You are currently browsing the Asheville 4 Seasons Realty blog archives for March, 2010.

Mortgage Rates Inching Up

March 29th, 2010

The time is now

Changes are coming, sometimes we like the rate at which things happen sometimes we are fearful of the rate of change.  That being said the Associated Press is reporting that the average mortgage rate is slowly although steadily inching higher.  The average mortgage rate remains just under 5% (actually 4.99%).

Although rates fell to 4.71 back in December, they have been climbing since.  The average mortgage rate has continued to hover around 5% in part because of the Fed’s 1.25 trillion program to buy up mortgage backed securities.   So what does all that mean to us in Asheville and Western North Carolina?

The  federal program is set to end – with beginning of April (3/31/10).  While raising rates may weaken the current housing economy (which would be unfortunate).  The opportunity to strike is now.  Before the artificially suppressed rates start to climb higher.   Give us a call and see if we can help at 828.225.6911

A4SR

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A First Timer’s Quandary

March 23rd, 2010

You only get to do it as a first time once…

Your first time is a decision that you don’t want to regret….. One chance is all you get.  Since it is your first time as a home buyer, there is no doubt that it can be an exciting time and a nerve racking experience all rolled into one.  Two bedrooms or three?  In town or out in the country?  How much should be put down? etc.  How much are the taxes? etc.

However, there are things that you can do to minimize the roller coaster ride, since buying a home is most likely the single biggest financial decision a person will make. Thus keeping an even keel in these situations can be a serious asset in the decision making process.  Here are some things you can do to help yourself since buying your first home invariably involves being faced with trade-offs and tough decisions:

Tempering Your Expectations -

  • There is nothing wrong with dreaming big, but unless you are connected to Bill Gates’ money chances are you will have consider alternatives.  That being said, it will pay to familiarize yourself with starter homes in your area, via the MLS and your Real Estate agent. Falling prices have opened up some areas that had been out of reach to you in the past. However, be realistic about what you can afford in considering what you want. Bells and whistles are frequently omitted from starter homes – and that is okay. Home ownership can be better than granite counter tops in someone else’s rental.

Identification of Needs -

  • Does size matter, location to work, proximity to transportation? The better you understand you and your family’s needs and priorities the faster you and your agent can find the house that is meant for you.

Homeownership Goals -

  • Why do you want to buy? How long do you plan on staying in the home? What are your needs in the future? Many buyers today stay longer in their starter homes – than those previously. Keeping your goals in mind can help in the decision making process.

What Are The Costs

  • Costs – How much have you saved for the down payment, what is your budget for mortgage payments each month? Will you have to consider mortgage insurance into the monthly mortgage payments. What are the property taxes? Are you willing to pay homeowners association’s fees and dues. These are all financial considerations that must be taken into account prior to closing. Furthermore these items are all things that can be addressed to some extent prior to hunting for a home.

Tough But Worth It

It may seem daunting to consider these questions, but these questions are ones well worth asking and being honest about. No one wants to get into a their new home only to find that all they have is a building and no life to fill it with. Keeping these questions and thoughts in mind will clarify your mission and intent. The answers to these questions will reduce the interference and allow you to stay focused on your goal.

A Final Consideration

One last thing to consider is that if you find that some of these questions are more complicated than you thought, consider having your Real Estate professional help you with finding the answers. The effort will definitely be worth the reward.

A4SR

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Home Maintenance = Value

March 19th, 2010

If you think home maintenance is an unavoidable series of weekend-eating chores, remember the age-old advice of Benjamin Franklin: “An ounce of prevention is worth a pound of cure.” The simple fact is, regular proactive maintenance is essential to preserving the value of your home—without it, your home and asset and equity could lose 10% of its value. Regular maintenance enhances curb appeal, ensures safety, and prevents neglected upkeep from turning into costly major repairs.

It’s the little things that tend to trip us up, some cracked caulk around the windows, or maybe a furnace filter that hasn’t been changed in awhile. It may not seem like much, but behind that caulk, water could get into you sheathing, causing mold and rot. Before you know it, you’re looking at a $5,000 repair that could have been prevented by a $4 tube of caulk and a half hour of your time.

Maintenance affects property value

Outright damage to your house is just one of the consequences of neglected maintenance. Without regular upkeep, overall property values are affected. If a house is in worn condition and shows a lack of preventative maintenance, the property could easily lose 10% of its appraised value, That could translate into a $15,000 or $20,000 adjustment

In addition, a house with chipped,sagging gutters, fading paint, and worn carpeting faces an uphill battle when it comes time to sell (is these times that is an impression a home does not want to make). Not only is it at a disadvantage in comparison with other similar homes that might be for sale in the neighborhood, but a shaggy appearance is bound to turn off prospective buyers and depress the selling price.

How much does maintenance cost?

How much money is required for annual maintenance varies. Some years, routine tasks, such as cleaning gutters and changing furnace filters, are all that’s needed, and your total expenditures may be a few hundred dollars. Other years may include major replacements, such as a new roof, at a cost of $10,000 or more.

Proactive maintenance strategies

  • Play offense, not defense Proactive maintenance is key to preventing small problems from becoming big issues. Take the initiative with regular inspections. Create and faithfully follow a maintenance schedule. If you’re unsure of what needs to be done, a $200 to $300 visit from a professional inspector can be invaluable in pointing out quick fixes and potential problems
  • Plan a room-per-year redo. “Pick a different room every year and go through it, fixing and improving as you go,” says McLane. “That helps keep maintenance fun and interesting.”
  • Keep track. Keep a notebook of all your maintenance and upgrades, along with receipts, it is a powerful tool when it comes to sell your home.  It gets rid of any doubts for the buyer, and it says you are a meticulous, caring homeowner.  A maintenance record also proves repairs and replacements for systems, such as wiring and plumbing, which might not be readily apparent.

So basically what we are saying is - GET OFF THE COUCH….. and do something to help yourself and your home.  It will only benefit you in the long run.  There are many sites on net that provide detailed how to’s if you don’t know how to.  Additionally there are manuals and guides at the local library or home improvement stores that can point you in the right direction and get you started.  Good Luck.

A4SR

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Objectivity = Quick Turn Around

March 10th, 2010

We just had another one…a quick turn around.

Aka - the holy grail

Rarely seen as of late

Well in case you haven’t heard Asheville 4 Seasons Realty had another closing.  We had a client that came to us with some desperation and left with satisfaction.   He avoided foreclosure and the new homeowners have a property that they had been searching for. - 64 Frances StreetThis is the second such sale of the year – where the property went from initial listing to under contract in less than two weeks.  Imagine going from the apprehension and uncertainty of selling your home to a relative serenity in less than 14 days. While no real estate purchase is a sure thing till the ink is dry…. most would agree that having an offer to purchase goes a long way to relieving those concerns.Therefore – we are a firm believer that if the property is priced right – it can sell in any market.   Does that mean you get exactly what you want.  Maybe not, however, more likely than not you can get what you need – a buyer.  Have the common sense to work with your real estate professional (hopefully A4SR) in developing a market sensitive pricing strategy.  All too often people allow emotion to dictate what they think the sales price is.  Don’t get caught up in that.  Objectivity is probably the best asset to have in the real estate process.

If you need some – send us an email.  We have plenty of “Objectivity” in stock.

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Buncombe’s housing upbeat heading into 2010

March 4th, 2010

New buyers are helping to fuel Buncombe’s comeback-

  • Sales of less-expensive homes have been the hidden undercurrent in a county turnaround that started in the fall of 09′
  • The number of homes sold in the county rose by 15 percent and as much as 55 percent in each of the last 4 months of 09  in comparison to the year prior.
  • The pricing of those homes sold suggest that those folks who were priced out of home ownership during an over heated market are now being priced in, due to reduced pricing to induce offers.
  • Buyers in all price ranges are benefiting from changes in the market – don’t be late – get in on this buyers market.

Posted in Asheville, Real Estate, Uncategorized | 1 Comment »


2 Sulphur Springs Road
Asheville, NC 28806
Office: 828-225-6911
Toll-free: 877-303-6911
Fax: 828-225-6922
info@asheville4seasonsrealty.com