Beverly-Hanks & Associates
300 EXECUTIVE PARK
ASHEVILLE, NC 28801
FOR IMMEDIATE RELEASE:
2017 will be a Year of Higher Real Estate Prices and Lower Inventory across WNC
January 13, 2017, Asheville, NC—Beverly-Hanks recently released real estate predictions for 2017 designed to assist home buyers and sellers in their real estate actions and decisions.
According to the Beverly-Hanks market forecast for Western North Carolina, interest rates and sales prices will increase, while housing inventory will remain low. Overall, however, the forecast is a positive one for those who understand how to use regional market trends to their advantage. With the uncertainty of an election year behind us, an accelerating economy, and the popularity of our region, market improvement lies ahead.
The average commitment rate for a 30-year, conventional, fixed-rate mortgage is now 4.20%, according to Freddie Mac. The Mortgage Bankers Association, Fannie Mae, Freddie Mac, and the National Association of REALTORSⓇ are in unison, projecting that rates will continue to increase throughout 2017.
Housing supply across WNC is well under the six months’ supply necessary for a normal market. This means that, in many local markets, there are not enough homes for sale to satisfy the number of buyers. Especially for first-time buyers, this means stretching budgets or making compromises on home price, size, or location. It also means that time on market will remain low, as buyers continue to snatch up new listings.
According to the Beverly-Hanks 2016 Year-End Market Report, Asheville MSA’s home prices appreciated 7% over 2016. This is a similar pace to Charlotte, but still quite a bit less than places like Austin, TX, and Boulder, CO, which both appreciated close to 50% over the same five years. Beverly-Hanks expects price appreciation to continue at a similar rate in 2017, but also for more affordable homes closer to Asheville to appreciate more quickly than the rest of the region.
An understanding of market trends, coupled with extensive local knowledge, is essential for leveraging conditions to your benefit in real estate. Regions across the mountains of Western North Carolina are niche markets and cannot be blindly lumped into national real estate trends. If you would like more information about successfully buying or selling a home in 2017, our experts at Beverly-Hanks are here to help you Live the Life You Choose.
Read more about Beverly-Hanks’ 2017 real estate predictions and how buyers and sellers can use them to their advantage at beverly-hanks.com/blog/real-estate-predictions-2017. Or contact us today to speak with a Beverly-Hanks real estate agent: (866) 858-2257.
About Beverly-Hanks & Associates
The market leader since 1976, Beverly-Hanks & Associates is a full-service real estate firm offering residential and commercial sales, marketing, and consulting services in Western North Carolina. In addition to these core business platforms, Beverly-Hanks has strategic partnerships in several related industry ventures including mortgage, title insurance, and consumer facing lead procurement ventures. For more information, visit beverly-hanks.com.