Press Release: Buying a Home under $300,000 is 63% More Difficult than Last Year

Beverly-Hanks & Associates is a member of Leading Real Estate Companies of the WorldBeverly-Hanks & Associates
300 EXECUTIVE PARK
ASHEVILLE, NC 28801
(828) 254-7221
beverly-hanks.com

 

FOR IMMEDIATE RELEASE:

 

Buying a Home under $300,000 is 63% More Difficult than Last Year

 

July 18, 2016, Asheville, NC—One of the constant top concerns we hear from home buyers right now is the shortage of homes on the market. Unfortunately, those fears are well founded. The inventory of homes for sale has dropped nearly 20% in the last year, going from 1,692 homes in 2015 to 1,369 for sale currently.

Homes in Buncombe County reached a median sales price in the second quarter of 2016 of $255,000 compared to 2015’s $234,900. All of these factors combined are making it incredibly hard for first-time home buyers to find and purchase a home. Buyers face great competition from other buyers. If the current sales pace continues without additional homes being pulled into the market, soon there will not be many homes to choose from.

Without adequate supply of homes, sales will most likely plateau, according to Lawrence Yun, Chief Economist of the National Association of REALTORSⓇ. To keep momentum and increase sales, new listings need to quickly replace homes that have sold.

A small supply of homes benefits sellers, not buyers. Sellers will likely have multiple competitive offers to choose from on their home.

The best thing a buyer can do right now is stay educated on the changes in the market. This can be done with Beverly-Hanks Quarterly Market Report or our vital signs videos on beverly-hanks.tv.

When you are ready to take on the next step in home buying, our Beverly-Hanks professional REALTORSⓇ can help you get the job done quickly and well. Be sure to utilize our search tool at beverly-hanks.com/search to find the home of your dreams and Life the Life You Choose.

 

 

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.

 

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