Enough with the White House, what about my house?

whitehouseNow that we know there won’t be a moving van pulling up to 1600 Pennsylvania Avenue in January, we can go back to focusing on our own matters of real estate. Whatever your political affiliation is, you probably share some of the same concerns  as most homeowners. How will home values shape up through the end of 2012 and into 2013?

Today, mortgage rates are at truly historic lows. But they can’t stay this low forever. “No one is going to propose to keep Fannie and Freddie in their current form,” said Sarah Rosen Wartell, a housing expert and president of the Urban Institute. Fannie and Freddie are definitely going to change, and this will effect the outlook of the entire market.

Of course, the mortgage and housing market is tied almost entirely to that of the economy. With job growth up for two consecutive years in Western North Carolina, as reported by economist Tom Tveidt in our latest quarterly market report, the local housing market outlook here, at least, is very bright.  In fact, the Asheville Chamber of Commerce lists two of the area’s most recent accolades as

Ranked #17 of “25 Best Places for Business and Careers”, Forbes.com June 2012

Ranked #13 of 91 “Medium-Sized Cities” and #75 out of 398 “All Cities” in 2012 Best Cities for Job Growth, Forbes.com May 2012

Go to beverly-hanks.com/reports for a full copy of  the Third Quarter Market Report and to view a great video of president Neal Hanks and Tom Tveidt discussing the top points from the report.