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If you are not sure if purchasing Asheville real estate is advantageous in our current economic climate, Housing Marketing Facts has compiled a reassuring list of quotes to help with your decision.

Excerpt from housingmarketfacts.com

A temporary $7500 tax credit is now available for any qualified purchase prior to July 1, 2009.
*H.R. 3221 – The Housing and Economic Recovery Act of 2008

Capital gains exclusion on the sale of your home, as long as you have lived in your home for two of the past five years. You can exclude from federal income tax up to $250,000 ($500,000 if you’re married and file a joint return) of any capital gain that results from the sale of your principal residence, regardless of your age.
*Department of Treasury, IRS Publication 530

Homeowners may deduct mortgage interest and property taxes as an expense against income.
*Department of Treasury, IRS Publication 936 and IRS Publication 530

The Home Office Deduction. You may be able to claim a deduction for certain home expenses if you use part of your home for business.
*IRS form 8829 Expenses for Business Use of Your Home

Fixed-rate mortgages are a hedge against inflation. Although past performance cannot guarantee future trends, real estate has historically appreciated at a higher rate than inflation in most regions. One can certainly expect rents to increase year after year. However, if you have a fixed rate mortgage when you buy a home, you have the same monthly payment for thirty years.

Homeowners can borrow against the value of their home with a home equity loan when they refinance their mortgage. The annual interest charges on a home equity loan or credit line may be fully deductible when itemized on their tax return.
*IRS Publication 936 Section 2

According to the 2008 NAR Profile of Buyers and Sellers, first time home buyers made a median down payment of 4 percent, while repeat buyers who financed their purchase put 15 percent down, indicating the wealth-building effect of homeownership.
*George Galster, “Land Economics” and DiPasquale & Glaeser, Harvard’s Joint Center for Housing Studies

The average homeowner’s net worth is $171,000. That’s nearly 36 times that of a renter who has an average net worth of $4800.
*Federal Reserve Survey of Consumer Finances

Over 10 years, a $10,000 investment in the stock market at a normal 10 percent market rate would yield $23,600. The same investment as a down payment on a $200,000 home at a normal appreciation rate of 5 percent would return nearly 5 times the stock market return at $110,300…

Excerpt from housingmarketfacts.com

Search for Asheville homes.

New homes in Asheville and surrounding Western North Carolina communities looking for green and energy-efficient certification now have a local representative. The United States Green Building Council selected the Western North Carolina Green Building Council as a LEEDS for Homes Provider.

What is LEED for Homes?
It is a national third-party certification system for energy efficient and green healthy homes. To be certified, a home provider needs to show expertise in green building, and local community commitment. A certified LEED for Homes provider can perform on-site inspections to ensure they maintain these high standards.

Items that require compliance include technical requirements for energy and water efficiency, indoor air quality, non-toxic materials, and environmental performance. Typical green home features include high efficiency heating and cooling systems and windows; nontoxic paints and adhesives; recycled and renewable building materials; and drought-resistant landscaping that does not require irrigation.

Additional benefits for a homeowner with LEEDS for Homes certifications is being worked out. These benefits include low financing, government rebates and incentives, as well as lower insurance rates.

Link:
WNC Green Building Council

The downtown Asheville master plan has been moving along with notable revisions and changes. Tonight, January 15, 2009 is the night for public comment on the project.

For those unfamiliar, the downtown project has been ongoing and is currently on it’s third revision. Tonight’s meeting will allow the public to sound off regarding zoning, money, and so forth. If you would like to educate yourself, there are a few places to look. One is the actual Master Plan at the City of Asheville web site.

If you have an interest in downtown Asheville real estate you would do well to educate yourself on how the downtown project will affect you. If you have any questions, you may also feel free to contact one of our Asheville real estate agents.

Buncombe County real estate owners have until today, January 5th 2009 to pay property taxes. Payments with a postmark of today or earlier are except from the 2% late fee otherwise charged to their tax bill.

You can pay in person, by mail, or online.

Mail:
Use the return envelope provided with your bill. You should also include the bill number on your check.

In Person:
On the third floor of the County Courthouse, room 302. Tax office hours are 8am-5pm Monday - Friday.

Drop box:
35 Woodfin Street. This is the location of the county Health Center. The drop box is near the exit of the center, on the driver’s side.

Credit Card:
Using your credit card exacts a service charge, but would still be cheaper than a 2% penalty. Phone numbers and instructions are on the back of your tax bill. Otherwise visit BuncombeCounty.org for more information.

Electronic Check:
This will also require a service fee. See BuncombeCounty.org for details.

Questions? Check out the Automated Info Line at 250-4910.

Buncombe County land