Cashiers, North Carolina Second Home Market Report

Hello Readers, Just wanted to share an article I found on the Cashiers area Real Estate Market. Cashiers, NC is located in Jackson County on this map.Now is a great time to buy mountain property in Western North Carolina. Here's why.... Spring starts our busy time of year for vacationers and homeowners spending summers in the mountains. We've already seen an increase of buyer activity and people are starting to come to the area earlier, and earlier every year. Yes, we are in a second home market; however, more buyers are looking to Western NC as their permanent retirement residence. source: Crossroads Chronical News A subprime mortgage crisis may have set off the country's current and growing recessive economic woes, but there seems to be a silver-lined cloud hanging over the Cashiers area."If you are a savvy person who has the resources to take advantage of opportunities, this is a unique opportunity that I have not seen here before, said Joe Pearson, president of Cashiers Mortgage service, Inc. "I'm not saying we're seeing a price drop in all the houses, but if someone wants to purchase in God's country, now is the time to find an agent who will work for them. "The mortgage company Freddie Mac reported on the week of the Feb. 7 that 30-year fixed-rate mortgages averaged 5.72 percent this week. That's up from 5.67 percent the week before. Although the national news media may be reporting otherwise, the combination of lower mortgage rates, falling house prices and the government's newly signed economic stimulus package bring opportunities for buyers in the Cashiers area. Both Carolina Mortgage and Cashiers Mortgage Service have noted a dip in the amount of mortgage applications being processed. But Pearson says that doesn't mean Cashiers is necessarily following in the footsteps of a purported national trend. "The buyers who are affected are buyers who don't qualify (for mortgages)."Jones said that banks have been tightening credit standards, and that it is more difficult to obtain a line of credit. But, she said the basic qualifications for potential buyers haven't changed."It's harder now," Jones said. "If you have a job and a good down payment and good credit - the qualifications have not changed. Those affected most are buyers relying on the non-documentation programs and buyers who have very little funds and buyers with bad credit who, 10 years ago, couldn't even consider buying a house."Another caveat that separates the Cashiers real estate market from others following the reported national trends can be summed up in three words: Second home market. "We are not in the same category as what the media is talking about," Pearson said. "We are in the second home market, a resort area. Our customers are wealthy for the most part, and we don't have a foreclosure issue. What we have are opportunities that people can take advantage of. Out of state contractors building spec homes - they may sell cheaper than what they would two years ago. Other people - their industry may slow down and they may decide to reduce their house price out of a desire to restructure their financial picture, given the economy." If you are visiting the mountains this summer and would like to see property for sale please contact us at 813-784-7744  Keller Williams Realty see also: Land and Lots for sale Sapphire Valley-Highlands-Cashiers-Lake Glenville NC 
For more information regarding Homes for Sale, Real Estate, and Land and Lots for sale in the Western North Carolina Area email me or call 813-784-7744