1st Quarter 2022 Real Estate Report and Buyer’s Tips
SELLER’S MARKET CONTINUES
Beverly-Hanks has just released the first quarter of 2022 Market Report. Before you even get past the first page you already know one thing - It’s a Seller’s Market. Why?
1) Our WNC real estate market is very popular. A recent 2022 report from PODS Moving & Storage listed Asheville #17 of the Top 20 Cities where people are moving to in 2022. There’s nothing like a well-built luxury home against the backdrop of sweeping mountain views or wide valleys of grass that gets people excited, especially those coming from urban areas.
2) The availability of homes in certain price ranges is dwindling. Homes under $800k have less than a one month inventory. All of this adds up to one theme - it’s definitely a Seller’s Market, a continuing theme from 2021.
Almost 1000 Homes Sold
During the 1st quarter, almost 1000 homes were sold (985, to be exact). While the market report shows a decrease in home sales, it’s not because the demand isn’t there. In fact, it’s the opposite. Demand has been so high and for a consistently long period, that it has reduced the inventory of homes available. The speed of each transaction has exponentially increased.
Less than 40 days transaction average
From the moment you list to the moment the transaction closes is an average of 37 days, just a little over a month!
In every pricing category, there is one month or less of available inventory of homes. This pattern continues until you get to $1million dollar homes and up.
In short, if you’re ready to sell, it’s still an excellent time to do so and this trend is likely to continue as it will take time for the inventory to build back up.
Conversely, what do you do if you’re determined to move to the area? Due to low availability of homes, you may end up in a multiple offer situation. Here’s our tips on how to get ahead of the crowd:
Be prepared. Early birds do get the worm and preparation will pay off. If you can, have your funds ready to go. Beyond that, have your pre approval financing ready. Any kind of delay could impact your chance of getting the property you want.
Secure a local, experienced Realtor where local knowledge, transactional experience and their large network will be as important as their negotiation skills.
When we mean local, we mean someone who is very familiar with the area. Once you provide your must haves and maybes, a local, experienced realtor can quickly evaluate listings without even having to visit, in some cases, and quickly help you filter your options.
In addition, an experienced realtor knows the ins and outs of transactions and the process and knows they need to move swiftly (even if it means staying up late or rising early) in order to beat other offers.
As a Team office we have a certain advantage because our team meets regularly to keep our pulse on the market. We can quickly share experiences to give our clients the best edge possible when listing or buying a property. In addition, there is always a backup agent to view or show a property.
Be ready to act quickly. Can we emphasize that enough?
Acting quickly isn’t just the responsibility of your agent. If you’re in the area and your agent sends you listings to review, then it will help if you also move quickly. In this current market you can’t say, “I’ll take a look in a few days.” By then, your options are probably gone and/or you’re now competing with multiple offers. Be ready to look, offer and buy as quickly as you can.
For the full Market Report, Quarter One 2022 and other Market Reports by Beverly-Hanks with video reports by Neal Hanks, click here. The Beverly-Hanks Market Report covers Buncombe, Haywood, Henderson, Madison, Polk, Rutherford, Transylvania, Yancey and Mitchell Counties.
Team Billy Taylor, REALTORS®
4005 Hendersonville Road, Fletcher NC 28732