this morning. According to the weatherman, we should have temperatures in the mid 70’s later this week. If you don’t like the weather here in the mountains….. just stick around.
During the downturn in our economy the last few years, sales of homes dropped off which caused inventories to rise. I remember running the numbers each month and having from a 33 to 36 month inventory of homes on the market here in the county, based on monthly sales. I ran numbers this morning. We have approximately a 6 month inventory of homes for sale based on sales the last 30 days. I have watched our market switch from a buyer’s market to a seller’s market. A short time ago, a buyer could make a fairly low offer on a property and negotiate a good discount. Now with a seller’s market, most homes are selling very close to the listed price. Some homes even sell above the list price when there are multiple offers on the same home.
In the Asheville area (Buncombe County) inventories are even tighter. I ran the numbers for Buncombe County and they have approximately a 4 month inventory of homes for sale based on sales the last 30 days. My daughter saw a home in North Asheville that had come on the market as a “fixer-upper”. She was interested in buying the home and fixing it up for a rental investment. I called the listing agent and found the home already had multiple offers, some above the listing price. The home had only been on the market for 3 days!
If you have a home here, and are considering selling your home, NOW is a great time. Give us a call and we can do a Competitive Market Analysis on your home. This will let you know what your home is worth based on similar homes that have recently sold in our area.