Hendersonville Real Estate News

Henderson County March Numbers

2009-04-03T10:10:00.000-07:00

OK it is April the 3rd and I just looked at the numbers for March of 2009. I was really hoping it was just me having the bad month but I was wrong. Despite what I have read about the country's real estate market showing an increase the numbers from NCMMLS show me a different tune in Henderson County.

Comparing March of 2009 to March of 2008 here we go:
Transactions for residential real estate totaled 62 in 2009 vs 112 in 2008 and 168 in 2007. so 2009 had 45% less then 2008 which was about 34% less then 2007! The volume was down about the same percentage and the days on the market went up to 130 days. The average sale price is also on the decline with March average sale price below $200,000 at $197,622.

This is truly a buyers market. If you are a seller and need to sell please follow my advice from a previous post. If you are a buyer with the interest rates below or around 5% WHAT are you waiting for? Either way if you want to buy or sell give me a call I would be happy to help you!

The Feb. Stats in Henderson County

2009-03-02T07:48:00.000-08:00

I wanted to share the February stats of our Residential Real Estate Market according to our MLS.

In Feb. of 2008 we had 100 transactions in Henderson County. In 2009 we were down 45% to 55 transactions. The total volume was also down 45% and the only good fact that I see is the Average sale price remain the same in 2009. The days on the market increased to 125 days this year vs. 101 last year.

Please remember that Rates are still low Banks are lending and if you are looking to buy a house now is the time!

Will the Stimulus Benefit Homeowners and Buyers?

2009-02-18T07:07:00.000-08:00

Will the Stimulus Benefit Homeowners and Buyers?

RISMEDIA, February 18, 2009-”There are four primary sections of the economic stimulus plan that will benefit home owners and buyers,” said Gibran Nicholas, chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers. According to Nicholas, these include:
1. Expansion of Home Improvement Tax Credit.”The tax credit for making energy efficient home improvements is now 30% of the cost of the improvements up to a maximum of $1500,” Nicholas said. “This means that if the improvements cost you $4,500, you would receive a tax refund of $1,500 when you file your tax returns.”
Eligible improvements include energy efficient exterior doors and windows, insulation, heat pumps, furnaces, central air conditioners and water heaters.
“Generally, most modern improvements like windows, furnaces, and air conditioners meet the necessary standards for energy efficiency,” Nicholas said. “If you’ve been holding off on making some of these improvements, now is a great time to get a move on it - especially with all the great deals being offered.”
2. Expansion of First-time Home Buyer Tax Credit.
The tax credit available to first-time home buyers was increased from $7,500 to $8,000 for homes purchased between January 1, 2009, and December 1, 2009. Also, the credit no longer needs to be paid back as long as the buyers live in the home without selling it for at least 3 years.
“The previous version of the credit expired on July 1, 2009, and required home buyers to pay the funds back over a 15 year time frame,” Nicholas said.
The income limitations remain the same ($75,000 for single tax payers claiming the full credit and $150,000 for married tax payers), as do most other qualification requirements. Also, the credit remains refundable. “This means that first-time home buyers who owe less than $8,000 in taxes for the year are still eligible for the full $8,000 credit when they file their tax returns, and the IRS will write them a check for the difference between $8,000 and their actual tax bill,” Nicholas said. “In fact, the credit can be claimed on your 2008 tax returns that you file by April 15 of this year, even if you buy the home in 2009.”
There is one catch, however: if you bought the home in 2008, the credit remains $7,500, and it still needs to be paid back over a 15 year timeframe beginning in 2011 when you file your 2010 returns.
3. Higher Reverse Mortgage Loan Limits.
The loan limits for FHA-insured reverse mortgages have been increased to $625,500 across the entire country-not just the higher cost areas. The previous limit was $417,000 across the country.
“This is especially important because the FHA program is virtually the only game in town as private and jumbo reverse mortgage programs have nearly all evaporated,” Nicholas said.
This coincides with another little-known change in the reverse mortgagearena: the availability of reverse mortgages on home purchase transactions.
“This is a fantastic opportunity for senior citizens to buy a new home and live mortgage payment-free without having to wait for their old home to sell,” Nicholas said. “Seniors could also use this strategy to buy a new home and turn the old home into a rental or otherwise wait for market conditions to improve before trying to sell the old home.”
4. $729,750 FHA and Conforming Loan Limits Restored in High Cost Areas.
“The $729,750 maximum loan limit had been in force throughout 2008, but was reduced to $625,500 in 2009,” Nicholas said. “The economic stimulus plan restores the $729,750 maximum. This makes higher cost homes more affordable - especially in the coastal housing markets that tend to have higher than average home values.”
For more information, visit http://gibrannicholas.com and www.CMPSInstitute.org or call 888.608.9800.
RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

Top 10 Tips to be a successful Seller

2009-02-17T10:20:00.000-08:00

Top Ten Tips to be a Successful Seller

Published on Tuesday, February 3, 2009, 2:39 PM Last Update: 54 minute(s) ago by Paul Pastore
Tags:

1. Be committed to selling. In a buyer's market with inflated inventories, short sales, and repos, there is no place for sellers who want to 'test the waters'. Don't even think "If I get my price". You won't. Money is only a secondary motivator to the serious seller.

2. Make sure the price is right. Try triangulation. Ask a few agents for their opinion. Glance at www.zillow.com Consider a formal appraisal. Focus on both current competition and current comps. Sellers should realize they seldom see their property objectively or know the other properties the buyers have seen.

3. Staging is a necessity. Clutter eats equity. Hire a professional stager or listen very carefully to your agent's suggestions. View a staging DVD. Buyers 'horriblize' defects. A faded front door suggests deferred maintenance. A stucco crack may infer expansive soil.

4. Consider a keysafe. The new lock boxes are electronic and enable the listing agent to see who is showing the property. Homes with easy access get more showings.

5. Install a for sale sign. If you don't want the neighbors to know you are selling, reread #1 above. The people in your area will know with or without the sign your property is for sale. They might even have a friend or relative who wants to be their new neighbor.

6. Absorb all feedback. If one buyer says something, others are thinking the same thing. If several similar comments are made, do something about the problem. Put your ego in storage with the excess furniture.

7. Flexibility is fundamental. No showings usually means the price istoo high. No offers usually means the price is too high. Be proactive especially if the market is flat or declining. Regularly reduce the price until an acceptable offer is received.

8. Accentuate the positives. Selling, buying, and moving are stressful events. Tell your agent you appreciate their efforts. Ask them how you can help get the house sold. Ask them what they would do if you were their relative, or it was their home. Ask this question frequently.

9. Time is of the essence. This means sooner is better than later. Do not underestimate the first buyer. They may be the best buyer. They may be the only buyer for a long time. A lower asking price may net a seller more money in the long run.

10. Patience is a virtue. Ask your agent what the average days on the market is in your area. The only way to get somewhere faster is to step on the gas if you are in a car. Or, reduce the price if selling a house.

2009-02-16T09:44:00.000-08:00

I just added a February Newsletter to my web site http://www.rorymolnar.com/ click on this link to view my February 2009 Newsletter.

Negotiating with Asset Managers

2009-01-22T08:36:00.000-08:00

With more and more foreclosures coming on the market the most often heard question is "How does this foreclosure thing work?" "How cheap can I get this property?" The answer will very from property to property not unlike a "normal" transaction. With foreclosures, days on the market will give you a clue to how the asset manager will likely negotiate with you, the longer on the market the more creative they will be. But first you must have all your ducks in a row. When making an offer you need to have everything filled out correctly along with your pre-approval or bank letter showing available funds if you are a cash buyer. Just like a normal seller if the property is on the market less then 30 days chances are you won't like the counter offer you get if you get one! The process you go through with the offer to acceptance isn't that much different then a normal transaction. Most banks will take about 48 hours to give you a response especially if all offers are presented electronically. If you are looking to buy foreclosures working with an agent that has experience with these type of transactions will make the process a little easier. Call me I can Help!

2009-01-13T11:16:00.000-08:00

I just started to add a Monthly Newsletter to my web site www.RoryMolnar.com click on this link to view my January 2009 Newsletter.

2008 Henderson County Year End Totals

2009-01-06T08:46:00.000-08:00

The data I use is from the Western North Carolina Regional MLS and is for Henderson County NC. This is an overview and really helps prove my point to sellers. Using only the residential real estate the numbers show that Henderson County decreased in number of transactions from 1874 in 2007 to 1202 in 2008 a 35% decrease. The average sale price decreased from $259,874 in 2007 to $232,507 in 2008 which is a 11% reduction. as a whole the sales volume in 2008 dropped 43% from the 2007 volume.

What this means to a seller is if you want to sell your home you have to make it the best value for your type of home & neighborhood. That is nothing new you always had to do that or the buyer would just buy the competition home. What is different now is in order for your home to be the best value you as the seller have a whole lot of work to do. You must price it approximately 10% below what the market shows. because of declining values you need to stay ahead of your competition. You also need it to show well. That means removing the clutter, fresh paint or clean the walls, kitchen & bathrooms real good. If your carpet or flooring looks dated or worn you should update it. You should have a pre-listing Home Inspection. You should use a full time Realtor. One that has a strong Internet presence to market your home. Since over 80% of buyers start their search on the Internet you need to have your home on the web in a lot of different places like Realtor.com and REMAX.com the #1 & #2 places people go to, to find real estate listings.

Call me, Rory Molnar, or just email me at Rory@RoryMolnar.com for more information. If you are a buyer or seller please look at http://www.rorymolnar.com/ to find answers to all your Western North Carolina Real Estate Needs!

2008-08-27T09:25:00.000-07:00

I know I am a little late writing this post but I thought it is important to know the state of our market here in Henderson County. I wanted to post the stats for June & July of 2008 vs 2007. You better sit down.

According to the WNC Regional MLS in the Residential section there were 192 Transactions in June of 2007 VS 112 in 2008 a 43% reduction. The total sale price of those transactions in 2007 was $49,293,827 VS $29,588,322 a 40% reduction and the listings were on the market 33% longer in 2008 vs 2007.

The July stats. 190 transactions in 2007 vs 107 in 2008 a 44% reduction. A $50,981,934 total sale price in 2007 vs $25,501,696 in 2008 a 50% reduction and was on the market 36% longer.

So far this year, 2008, has seen the total transactions fall by 33% and volume fall by 39% and the marketing time increase by 21%. This through 07/31/2008.

As you can see this is a buyers market and is a very good time to buy! Right now there are 1785 active Residential homes on the market in Henderson County. Let me help you find the one that makes sense for you!

2008-07-29T10:08:00.000-07:00

Yesterday I received an interesting email from Michael Arrowood about the Rails to Trails post. In his email he told me about an opposition group called Henderson-Transylvania County Railroad Right of Way property Owners Association. In their statement they talk about property owners losing portions of their land (the portion in the Railroad Right of Way). They also talk about loss of privacy and maybe even vandalism of their property. My personal view of the Rails to Trails concept is favorable especially in this wonderful area we live in. As a Real Estate Professional I also believe adjoining properties to the rails would increase in value as opposed to having an active track. In this particular track as Mr. Arrowood points out this Right of Way was formed in 1891. How many of you want an active line again? One of Brevard officials problem with turning the track over is that they don't want to loose an option for future business. The use of the track in the past was limited to one train traveling back & forth from Hendersonville to Brevard at about 10:00am & 3:00pm. How many of the adjoining property owners would want that doubled or more in the future. I am not saying that would happen but who knows! I haven't heard anything new about this since I read the newspaper article in April. Has anyone else? I would love to keep the dialog moving!

The State of the Henderson County Real Estate Market!

2008-04-11T06:20:00.000-07:00

Well, we have heard from around the country about how terrible their markets are. We have heard about record breaking foreclosures around the country. We in Henderson County have always felt that what happens in other areas don't really affect us here. Right? Or Wrong? Here are some hard facts about Henderson County. In 2007 in all areas of residential real estate, single family homes, condominiums, townhouses, and pre-construction, there were 428 transactions from January 1, 2007 to March 31, 2007 with a total dollar volume of $103,894,552. These figures are from my multiple listing service, Western North Carolina Regional Multiple Listing Service. These are the properties that were sold with the Help of Realtors and do not include private sales. From January 1, 2008 to March 31, 2008 there was a drop to 303 transactions which is down almost 30% and the dollar volume for the same time frame in 2008 was down to $65,008,936 which equates to an almost 37% reduction in value. These figures came as a bit of a surprise. I knew from my own business that the market was down but this was more then I thought. Fortunately for us unlike some other regions if a seller wants to sell their home to move on to other things they can. Please read my previous post for sellers this is more true now then ever. Sellers need to make their property stand out on paper and in person. We have record setting inventory which means tremendous competition out there for the sellers. Sellers also will have to leave the thought process where they say so and so down the street sold their home for $x amount and my home is nicer. They need to look to a real estate expert who can show them what has sold the most recently compare their home to the competition and come up with a list price and other marketing techniques that will show their home as a better value. Call me I can show you how to succeed in today's market!

Rails to Trails

2007-12-10T07:35:00.000-08:00

There is an article in the Times-News today talking about turning the Norfolk and Southern track that runs from Hendersonville to Brevard into a trail instead of being used for train transportation. Full article: http://www.blueridgenow.com/article/20071210/NEWS/712100327/1151/NEWS/Railroad_tracks_could_be_converted_into_path_for_people
The article talks about other tracks that were converted and the steps it will take to do this with this track. I have heard of this effort for the last couple of years almost ever since Ecusta Plant closed, ending the need for the active line. This track basically runs along US 64. What a great asset this would make to both Brevard and Hendersonville. There is no safe way to bike from one city to the other; and since part of this would be along the French Broad River the views would be great. According to the article some adjacent property owners have fears that bringing people to your back yard could be dangerous. They fear that with the people traffic there could be property theft. According to the article, other trails where personal property owners are adjacent they talk about this issue and the fact is there was no substantial increase in theft. Click on the link above to read the full article and let me know what you think. As always feel free to go to www.RoryMolnar.com to view and search listing for the entire Western North Carolina Real Estate area.

2007-12-05T10:36:00.000-08:00

As the year winds down I thought I would share some thoughts about Western North Carolina Real Estate. In particular Henderson County. The land transfer tax was soundly beaten by a 3-1 margin. The County Commissioners are placing the results at the Realtor community because there was a campaign to to have this tax voted down which was in part financed with Realtor donations among many other opponents.

The market as a whole this year is declining. Not like the national averages but it has slowed down. The last I heard was that we were down about 5% over the last year. The predictions are it is going to stay slow for another year. I tend to agree. With a large portion of our buyers coming from other areas, (most of the areas are far worse off then us), until these buyers are able to sell their homes they can't buy here. So, sellers the trick is to price your home less then what a market analysis shows. Since the market is slow you want to give yourself the best opportunity to sell.

As always feel free to use my website www.RoryMolnar.com as your local Hendersonville, Henderson County, Western North Carolina Real Estate Connection!

Another County Land Transfer Tax

2007-09-21T07:35:00.000-07:00

The County Commissioners are asking the Henderson County Voters to OK a new land transfer tax of .4% which equals $400 per $100,000. There is already a $1 per $500 tax on land transfers which would equal $200per $100,000 . The housing industry is in a little trouble right now and adding another tax will make it difficult on sellers. With the average sale price in Henderson County 0f $252,000 would mean that the seller of a home would net $1008 less in their pocket at closing. I am not sure how this Tax is fair when only a portion of the residents will pay. A lot of these folks are selling to move closer to relatives and to Assisted Living Centers. To most of these folks the proceeds of the sale of their homes has to sustain them through the rest of their lives and they need that $1008. You already have property taxes, you can't target one part of the population unfairly. Only 3.8 percent of the land parcels sell in any given year. How is this not a discriminatory tax? With the amount of Foreclosures going on right now if a seller had to make up another $1,000 this might be the straw that breaks the seller's back. I am for equal taxation. County Manager Steve Wyatt is quoted as saying the majority of revenue comes from property taxes and this is a way to tap another source. How is that? He is still trying to tap property owners! I think the County Commissioners need to go back to the drawing board. What do you think!

Henderson County Growth

2007-06-04T10:41:00.000-07:00

With all the talk about the real estate market slowing and drying up Henderson County NC has continued to grow. According to a series of recent articles in the "Hendersonville Times-News" in the past 6 years over 9,800 new dwellings have been built in Henderson County. For full article click: http://www.blueridgenow.com/article/20070603/NEWS/706040319&SearchID=73283084935016
There are at least 45 different subdivisions in various stages of development going on right now. Some will take years to build out. The consequences for all this new development and the big topic of discussions are what does this mean for the area schools? Roads? Water and Septic/sewer systems. The series of articles in the Times-News started on Sundy June 3 to see all the articals go to http://www.hendersonvillenews.com . Share your thoughts here.

The State of NC now owns Chimney Rock Park

2007-05-22T06:55:00.000-07:00

On Monday the 21st of May the State of North Carolina completed the $24 million purchase of Chimney Rock Park.

Click here to see the Hendersonville Times News Story:
http://hendersonvillenews.com/article/20070522/NEWS/705220342/1042/NEWS/NEWS/Chimney_Rock_now_belongs_to_N_C_

This transfer of the 996 acre park will be added to master plan of the state to develop a larger State Park which is now more then 3200 acres.

Tell me what you think about this!

Sellers

2007-05-21T11:39:00.000-07:00

Real Estate in Hendersonville, Henderson County, NC has been steady. We have recently had more properties for sale then in years past. That leads into a longer days on the market for listings. A good strategy to employ in a slowing market is to find out what the value of your home is based on the recent sold comparables. Once you know this figure I would recommend 3 main strategies.

#1 Do a home inspection on your home with a qualified and licenced home inspector. This will tell you if you have any problems that a potential buyer would want fixed. It will take away the anxiety of waiting for the inspection by the buyer after you have already negotiated a purchase price. Plus it shows the buyer that you have negotiated in good faith by showing them the inspection and showing them the repairs that you have completed or telling them this is an updated representation of my house.

#2 Offer a Home Warranty. This will give the buyer a year of peace of mind and should remove any buyer fears over what might break in the house.

#3 and this is the most painful of the three but may save you the most money in the long run. Price your home 5%-10% below what the currant market analysis shows. The reason being with more houses on the market it will price yours below the competition. That might result in more then one buyer wanting to buy your home which leads to a possibility that the multiple buyers will bid up the price to get your bargain.

In a declining market if you price according to the recent comps instead of the market your home will sit on the market and force you into price reductions along the way, reacting to the market. So be pro-active and give yourself the best chance to get your home sold!

Buyers!

2006-01-31T06:13:00.000-08:00

It's almost Springtime and you have decided to buy your first home, or step up to a larger home, or wanting to buy that second home in the mountains. No matter your reason for buying you are wondering how I should go about this endeavor. Let me help you. There is a logical progression of steps that would be most beneficial to buyers.

1) The first thing any buyer should do is to take stock in their own financial profile. What I mean there is to take out pen and paper and list your debts (loans not utility bills) with payments and balances, list your assets the same way, and then break down your income to monthly levels. This will help you to figure out what you can afford. You might want to pay cash or get a loan this will tell you what you have to work with. If you are going to get a loan then you will need to get a few more things ready like your last two years tax statements, a couple of recent bank statements, and pay stubs showing you are still employed. Now you are ready for step number two!

2) You now have a good handle of your finances and are ready to start shopping for that house. You have looked at the advertisements maybe looked online and you want to see the inside of a couple of houses so you call a Real Estate Agent. A good agent will question you before they take you out to look at houses or will question you as he shows you that first house. A couple of first questions should be: Are you working with another agent and have you gone over agency? Do you know how you want to buy cash or loan? Have you been pre-approved by a lender? If you have a good report with the agent and you think that he can help you then take an hour and let him go through agency and loan options with you. He will have a few lenders that he trusts and deal with on an everyday basis and should be able to match you up with a lender who will have a mortgage product to meet your needs. At that time he will suggest that you get pre-approved for your mortgage and because of step # 1 you are ready for that. You will then know what priced home you should look at and won't be wasting time on houses that won't fit your financial profile! Your agent will have the tools necessary to help you through the next steps of finding the home you want. You will be offering from the knowledge that you can do it almost like having cash in hand.

There is still agency and other issues that you need to know about. Ask your agent questions. If you need help buying or selling a house and you don't know how to start give me a call and let me help put you in touch with a knowledgeable agent anywhere in the U.S.

Why use an e-Pro for your Real Estate needs?

2005-12-05T14:00:00.000-08:00

What is an e-PRO—— and why should you use one?
When you're on the Internet, you don't have time to waste on endless searches for useful real estate information. You want to get things done quickly and without hassle. So chances are you'd like a real estate agent who
*Answers e-mail promptly and professionally.
*Respects your on-line privacy.
*Offers home listings and other Internet tools to help you find or market a home.

Enter the e-PRO. An e-PRO is a REALTOR® who has successfully completed the e-PRO training program for real estate professionals. Endorsed by the National Association of REALTORS®, the e-PRO course teaches professionals the nuts and bolts of working with real estate on-line: Web sites, e-mail, on-line tools, and most of all, what today's consumer really wants.

For more information on e-PRO click the "Why use an e-Pro" button on my home page, www.RoryMolnar.com I am an e-PRO

City Planning Board

2005-11-15T09:53:00.000-08:00

On Monday 11-14-05 it seems as though the city planning board gave its blessing to the Sunflower Residences project. The only variance that they did not agree to was the sidewalk that the developer wanted to omit. The big controversy with this project, which will include high end condos, about 70 ranging in price from $200,000 to $500,000 and market space, is the height. It seems the City has a height restriction, 64 feet, so a building won't take away focus from the Historic Courthouse on main street. One of the variances that this developer was looking for was this one. The projected height of this building, 115 feet will exceed the ordinance. Based on the current plans the Sunflower Residences will be 9 stories tall. The planning board voted 4-3 to allow this variance. Tell me what do you think about this project?

2005-11-15T08:47:00.000-08:00

Rory J Molnar

Hendersonville NC Real Estate

2005-11-15T08:23:00.000-08:00

Hi, I just wanted to introduce myself. I am Rory Molnar of RE/MAX Four Seasons Realty located in the beautiful Blue Ridge Mountains of Western North Carolina, in Hendersonville, Henderson County. I have a web site at www.RoryMolnar.com that will allow you to find the most currant listings available. I am ready to be your WNC Real Estate resource!