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

Statistics show more people are leaving Florida

Statistics show more people are leaving Florida


TAMPA, Fla. (WOFL FOX 35, Orlando) -- It's after 5 p.m., but Atlas Van Lines agent Bob Glenn is still taking phone calls at his moving company, Atlantic Relocation.
Most of the quotes he's fielding these days are to destinations like Texas, North and South Carolina and Tennessee. This is great news for the Real Estate Markets in these areas.

He says it is part of a new trend where more residents are moving out of the Sunshine state than moving in. "It's the first time it's been flipped. Usually there's more people coming into Florida," Glenn notes. The times, they are a-changin'. A migration study released by Atlas Van Lines shows the reversal started in 2006. It got worse in 2007, as the company moved 7000 households out of Florida, compared to 5800 moving into the state. A big part of the problem is a real estate market in crisis, and a lack of opportunity.

"Nowadays it seems [with] the cost of homeowners insurance and property taxes, young families and seniors on fixed incomes, can't seem to afford it anymore," Glenn says.
The Atlas migration study mirror findings recently released by the U.S. Census Bureau. The agency says Florida slipped from the fourth fastest growing state in the country, to the 19th. It also had growth below the overall average in the south. But make no mistake, the Sunshine State is still growing by leaps and bounds, according to the same census data.

see also ....
Top Dream Towns NC (2)
Traveling to North Carolina (4)
Vacation and Second Home Mountain Communities-NC (8)


For more information regarding Homes for Sale, Real Estate, and Land and Lots for sale in the Western North Carolina Area mailto:info@carolinapg.com or call 828-226-8837

Average WNC Home Sale Price is Up- July 2007

Average Western North Carolina home sale price is up
Oringinally published at http://www.blueridgenow.com/

By Jim Wooldridge Special to Friday Homes Preview

Entrance to The Preserve at Eagle Crest-Lake Glenville, NC

Home sales in Henderson, Buncombe, Transylvania and Haywood counties, plus an average for the 10 surrounding counties. In the first six months of 2007, the Henderson County real estate market looked like an island in an ocean of declining sales and slow movement.

The local market stood out in comparison to the 10 counties in this region of the state, including Buncombe, Transylvania and Haywood.

"Unit sales were off 3.5 percent here compared to the first half of 2006," noted Judd Richardson, president of the Hendersonville Board of Realtors, "but remember that 2006 was our second best year ever. Only 2005 was better."

He said it's possible for this season to become the third best, which would be outstanding in comparison to most markets around the nation.

Records of home sales are released monthly by the Multiple Listing Service of the Hendersonville Board of Realtors, which keeps computer data for other realty boards in the region.

Average price is up

A special feature of the first six months here was the stable price level, as shown by the ratio of the listing price to the actual closing price. In Henderson County, the average closing price was 97 percent of the price when the property was listed for sale.

Over the 10 county region, this ratio dropped 19 percent from 2006, led mainly by price cuts in Buncombe County.

Despite some price cutting after listing, the average home sold in Western North Carolina cost more than the average home sold six months ago. The average price increase over the region was 6 percent, with a 6.7 increase in Henderson and a 9.8 increase in Transylvania.

"I think the price increase in Transylvania was caused by more sales of upscale properties in the Highlands and Cashiers communities," Richardson said. "It's important that prices were higher in all counties because it shows owners are unwilling to cut prices to move their property, even in a slow market.

The main weakness in the local market was the increase in time between listing and selling. The number of days on the market increased 33 percent to 92 days in Henderson County, more than twice the increase in the region, where the average wait was 103 days.

National market is down
Hendersonville's market has remained stronger generally than the national market, which weakened significantly last year. Although unit sales fell slightly here near year end, the drop was not as severe as it was across the country.

"National sales have an effect here, because there are people who want to buy locally but can't afford to until they sell the house they are leaving," Richardson said.

How the Florida Market Effects Western North Carolina
"This is especially true of the Florida market where a lot of people sell before moving to this county," he said. "We hear improvement there is coming slowly because of the large number of listings hanging over the market."

Richardson said Florida recently passed changes to its property tax system, limiting assessment increases to 3 percent per year regardless of changes in market value.

"Compare that to our increase of 37 percent in four years, which is 9.2 percent per year," he said, adding that the local adjustment in the tax rate did not fully compensate for the increased assessment.

For more information regarding Listing or Buying Real Estate, Communities in the area, and Lots for sale mailto:info@carolinapg.com or call 888-277-2006 x2