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Several Obstacles Prevent Home Buyers From Biting

(NICK TIMIRAOS)of online.wsj.com

Home prices and mortgage rates have fallen so far that the monthly cost of owning a home is more affordable than at any point in the past 15 years and is less expensive than renting in a growing number of cities.

The Wall Street Journal’s third-quarter survey of housing-market conditions in 28 of the nation’s largest metropolitan areas found that home values declined in all but five markets compared with the second quarter, according to data from Zillow Inc. Meanwhile, rent levels have risen briskly across the country and mortgage rates, hovering around 4%, are the lowest in six decades.

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A world away, a block away: Montford

If it is the warmth and energy of Asheville you seek but the words new and condo aren’t quite your speed, the neighborhood of Montford is just a few short blocks away. Take a quick walk from the heart of downtown, and you can be in the midst of a lovely, historic neighborhood with large old trees, lush lawns and diverse architecture.

In today’s real estate market, it is easy to get confused.

There seems to be an overabundance of information and much of it seems to be conflicting. As an example, we offer you two headlines that appeared within 24 hours of each other last week.

National Delinquency Rate Falls to Lowest Level in Three Years

- Mortgage Bankers Assoc. 11/17/2011

Second Consecutive Increase in First Mortgage Default Rates

- Standard & Poors 11/18/2011

(Remember, foreclosures impact home values and the cost of mortgage money. This makes current delinquency rates an extremely important data point.)

Though these headlines seem to be saying opposite things, both are actually correct. Each report was looking at different data points over different periods of time. In their article regarding the MBA report, DSNews explains:

“Industry data released Thursday indicates the number of borrowers in the United States behind on their mortgage payments is showing signs of improving. The Mortgage Bankers Association (MBA) reported that the national delinquency rate for residential home loans fell to 7.99 percent in the third quarter.”

In their post, S&P claims:

“First mortgage default rates rose from 1.99% in September to 2.08% in October.”

Bottom Line

Make sure you are dealing with local real estate and mortgage professionals. They will help you and your family decipher the hordes of information available so you can truly understand your best options. Beverly-Hanks & Associates, Realtors and Beverly-Hanks Mortgage Services are available to meet with you in person at one of our many offices in the Western North Carolina, Asheville, Hendersonville, and Waynesville Regions.

Live the Life You Choose, Urban Style

“I like to think of downtown Asheville as an urban village,” says Harli Palme, who lives in Montford with her husband Kevin and their two young children. “I love to walk around downtown and Montford and view the architecture and the skyline, and to see people I know out and about. I really feel like I’m a part of a community.”

Asheville is constantly in the news for being the happiest place to live, or the best place to retire, or having the best art galleries. But it’s that intrinsic feeling of connectedness that makes it so unique.

Harli just happens to be a dear friend of mine from childhood, and we reconnected in Asheville when we both moved here about 10 years ago. We ran into each other at an opening at the Asheville Art Museum after not seeing each other for over a decade, and it was like almost no time had passed. But the more I share that story I find that this experience is not unusual at all. The bringing together of people, whether it’s new friends or old, is what Asheville does best.

Check out this  video on urban living in Asheville. You can feel the energy even in 2D.

Mortgage rates set new record lows

As the debt ceiling drama gave way to the origins of drama, Greece and Italy.   Global investors grew more concerned about Greece and Italy’s sovereign debt, which prompted money to be invested in the relative safe-haven of US Treasuries and Mortgage Backed Securities (MBS) issued by Fannie Mae, Freddie Mac, and Ginnie Mae.   The yields on these securities, especially the 10-yr US Treasury Bond and the MBS with longer maturities, fell dramatically since February 2011.   This translates into GREAT INTEREST RATES for existing homeowners who wish to explore refinancing, and for active homebuyers who need financing.

Beverly-Hanks Mortgage Services is a locally owned provider of residential mortgage loans.   Our commitment is to provide our clients with objective guidance, professionals who care, and some of the best rates, terms, and products available anywhere.   Please visit us online at www.beverly-hanks.com/mortgage for more information.

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A Unique Way For Finding Real Estate In Western North Carolina.

There are many ways to live in Western North Carolina. In fact we believe that this is one of the reasons why the region is so popular. It is just as easy to live a private rural lifestyle in Waynesville as it is to live in a condominium building overlooking bustling Asheville or to live in a master planned community in Henderson County that is artfully designed from its inception or enjoy the charm of a historic neighborhood like Biltmore Forest.

We created a series of videos to help people find the lifestyle that is the best fit for them. Whether you’ve called the region home for a lifetime or you are just learning about us. We hope the videos help you to discover how you can “Live the Life You Choose” in Western North Carolina.

Rural Lifestyle

We hope you have enjoyed this week’s showcased lifestyle, Rural.

To learn more about the many lifestyle choices available in Western North Carolina or to obtain more information about real estate in the area visit beverly-hanks.com or call 866-858-2257.

Great Time For Real Estate Investing

It’s official. On November 1st, Beverly-Hanks & Associates opened its new Real Estate Discovery Center at 1 Town Square in Biltmore Park.  The construction phase of the build-out came in on schedule in just a little more than 75 days.

Inside the new Real Estate Discovery Center, the sights, sounds and possibilities of a life in the mountains of Western North Carolina come alive. Nestled within South Asheville’s bustling Biltmore Town Square, it is a real estate office that is like no other. It feels like your own living room, with comfy couches, coffee brewing, and a fireplace.

With the opening of its 7,000-square-foot Discovery Center, Beverly-Hanks & Associates is reinventing the modern-day residential real estate office. It’s real estate in surround sound, where the latest technology provides a visual feast of the entire Western North Carolina area in a comfortable, conveniently located setting. The company transformed its existing office in Biltmore Park Town Square to create the expanded Discovery Center, also relocating its Hendersonville Road office there.

“The new Discovery Center provides consumer-friendly property research tools at your fingertips in a personalized, media-rich environment, where real estate experts can answer your questions in a relaxed, casual environment,” says Neal Hanks, president of Beverly-Hanks Associates. “Whether you’re new to the area or a current resident, the Discovery Center is an efficient, enjoyable place to begin your search.”

Live The Life YOU Choose

Videos introducing the various lifestyles available throughout WNC are just one of media resources that are now available through the Real Estate Discovery Center.