Western North Carolina Real Estate Trends

While the Western North Carolina real estate market continues to be challenging for clients trying to sell property, it is the perfect opportunity for buyers looking for deals they could not have imagined a few years ago.

Some of the real estate trends that we are experiencing in Western North Carolina are the following:

1) The number of master planned communities has decreased from a high of 180 a few years ago to approximately 50. Buyers are interested in communities that have completed amenities and communities that are in a strong financial position. There are great deals on lots and homes in these communities. Many bank owned lots are available at prices 50 – 70% of original sales prices and, sometimes, substantially less than tax value.

2) Currently, the 3 primary “feeder” markets for Western North Carolina are Coastal Carolinas (Charleston to Savannah), Atlanta and Florida.  Over the winter months, we plan to spend time in these locations.

3) Buyers are taking longer to make decisions, likely to limit risk, but also to evaluate whether Western North Carolina is where they want to buy.  Also, due to high affordable inventory, we are beginning to see investors (cash buyers) come back into the
market.

4) In response to increased interest, we are now offering luxury rental properties (3 months – 1 year) for those looking to spend more time in Western North Carolina prior to making a buying decision.  Also, we are working with local Hilton Head real estate agents to assist clients with possible trades.

Contact NC Mountain Realty Group and please let us know any questions we can assist with.

 

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