Hey – It’s July Out There.

July 15th, 2010

Greetings,

Thankfully we have finally been getting some rain!  Hopefully everyone enjoyed their 4th and is staying cool.

As usual I did the comparison between last years sales to this years sales and I must say- I’m excited. For the first time, not only are the units sold up, but also the average sales price is up and so is volume. You may remember over the past 4 months units sold have been up, but average sales prices have been down and in some cases- total dollar volume was down.

This month- everything is up! And as far as I’m concerned- that’s a very good barometer of our LOCAL real estate market. The real test will be if all the categories stay up for the month of July.

SOLD in June ’09-Total units-218, Average price $254,690, DOM-129, Volume-$55,522,424

SOLD in June ’10-Total units-264, Average price $264,209, DOM 141, Volume-$69,751,092

This is almost a 20% increase in units sold & Volume! We are constantly asked if we have gotten as low as we’re going to go. I have felt that was the case for the past 4 months. I’d say these figures, with the caveat that July remains in an upward mode, indicate my optimism is justified and we have seen what many would call, the bottom.

There are, however, still a limited number of buyers, so while these are encouraging figures, we need to not get discouraged that there are so few showing. Quite frankly June was not a good month in terms of number of showings, nor was the first part of July. That’s not unusual with school graduation, and family vacations. But this past week we have seen an increase in showings. Again, another good sign

http://rismedia.com/homeownercentral/

This link is sponsored by Lowes and I thought you might find it interesting. It has all different ideas and perspective on home ownership and the real estate market…not just about spending money at Lowes!

We’d like to introduce our newest broker, Ruthann Hoffman. She has been a Realtor since 2005 and lives in Fletcher. Her past careers include nursing and teaching and she is currently working towards a certification in Healing Touch. She is an Accredited Buyers Representative, ABR. Be sure to check out our website to learn more about Ruthann. Also, her daughter & son-in-law own The Underground Baking Co. on Main Street in Hendersonville and if you find yourself down there….you will definitely want to buy a loaf of their bread!

Please let us know if you have any concerns or would like to meet with us in person. Our doors are always open and we are very much aware of how frustrating this market is…we’re here to help.

Take care

Suzanne, Susan, Colleen, Ruthann – The ladies of A4SR

Posted in Asheville, Buyers, Selling, Showings, Uncategorized | No Comments »

Written by: Richard


Bad Economic News = Mortgage Opportunities For You

July 7th, 2010

Despite the fact that mortgage rates have been relatively low over the last few months, the clearly love being in the lime light.  With the release of the economic reports of last week, indicating a continued bleak outlook, have spurred the mortgage rates and industry leaders that determine them into action.  So, last week in an attempt recapture lost headline glory, with bad economic news in hand and already at low numbers, Mortgages Rates got into the news again by falling to a new all time historical low.

The 30 year rate fell from 4.75 to 4.69 last week.  Three weeks ago the 30 year rate was sitting at 4.72. What’s interesting is that over the last month, when a lot of people have been talking about how rates are about to start rising,  instead they are breaking records with mortgage rate lows.  We mostly concentrate on the 30 year rate because it is the most widely used mortgage product.  Additionally, with the 30 year rate hitting an all time low the 3 other major mortgage products all reached new all time lows as well. The 15 year dropped from 4.20 to 4.13.  As well as, the 5 and 1 year arms dropped from 3.89 to 3.84 (5 year arm) and 3.82 to 3.77 (1 year arm). Below are rates from the weeks from May 27, 2010 to Jun 24, 2010

Jun 24, 2010
30-fixed 4.69 15-fixed 4.13 5 ARM 3.84 1 ARM 3.77
Jun 17, 2010
30-fixed 4.75 15-fixed 4.20 5 ARM 3.89 1 ARM 3.82
Jun 10, 2010
30-fixed 4.72 15-fixed 4.17 5 ARM 3.92 1 ARM 3.91
Jun 03, 2010
30-fixed 4.79 15-fixed 4.20 5 ARM 3.94 1 ARM 3.95
May 13, 2010
30-fixed 4.93 15-fixed 4.30 5 ARM 3.95 1 ARM 4.02

So in addition to looking at mortgage rates it’s also helpful to look at mortgage payments. We took today’s rates and translated them into a mortgage payment for a 200k loan. We also did the same things with rates from May 13th.

Jun 24
30-year $1036.07
15-year $1492.43
5-year ARM $936.47
1-year ARM $928.5

May 13
30-year $1065.1
15-year $1509.62
5-year ARM $949.07
1-year ARM $957.13

So although rates were already pretty low on May 13th today a payment on a 200k loan is about $30 less a month for a drop of a little less than 3 percent.

So what is going to happen over the next few months? If we knew that we might be working for living.  However,  its certainly possible rates could fall a little more and we could break some new records with mortgage rates.   Regardless of what happens – please feel free to contact us here at Asheville 4 Seasons Realty – with all your questions and concerns regarding real estate.

Posted in Buyers, North Carolina, Real Estate, Uncategorized | No Comments »

Written by: Richard


Walking out on the mortgage? Not so fast.

June 21st, 2010

Even in Asheville, North Carolina it happens.  I must admit that I am guilty of it.  I have unfairly judged some of my neighbors who have gone to foreclosure – times are rough.  That being said if you are relying solely on the headlines, you might be tempted to think that most people who owe more on their home than its current market value were walking away from their mortgages and allowing the property to go into foreclosure.   The reality is that is just not the case.  In fact, most people still think paying the mortgage is a priority.  According to the National Foundation for Credit Counseling’s 2010 Financial Literacy Survey.

The survey also asked under what circumstances, if any, it’s okay to default on a mortgage. Only 23% of respondents answered that foreclosure is justifiable if the property is now worth less than what is owed on it. Further, 15% replied that there is no justifiable circumstance under which it would be acceptable to default on a mortgage.

The survey also found the overwhelming majority of consumers, even those in financial distress, still consider their mortgage payment a priority. When asked if they were unable to meet all of their financial obligations, would they be more likely to keep their mortgage current, or their credit cards current, 91% of respondents said they would pay their mortgage first.

“Taken together, the NFCC survey data brings us some encouraging news: Consumers still place a priority on making their mortgage payment, less than one-fourth think that defaulting on a mortgage is justifiable simply because the property is underwater, and a significant number take mortgage obligations so seriously that they find no acceptable reason to default on a home loan,” said Gail Cunningham, spokesperson for the NFCC. “Americans continue to prioritize their obligation to service their mortgage loan, and this is indeed good news for homeowners, mortgage lenders, and the housing market overall.”

Source: National Foundation for Credit Counseling

Posted in Asheville, Foreclosures, Uncategorized | 1 Comment »

Written by: Richard


Alive and Kickin’

June 11th, 2010

True Confections

This past Sunday I had the opportunity to just wander downtown Asheville, something I haven’t done in several months. I must say…I was surprised at all of the new businesses that have opened up. True, some have closed, and there are a few empty shop fronts, but all in all, downtown is ALIVE and KICKIN’.

The Chocolate Fetish

We started out visiting one of my favorite pastry shops, True Confections, for a piece of fudge and a latte’ (decaf of course). While we paid, the friendly cashier and I shared recipes for a cucumber salad…typical Asheville, friendly folks and never know where you’ll meet a fellow budding chef. It would be easy to eat my way around downtown but today wasn’t a foodie trip, just wanted to stroll and see what was new. Chocolate Fetish has expanded, looks as though it doubled its retail space and it was still crowded- not surprising since it has won all sorts of awards…I get weak in the knees just walking in the door. Several doors down on Haywood Street is the new

The Tea and Spice Exhange

Spice & Tea Exchange. If you grew up like I did, thinking salt always came out of the blue container with the little girl and the umbrella- you are in for a surprise…there are rows and rows of different types of salt, as well as spices, teas and custom blends of each and wonderful specialty items.

Lexington Avenue Brewing

Ok, I promised it wouldn’t all be food, but it is getting hard to bypass all the new restaurants. We did stop in Urban Outfitters, also on Haywood, which has the distinction of being the only downtown chain store. We have proudly preserved our “independent” reputation up to this point, but I honestly don’t see UO as a “big box” contender. Plus, it may well draw a younger age group to our downtown who may have only thought of shopping at the mall….time will tell and I’m all for bring new faces (i.e. shoppers) downtown. Across the street at is an organic cotton clothing store. Unfortunately, it was closed but there was a really cool dress in the window that may require further investigation. Down College to Lexington…wow, has that changed. The Green Light Café- an organic café, Edge- a new high end hand crafted furniture store, a new brew-pub-The LAB, the list goes on.

On of my favorite pastimes are vintage clothing stores- and Lexington Ave has a great selection- my favorite is Hip Replacements- I could spend hours and plenty of money in there and the owners were kind enough to let us wander even though it was past closing time. Her comment…”we have plenty to do, so enjoy”…and we did!

More to come….

Suzanne

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Written by: Suzanne


Coronation Gold Yarrow

June 7th, 2010

I love my Coronation Gold yarrow; no other yarrow will do. I have tried the reds and pinks over the years and have not been impressed in the least. Their colors fade in the blink of an eye and the least bit of breeze or light rain leaves them prostrate. Nope, don’t like them. Give me the Coronation Gold anytime. Aptly named, the flowers are like gold crowns atop each stem. And like one would imagine crowned royalty, Coronation Gold’s flower stems remain proper and almost formal, never unruly, standing straight and tall with their crowns always toward the sun.
So why did I plant just one? I can see in my mind’s eye a grouping of them, three at the least; five would have been so lovely and quite a statement. I also would have had plenty to dry. Envision small bouquets tied with brown twine and accompanied with pepper jelly or pesto as Christmas presents. Now, that would be nice!
Oh well, next year. There is always next year.

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Written by: Colleen


Homeowner Insurance – What’s your type?

June 3rd, 2010

A Simple Guide to North Carolina Homeowners Insurance

This is the second installment of our Homeowners Insurance Blogs…

The average North Carolina homeowner insurance rate in April 2010 was $524.00 annually.  It appears that rates have decreased since March 2010 when average rates in North Carolina were around $531.00.  Saving money, even a paltry$7 dollars, is a good thing.  Currently in the state with such affordable house insurance rates, finding quality, affordable coverage is relatively easy for North Carolina residents. Purchasing house insurance is important in order to protect your home against perils of life, like fires, burglaries, wind damage, and more. However, although North Carolina’s climate is generally appealing, the state also sees its share of severe weather, particularly hurricanes. By choosing a well-rounded homeowners insurance policy, you can safeguard the investment in your home from these common perils.

Basic Coverages

North Carolina law does not require homeowners to insure their dwelling, but you would be reckless not to consider it.  However, if you have a mortgage, your lender will most likely require you to purchase at least a basic policy. A standard North Carolina home insurance policy will contain two sections with different types of coverages. Section I includes property coverages (A, B, C, and D), while Section II includes liability coverages (E and F).   Each type of coverage will be described briefly below.

  • Coverage A (dwelling) – protects the actual structure of the home and any fixtures included within it (e.g., plumbing, air conditioning, heating, etc.). You should insure your dwelling for at least 80% of its replacement cost.
  • Coverage B (other structures) – protects other structures on your property that may or may not be attached to the home, such as garages and sheds. The coverage limit for other structures is usually limited to 10% of the limit for Coverage A.
  • Coverage C (personal property) – protects the belongings you and the members of your household store in your home. Coverage C is typically limited to 50% of Coverage A.
  • Coverage D (loss of use) – pays for your living expenses while your home is being replaced or repaired after suffering a covered loss. Examples of covered living expenses might include the cost of a hotel and meals.
  • Coverage E (personal liability) – provides protection if you or a member of your household are found legally responsible for injuring another person. Coverage E will pay for your legal defense and cover the cost of damages.
  • Coverage F (medical payments) – pays for the medical costs of anyone injured accidentally on your property. This coverage applies only to people who do not live in your household.

Exemptions to Low Rates:  High-Risk Locations

The state of North Carolina offers alternative coverage options tohomeowners who live in high-risk areas and may not qualify for traditional home insurance coverage. For example, if your home is near a beach, it is more likely to suffer wind and storm damage, which makes it a high-risk location. If you live in a high-risk area, you may qualify for the North Carolina Joint Underwriting Association (NCJUA) FAIR plan. The FAIR (Fair Access to Insurance Requirements) plan pools the high risk of certain homeowners among many different property insurers. Any homeowner or renter can apply for a FAIR plan by contacting the North Carolina Department of Insurance.

Shopping for insurance is not fun anyone who would suggest otherwise should be considered for a psychiatric exam.  However the internet has made things easier to be sure.  I found a semi cool insurance website (is that even possible?) that allows you to scroll over any state and get an average policy rate.  Each state is click-able and you can start from there.  However, this is not an endorsement of this company and should not be construed as such.   However it is an easy way to get started and we encourage  you to check it out and use it as jumping off point  http://homeinsurance.com/rates-in-your-state/.

Posted in Homeowners Insurance, North Carolina | No Comments »

Written by: Richard


Hike along the Parkway to Craggy Gardens

June 2nd, 2010

Catawba Rhododendrons

Species Unknown?

Blueberries Anyone?

It’s been awhile since I’d been up to Craggy Gardens so with a few free hours over the Memorial Day weekend, I headed up with a friend. There was plenty of parking, as apparently this wasn’t on many peoples “must visit” list this weekend.  Lot’s of picnic tables, and even a real working toilet facility makes this a great place to start the hike. It was considerably cooler up here and the first thing we both noticed was how winded we both were, after just 10 minutes of walking. It’s easy to forget that altitude affects more than attitude around here…it greatly affects your breathing. So we paced ourselves and continued on and I am so glad we did. One of the few things I really miss in leaving New Hampshire are the plethora of wild blueberries and I felt as though I hit paydirt here. Granted, the fields weren’t completely filled with blueberry bushes, but there was more than I’ve seen in years. The flowers just starting to close up and turn to berries, but I plan on going back up in 4 weeks to see how they are progressing…can’t wait to bake my first batch of blueberry muffins! Just as a side note- there are dozens of varieties of blueberry plants- some tall bushes, other are lower and there are some that actually look to be more like grown cover- these appeared to be the talker bush variety. The Rhododendrons hadn’t bloomed yet, but we did notice an odd bush, probably a small tree. It appeared to be bared except for interestingly shaped red-dish leaves that are well spaced- I have included a picture ifanyone recognizes it, please let me know. As we reached the Bald area of the gardens and read the informational plaque- we tried to envision herds of Elk and Bison grazing in the open field at an altitude of over 5300 feet above sea level. The tall, lushly green, wavy grass helped add to that vision, but what I really kept coming up with for a vision was Julie Andrews with the Sound of Music playing in the background. From there we wondered through a tunnel of Catawba Rhododendrons, coming out to a breathtaking view of what I call mountain echoes…with the parkway snaking along in the background.  We spent several hours just wondering, taking pictures of birds and plants and the views- how seldom do we just wander down a path, with no where in particular to go and no need to watch the clock. As we headed back to the car, I said a quite thank to Mr. Roosevelt for acting on his the vision back on 1935.

Mountain Echoes

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Written by: Suzanne


Container Gardening

June 1st, 2010

I have to have a home grown tomato soon or I know I will die. I just know it.

At present, I have two plants growing in containers; a cherry tomato and the other I am not sure of what it is; I lost the tag. Just like with the peppers, I am beginning to think two plants are not enough but then I remember that I am practicing patience, at least for a few more days. Plus, I have been encouraging my friends and neighbors to go ahead and plant more when they ask if I think they have enough. By August, I should have enough home grown tomatoes at my finger tips than I could ever dream and with very little expense and work on my part.
I do like container gardening and have had great luck with it. Of course, you have to keep a number of things in mind: have large enough containers for your plants, do not cheap out on the potting soil and if doing tomatoes, buy varieties that actually say “for containers.” Finally, put them in full sun (and not just where the pots look pretty) and don’t forget to water. 
Along with my two tomatoes, I also have basil in a container. When I first started growing basil I thought 3 plants would be just right. I did that only once. The following years it has been two and I have always had more basil (and pesto) than I needed or could keep up with. This year, I am going to try just one. I am worried about that a little, but once again, there are my neighbors. And don’t forget, the trick to basil is pinch, pinch, and pinch! Katie is my official pincher.

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Written by: Colleen


Gardening, Tennis and Patience

May 27th, 2010

My tennis game last night was incredibly good. Yes it’s true, I could have spent time in the garden weeding and cutting back a few things (and it sure could use it!) but putting a little top spin on that yellow ball sometimes takes precedence. Actually, I am so torn between the two, I never know if I want it to rain or not.

I did get the grass cut before I played. I tried not to have a look at the newly planted peppers as I passed by them. I had told myself no more checking them out for another week. They looked so small the other day that I ended up picking up another. If I don’t practice a little more patience, I may have more pepper plants than I care to admit! Gardening is all about patience, and I need to practice that more or I’ll be making and eating pepper jelly until the cows come home!

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Written by: Colleen


Insurance – Don’t Leave Home Without It.

May 27th, 2010

Home Insurance We All Need It.

Insurance is an aspect of life that we never really like to      discuss.  We certainly don’t like to discuss the reasons for  it.  No one needs insurance on a sunny day, or when  people are in good health.  We all can visualize scenarios  where we do need it – rarely are those pleasant images or conversations to have.  Recently I had a uncomfortable conversation with my parents about their final wishes and insurances.  It was a stomach turning and awkward conversation to say the least.

However, as bothersome as it is a topic of discussion, having insurance is part of living a responsible life and it is part the process of buying a house. Having adequate minimum coverage is required as part of any standard mortgage program whether it is a conventional loan through the FHA, USDA or otherwise.  Insurance is a required component of the transaction.  It is there to protect you, your family and the lending entities’ investment.  During the process of buying your first home, you will unfortunately learn that no two home sites are equal and so depending on where you live, your homeowner insurance rates could be significantly different.  Furthermore, most of the data that determines your rates are based on factors out of your control – such as weather conditions.  These factors  greatly affect the premiums you pay. Therefore, no matter where you live whether it is Asheville, North Carolina, or anywhere else, it should be an imperative to obtain the best homeowner insurance that will meet  your needs.  You should always seek competitive quotes from multiple insurance companies, which will help you verify that you’re receiving the best coverage at the best price.

Regional homeowner insurance rates

I think it is interesting that rates change based on what zip and area code you choose to reside in.  According to the National Association of Insurance Commissioners (NAIC), the Gulf Coast states pay the most for their homeowner insurance. Throughout the country, the national average was $804 for annual homeowner insurance premiums. Where you live, environmental factors and other issues such as property value can affect how much you will be expected to pay each year in homeowner insurance premiums.

It is part of our commitment at Asheville 4 Seasons Blog to provide you with interesting if not conversational information with regard to Home Ownership.  We are hoping that the below falls into that category… I mean it is about insurance.  However that being said, below is a list of  how our area and yours compare within the United States:

West

The Western portion of the United States has an extremely varied range of insurance premiums. California has the highest insurance rates in the area by far – the seventh highest in the nation, in fact – but this is largely due to environmental issues like earthquakes, floods and fires, as well as cost of living.

  • Alaska: Ranks 15th at $850
  • Arizona: Ranks 38th at $640
  • California: Ranks 7th at $937
  • Colorado: Ranks 16th at $813
  • Hawaii: Ranks 20th at $776
  • Idaho: Ranks 49th at $477
  • Montana: Ranks 32nd at $666
  • Nevada: ranks 29th at $693
  • New Mexico: 39th at $638
  • North Dakota: Ranks 21st at $742
  • Oregon: Ranks 46th at $502
  • South Dakota: Ranks 41st at $628
  • Utah: Ranks 47th at $494
  • Washington: Ranks 42nd at $603
  • Wyoming: Ranks 36th at $648

Midwest

Depending on where you live in the Midwest, your insurance premiums could be above the national average. According to the NAIC figures, those states that are particularly at risk for tornadoes have slightly higher insurance premiums. But the relatively affordable cost of living in this area of the country can also assist in keeping premiums lower.

  • Illinois: Ranks 30th at $674
  • Indiana: Ranks 39th 638
  • Iowa: Ranks 43rd at $596
  • Kansas: Ranks 13th at $866
  • Michigan: Ranks 24th at $715
  • Minnesota: Ranks 18th at $788
  • Missouri: Ranks 25th at $707
  • Nebraska: Ranks 19th at $783
  • Ohio: Ranks 45th at $530
  • Oklahoma: Ranks 4th at $1,018
  • Wisconsin: Ranks 48th at $490

East

The East coast has a very diverse sampling of homeowner insurance premium ranges, likely because the area features extremely costly metropolitan areas as well as coastal areas that are susceptible to hurricanes.

  • Connecticut: Ranks 11th at $878
  • Delaware: Ranks 45th at $530
  • Maine: Ranks 44th at $573
  • Massachusetts: Ranks 8th at $925
  • New Hampshire: Ranks 31st at $669
  • New Jersey: Ranks 22nd at $726
  • New York: Ranks 12th at $869
  • Pennsylvania: Ranks 37th at $643
  • Rhode Island: Ranks 9th at $919
  • Vermont: Ranks 29th at $677
  • West Virginia: Ranks 34th at $650

South

The South is likely the most expensive place to insure a home in the United States, and these figures are largely due to the costs associated with Hurricane Katrina and similar natural disasters. Residents in these states, particularly, must be vigilant in obtaining multiple homeowner insurance rate quotes.

  • Alabama: Ranks 10th at $894
  • Arkansas: Ranks 17th at $802
  • Florida: ranks 2nd at $1,386
  • Georgia: Ranks 27th at $703
  • Kentucky: Ranks 40th at $637
  • Louisiana: Ranks 3rd at $1,257
  • Maryland: Ranks 23rd at $721
  • Mississippi: Ranks 6th at $998
  • North Carolina: Ranks 35th at $649
  • South Carolina; Ranks 14th at $851
  • Tennessee: Ranks 26th at $706
  • Texas: Ranks 1st at $1,409
  • Virginia: Ranks 33rd at $662

What do we get from all this information…the comforting thought that least we aren’t in Texas! Stay tuned for more information on insurance and the basic types that are available for homeowners.  Hope you have a great week!

A4SR

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Posted in Asheville, Condominiums, First Time Buyers, Homeowners Insurance, North Carolina, Uncategorized | No Comments »

Written by: Richard


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