New Twitter Feeds from Beverly-Hanks Help Buyers Find Affordable Homes in Buncombe, Henderson, and Haywood Counties

New Twitter Feeds from Beverly-Hanks Help Buyers Find Affordable Homes in WNC

Housing markets across WNC remain active and continue to provide significant opportunities for savvy sellers and buyers alike. However, a shortage of homes for sale will continue to fuel price appreciation in 2016. In response to local concerns about shortages in affordable homes for sale in WNC, Beverly-Hanks has launched three new Twitter accounts dedicated to showcasing local listings at affordable prices.

Where the Real Estate Market Currently Stands in the US and WNC

According to the National Association of REALTORS® (NAR), the national median existing single-family home price for the first quarter of 2016 was $217,600. This is up 6.3% from Q1 2015, but a slightly lower pace than the 6.7% price increase of Q4 2015. Total existing home sales increased a modest 1.7% since last quarter and 4.8% over Q1 2015.

Existing-home sales in the South trailed national trends slightly, with a 5.2% increase in Q1 2016 (3.6% year over year). The median existing single-family home price in the South was $192,100 in Q1 2016, which was a 5.8% year-over-year increase.

Locally, Asheville MSA’s Q1 home prices appreciated 6.65% from Q1 2015. Appreciation is expected to continue and to be strongest among affordable price ranges, in which there are fewer homes for sale. Local MLS data suggests a median sales price for the region of approximately $210,000, up 9.2% from last year. Currently, Buncombe County has the highest median sales price at $250,000 and Rutherford County reports in at a low of $142,000.

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Region

Median Home Price

(Q1 2016)

Median Price Increase

(Q1 2015 to Q1 2016)

U.S.

$217,600

+6.3%

South

$192,100

+5.2%

WNC

$210,000

+9.2%

______________________________________________________________________________________

Read the Beverly-Hanks Q1 Market Report.

What the Current Market Means for Home Buyers in WNC

“Because paces of home sales and appreciation in Asheville are higher than those for the South as a whole, it feels like our home prices are growing unsustainably compared to the areas around us,” says Beverly-Hanks President Neal Hanks, Jr. “However, our trends are very close to the national average. Where we are falling short is in the number of homes for sale for first-time home buyers.”

There are fewer properties for sale right now than at any time in the last five years. Buncombe, Haywood, and Henderson counties all experienced at least 18% decreases in the number of homes for sale over this time last year. This is especially noticeable at price points under $300,000 across the region and below $500,000 in Buncombe County. Current homeowners in Asheville city limits are not taking advantage of the seller’s market, but there are still many sellers in the city’s perimeters.

“There is still plenty of housing available in neighborhoods within a reasonable commute to town,” says Hanks. “We’re hoping that our new Twitter feeds will help home buyers find the right homes at the right price points for them.”

Search for Affordable Homes on Twitter

In order to help local home buyers who are searching for affordable homes and land for sale, Beverly-Hanks has launched three new Twitter feeds: @AffordBuncombe, @AffordHenderson, and @AffordHaywood. The accounts automatically update multiple times daily with all-new MLS listings under the respective affordability thresholds for Buncombe, Henderson, and Haywood counties.

In using the NAR affordability index to determine rates for our area, the threshold for “affordable” homes is as follows:

  • Buncombe County: $258,500.
  • Haywood County: $243,500.
  • Henderson County: $278,000.

Beverly-Hanks encourages home buyers looking for affordable homes to follow these feeds for notifications of homes as they are listed.

About the NAR Affordability Index:

Beverly-Hanks determined the affordability threshold for counties in our area by referencing the NAR affordability index. In their calculations, NAR measures whether a typical family (earning the median family income as reported by the US Census Bureau) could qualify for a mortgage loan on a typical home (an existing single-family home at the median price point).

(MEDINC/QINC)*100

Essentially, the area’s median family income is divided by qualifying income and converted to a percentage. A value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home. Higher values show a greater capacity to afford the median-priced home. The calculation assumes a 20% downpayment and a monthly principal and interest payment that does not exceed 25% of the median family income.

 

All real estate is local. In order to make confident real estate decisions, we believe it important for you to have timely and neighborhood-specific information. If you would like more information about what kind of home you can afford, our experts at Beverly-Hanks are here to help. Contact us today to speak with a Beverly-Hanks real estate agent about buying homes and land in our area.

 

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