We are well into June and the spring/summer housing market in Asheville is getting mixed reviews. Based on the last six months (January 1, 2011 to June 1 2011), The broader Asheville market is still experiencing an over-abundance of inventory. Our current market absoption rate is about 30 months for residential properties. A healthy market has about a 6 month rate.
ABSORPTION RATE is the mathematical representation of the relationship between supply and demand.
So the figures clearly indicate the challenges in what is still a "buyer's market."
The good news is that mortgage interest rates have dropped again well below 5%, so if you are qualified, it is a great time to orginate a mortage to purchase a new home, or to refinance the existing home.
It is not impossible to sell your home in this market, but you must be realistic about your competition and how you should price your home. Staging and making repairs have become more important for sellers to consider in this market.
We still hope we are at the "bottom" of the housing crisis. The question remains how long we will stay there. The figures tell us that we have about three more years.
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With every sale I make, a contribution is made to at least one of these organizations:
RE/MAX 
