The Mountain News:
Area Events, Real Estate & Market Trends

 

March 20, 2023

Here’s Why the Housing Market Isn’t Going To Crash

Some Highlights

  • Today’s housing market is different than it was in 2008.
  • Lending standards have tightened, foreclosures have declined, home inventory is much lower, and homeowners have far more equity.
  • If you’re concerned about a crash, meet with a local real estate professional to discuss why this isn’t like last time.

 

March 12, 2023

George's Paint and Hardware

From tools, home garden, to hardware, Georgia's Paint & Hardware DBA/Nelson's Hardware has everything you need. Whether you're a pro or taking on a DIY home improvement project for the first time, this store has equipment and products you need to get the job done.

1839 Blue Ridge Hwy, Blairsville, GA, (706) 745-6380

Posted in Community
March 10, 2023

2 Things Sellers Need To Know This Spring

A lot has changed over the past year, and you might be wondering what’s in store for the spring housing market. If you’re planning to sell your house this season, here’s what real estate experts are saying you should keep in mind.

1. Houses That Are Priced Right Are Still Selling

Houses that are updated and priced at their current market value are still selling. Jeff Tucker, Senior Economist at Zillow, says:

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Posted in For Sellers
Feb. 12, 2023

Why Today’s Housing Market Isn’t Headed for a Crash

67% of Americans say a housing market crash is imminent in the next three years. With all the talk in the media lately about shifts in the housing market, it makes sense why so many people feel this way. But there’s good news. Current data shows today’s market is nothing like it was before the housing crash in 2008.

Back Then, Mortgage Standards Were Less Strict

During the lead-up to the housing crisis, it was much easier to get a home loan than it is today. Banks were creating artificial demand by lowering lending standards and making it easy for just about anyone to qualify for a home loan or refinance an existing one.

As a result, lending institutions took on much greater risk in both the person and the mortgage products offered. That led to mass defaults, foreclosures, and falling prices. Today, things are different, and purchasers face much higher standards from mortgage companies.

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Feb. 5, 2023

Experts Forecast a Turnaround in the Housing Market in 2023

The housing market has gone through a lot of change recently, and much of that was a result of how quickly mortgage rates rose last year.

Now, as we move through 2023, there are signs things are finally going to turn around. Home price appreciation is slowing from the recent frenzy, mortgage rates are coming down, inflation is easing, and overall market activity is starting to pick up. All of that’s great news for the housing market this year. Here’s what experts are saying.

Cristian deRitis, Deputy Chief Economist, Moody’s Analytics:

“The current state of the housing market is that it is certainly in transition.”

Susan Wachter, Professor of Real Estate and Finance, University of Pennsylvania’s Wharton School:

“Housing is going to ease up. I think 2023 will be a turnaround year.”

Lawrence Yun, Chief Economist, National Association of Realtors (NAR):

“Mortgage rates have fallen in the recent past weeks, so I’m very hopeful that the worst in home sales is probably coming to an end.”

Robert Dietz, Chief Economist and Senior Vice President, National Association of Home Builders (NAHB):

“. . . it appears a turning point for housing lies ahead. In the coming quarters, single-family home building will rise off of cycle lows as mortgage rates are expected to trend lower and boost housing affordability.”

Bottom Line

If you’re thinking about making a move this year, a turnaround in the housing market could be exactly what you’ve been waiting for. Let’s connect to talk about the latest trends in our area.

Jan. 22, 2023

What’s Really Happening with Home Prices?

Some Highlights

  • If you’re thinking about selling your house, recent headlines about home prices falling month-over-month may have you second guessing your decision—but perspective matters.
  • While home prices are down slightly month-over-month in some markets, home values are still up almost 10% nationally on a year-over-year basis. A nearly 10% gain is still dramatic compared to the more normal level of appreciation, which is 3-4%.
  • Let’s connect to find out how much equity you have in your current home and how you can use it to fuel your next purchase.
Posted in For Sellers
Jan. 18, 2023

Good Food, Good Life | Mountain Harbour Grill

From sandwiches, burgers to healthy options this restaurant has an amazing atmosphere with a golf course view. Enjoy your meal next to a cozy fireplace overlooking the view of Mountain Harbour Golf Course in Hayesville, NC. This restaurant offers high-quality service in an easygoing, neighborhood atmosphere with a perfect setting to enjoy delicious food, beverages and fellowship.

1665 Mountain Harbour Dr, Hayesville, NC 28904, (828) 389-9000

Posted in Restaurants
Jan. 15, 2023

Is It Time To Sell Your Second Home?

During the pandemic, second homes became popular because of the rise in work-from-home flexibility. That’s because owning a second home, especially in the luxury market, allowed those homeowners to spend more time in their favorite places or with different home features. Keep in mind, a luxury home isn’t only defined by price. In a recent article, Investopedia shares additional factors that push a home into this category: location, such as a home on the water or in a desirable city, and features, the things that make the home itself feel luxurious.

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Posted in For Sellers
Jan. 3, 2023

Wondering How Much You Need To Save for a Down Payment?

If you’re getting ready to buy your first home, you’re likely focused on saving up for everything that purchase involves. One cost that’s likely top of mind is your down payment. But don’t let a common misconception about how much you need to save make the process harder than it could be.

Understand 20% Isn’t Always the Typical Down Payment

Freddie Mac explains:

“. . . nearly a third of prospective homebuyers think they need a down payment of 20% or more to buy a home. This myth remains one of the largest perceived barriers to achieving homeownership.”

Unless specified by your loan type or lender, it’s typically not required to put 20% down. This means you could be closer to your homebuying dream than you realize. According to the National Association of Realtors (NAR), the median down payment hasn’t been over 20% since 2005. In fact, the median down payment today is only 14%. And it’s even lower for first-time homebuyers at just 6% (see graph below):

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Posted in For Buyers
Dec. 27, 2022

Prep Your Home for the Market With These 6 Tips

These six steps will help you prepare your home for this shifting market.

 

In the last couple of years, as long as your house had a roof, floor, and walls, someone would come along and probably write you a very big check. However, this market is shifting, and that's no longer happening. You have to prepare your home before you put it on the market. Here are a few ways you can do that:

 

1. Clean your home thoroughly. I drive a pickup truck all over these mountains. According to my wife, it's not exactly the cleanest truck. I was going to sell it, but before that, I have to wash it, wax it, and clean the leather. It would be spotless. You need to do the same with your home before you put it on the market.

 

2. Remove all the bad odors from your home. There's an older lady that lived with a lot of cats;  I'm sure you can guess what that home smelled like when she moved out and the house was enclosed. The odor just got progressively worse. I ended up having to bring in a company to rip down all the carpet, deodorize the home, and have a new carpet pulled out. Since we don't have buyers lining up like we had in the past, you have to address the odor before you list. 

 

3. Start moving your things out. Rent a place, and start moving some of your furniture. This will make your space and rooms look bigger.

 

“Try to be impartial by putting on your buyer's glasses.”

 

4. Remove some family photographs from the house. Many folks have photographs of their family memories, and they're all over the wall. Start removing some of them. Having a few family photos is normal, but don't have so many that your potential buyer can’t envision themselves enjoying your home and creating their own family memories.

 

5. Invite someone over to give you an honest opinion. If you're hiring an agent to sell your home, they should call balls and strikes by pointing out the things that need to be addressed, cleaned, repaired, and fixed. If you're going to sell it on your own, get a friend that is known for speaking the truth, sometimes to a fault. 

 

6. Think like a buyer. Buyers will come in and look at your home for the first time. My advice is to scrutinize your home as if you’re seeing it for the first time. Do the trees or bushes need trimming? Does it need a fresh coat of paint? What's your initial impression? Try to be impartial by putting on your buyer's glasses.

 

These are my six tips for selling a home in this shifting market. As always, if you have any questions about this topic or anything else that’s related, call or email my team or me. We’d love to connect with you!