The latest Building Permit Report has been released for the Western North Carolina Region. The report covers 10 counties in the region. This includes Asheville, NC, Cashiers, NC, Highlands, NC, Sapphire NC and Lake Glenville areas. As a whole the Western North Carolina region is down 45% on building permits so far this year 2008, compared with last year 2007.
|From Bald Rock, NC Real Estate|
What does this mean for people looking to invest in property?
- First, it indicates that buyers would rather buy a pre-existing home than build.
- Second, owners who can afford to, are holding on to their land and waiting until the economy recovers.
- Thirdly, if builders are building 45% less than last year, that would explain the drastic drop in land sales for 2008.
Developers and owners of land are all competing to sell their inventory since the need for building is almost half of what it once was just a year ago. Individuals who have land on the market, likely know the builders have stopped building in speculation and also have a large supply of unsold lots. If owner's need to sell they are more than willing to negotiate on price.The whole region has an over supply of land sitting on the market waiting for buyers. You will find everything for sale from large tracks of land ready for development, golf course frontage tracks, and 1 acre plus lots in residential subdivisions.
If you've been to our mountain community you know how amazing the mountain and lake view lots are. This may be one of the best times in years to invest in mountain property in North Carolina. Prices are dropping and inventory is high. Supply is plentiful and demand is low.
Someone shared with me a famous quote today by Warren Buffet that I thought was appropriate
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