According to an article published by Forbes, the real estate situation in Asheville is on an uptick. Asheville, North Carolina landed the 25th spot on Local Market Monitor’s list of real estate markets that are about to experience a boom.
This is good news for any homeowners who are looking to sell their houses, or property owners who are looking to lease or rent their property, either as an apartment or via Airbnb (although Asheville law is still pretty strict on Airbnb rentals).
What it means for property owners
Asheville residents who own properties in the area may want to consider fixing up the houses that they plan to put up for sale. In a boom market, market prices can easily jump in a few years by ten to fifteen percent.
Residents can take advantage of this by making their properties more attractive to prospective buyers. This can be done by either making a few small renovations to increase the value of the home, or conduct necessary repairs to restore the property to a better condition.
Property owners in Asheville should also be considerate of their target market. Safety in the property is a must. For example, Fort Lauderdale is comprised mostly of residents between the ages of 45 and 64, which makes tripping hazards even more dangerous. For them, getting the assistance of a slip and fall lawyer via https://www.ftlinjurylaw.com/slip-and-fall-lawyer/home-depot-slip-and-fall-lawsuits/ is all the more important.
For Asheville property owners, it would be best to take a look at whether there are more families or single unmarried adults looking for a home. Usually, when a market is in boom, families looking to buy a good home at a slightly lower rate than other markets will flock to an area to look around.
Regardless of the demographics, property owners’ goals should be to sell as soon as the market allows for their property to be sold at their goal price. While this may not always be achieved, it’s better to sell a property at a lower price than to have it not be sold at all.
What it means for interested buyers
Buyers looking to buy a home in Asheville, North Carolina will be happy to note that because of the incoming boom, most houses on the market will be of better quality than those in other areas that are priced similarly. In a boom, the increase in the average price of a home is usually because sellers are fixing homes up in order to gain better returns from the sale.
While this might mean a slightly higher price, this also means that there are less problems for buyers to worry about. This also means that for buyers who are choosing to take out a home insurance policy, their monthly premiums can be driven down, especially if the home they bought was outfitted with a new roof or security systems were installed by the seller.
Buyers who take advantage and shop early will also face less competition. Because there are lesser interested buyers on the market, this means that they can better dictate the price of the home they are interested in and purchase it at a slightly lower price than what was offered by the broker or property owner.
Housing market booms mean great things for both buyers and sellers. But ultimately, this also brings in good things for Asheville in terms of economy and community.