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April 19-Supercharge Your IRA With Real Estate

April 19

“Supercharge Your IRA With Real Estate” seminar: 9 a.m.-4 p.m., Asheville-Buncombe Technical Community College’s Sycamore Building, 340 Victoria Road. The nonprofit member-driven Carolinas Real Estate Association presents Jim Hitt, CEO of American IRA, and Sean McKay, the company’s senior vice president. Learn to use self-directed IRA’s to boost retirement funds with real estate investments. $69 for CREIA, REIA members and $89 for others. 206-8560 or www.creianc.org.

Buying distressed AVL homes: IBUYHOMESLLC.COM

 

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Sunnier Days Ahead in Housing, Freddie Says

The housing market is stronger today than at any point since the Great Recession and has made progress in several key areas after hitting bottom in 2009, Freddie Mac reports in a blog post looking at the state of the housing market heading into spring.

Home sales are up 13 percent since their low point, Freddie Mac reports. Frank Notaft, Freddie Mac’s chief economist, predicts that home sales will rise about 3 percent in 2014.

red more: www.ibuyhomesllc.com/sunnier-days-ahead-in-housing-freddie-says

Sunnier Days Ahead in Housing, Freddie Says

DAILY REAL ESTATE NEWS | FRIDAY, APRIL 11, 2014

The housing market is stronger today than at any point since the Great Recession and has made progress in several key areas after hitting bottom in 2009, Freddie Mac reports in a blog post looking at the state of the housing market heading into spring.

Home sales are up 13 percent since their low point, Freddie Mac reports. Frank Notaft, Freddie Mac’s chief economist, predicts that home sales will rise about 3 percent in 2014.

Also, the agency reports that housing starts are up 50 percent since hitting bottom. Freddie Mac is predicting a nearly 20 percent increase in new-housing starts in 2014, “which will begin to help ease tight inventories in many markets.”

Housing prices have also been on the upswing, about 16 percent higher than their bottom in 2009, Freddie Mac reports. They expect home values to continue to rise this year, but at a more moderate 5 percent pace. Also, researchers say many markets are still posting housing values that are below their 2006 peaks.

Freddie Mac is forecasting mortgage rates to remain near their historic lows this year, but rates are expected to rise about a half-percentage point during the year to around a 5 percent average by the end of the year.

Source: “After Winter Chill, Time to Spring Forward,” Freddie Mac (April 10, 2014)

 

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Decent Pay, Decent Housing elusive in Asheville?

Asheville and Buncombe County have made a stronger effort to build affordable housing, sinking $17.4 million into developments between 2007-13, with money coming from federal, city and county funding.

During that time, the Asheville Housing Trust Fund accounted for $1.7 million in spending, while $3.6 million came through Buncombe.

Asheville has made strides, according to the “Affordable Housing Scorecard,” authored by researcher Mai Thi Nguyen, putting 461 rental units and 223 homes on the market between 2007-13. The city paid $10,000 for Nguyen’s report, and City Council again made affordable housing a top priority at a planning retreat.

Link to whole article: http://goo.gl/FZcgjt

www.iBuyHomesLLC.com – Creative Solutions to Buying Distressed Homes

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10 cities where ordinary people can no longer afford homes

By   March 5, 2014 1:12 PM  Yahoo Finance
New Home Sales Rise Sharply In October
DUBLIN, CA – DECEMBER 04: A sign advertising available homes is posted at a housing development on December 4, 2013 in Dublin, California. According to a Commerce Department report, sales of single family homes in the U.S. surged 25.4 percent in October, the larget gain in over 33 years. (Photo by Justin Sullivan/Getty Images)

It now seems pretty clear that late 2012 or early 2013 was the ideal time to purchase a home: Real-estate prices and interest rates were both near record lows, creating an unprecedented buying opportunity for those who could muster a down payment and qualify for a mortgage.

Home affordability is still pretty good by historical standards, but typical buyers are once again being priced out in at least two dozen markets ranging from coastal hotspots to lower-cost inland cities. Three factors are pushing the cost of owning a home beyond the financial reach of ordinary families: Mortgage rates are ticking upwward as the Federal Reserve backs away from the super-easy monetary policy of the past five years. Home prices are rising as the economy recovers. And incomes are barely budging, which means typical families are once again falling behind as they try to bank enough to buy a home.

We used data from research firm RealtyTrac to determine where housing affordability is deteriorating the most. At the top of the list is Salinas, Calif., where a median-priced home rose 40% from the end of 2012 to the end of 2013, to $388,000. When rising interest rates are factored in, the income required to purchase a typical home rose by a whopping 58%.

[Click here to check home loan rates in your area.]

The 10 areas in the list below are ranked by the increase in income required to buy a typical home from December 2012 to December 2013. We also included RealtyTrac’s affordability-index rating for the county each city is located in, to exclude cities in which required incomes have risen but homes are still relatively cheap. (The affordability index represents the median income per county as a percentage of the required income for a typical home purchase, so cities with a rating below 100 are less affordable while those above 100 are more affordable). We also grouped cities in northern and southern California into two entries, since there are so many of them. Here are the 10 areas where home affordability is deteriorating the most:

Source: RealtyTrac

With home prices rising nationwide by an average of about 11% in 2013, the income required to buy a typical home rose in all but a handful of cities. Still, affordability remains strong in the majority of markets, says Daren Blomquist of RealtyTrac. Here are the 10 cities where affordability has either improved during the past year, or barely changed (affordability-index data isn’t available for every city):

Source: RealtyTrac

The problem with the most affordable cities is they tend to be less vibrant than those where demand for housing is strong and prices are rising. So while affordability may still be good in many cities, economic opportunity may be lacking.

Meanwhile, the other big factor that determines whether families can buy a home — even if they may have the money for a down payment — is whether their credit rating is strong enough to qualify for a mortgage. Banks have been loosening up, and some have recently begun to lend to subprime borrowers for the first time since the housing bubble began to burst back in 2006. But for some borrowers, it’s a Catch-22: Lending standards are easing just as affordability is worsening. Some families that might have been able to afford a home a year ago can’t now, even if they’re more likely to qualify for a mortgage.

All of these factors will determine whether the housing recovery continues or peters out, which some economists are starting to worry about. While 2013 seemed to be a nice comeback year for housing after six years of price declines, some analysts think it was illusory. “The housing price gains in 2013 may have been a mirage,” writes Jeffrey Rosen, chief economist at research firm Briefing.com. “First-time home buyers have been effectively priced out of the market.”

Rosen believes a surge of all-cash buyers — who are usually investors buying properties to flip or rent — pushed up prices in 2013, a trend that could reverse itself in 2014 as demand from investors wanes. If so, homes that have drifted beyond the reach of first-time buyers could become more affordable, not less. “Affordability conditions need to revert to where they were in January 2013,” Rosen says.

If that happens, potential homeowners should make sure they don’t miss a historic buying opportunity twice.

Rick Newman’s latest book is Rebounders: How Winners Pivot From Setback To Success. Follow him on Twitter: @rickjnewman.

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Asheville, North Carolina – Average Home Sizes and Asking Prices

Asheville, North Carolina – Average Home Sizes and Asking Prices
Asheville Home Sales Averages & Standards of the past year. Learn what “normal” is in the Asheville real estate market.
The table below shows data for All Asheville, NC zipcodes

Asheville, North Carolina – Average Home Sizes and Asking Prices
Zipcode Single Family Home Townhome or Condo
4 BR 3 BR Listings 3 BR 2 BR Listings
28801 4,000 sf $813,000 1,500 sf $261,000 39 2,000 sf $582,000 1,400 sf $483,000 32
28803 4,400 sf $1,168,000 2,000 sf $378,000 150 2,000 sf $238,000 1,200 sf $180,000 61
28804 4,000 sf $1,006,000 1,000 sf $88,000 123 2,600 sf $531,000 1,300 sf $242,000 8
28805 3,000 sf $468,000 2,000 sf $297,000 74 2,300 sf $307,000 1,300 sf $151,000 12
28806 2,200 sf $286,000 1,500 sf $207,000 137 1,600 sf $197,000 1,200 sf $113,000 15
* Number of Listings in each cell denotes Total in Zipcode.    Data updated on Mar 3 2014, EDT/EST
Price of 3 Bedroom Homes for Sale in 28801
$299k
$409k
$427k
$295k
$248k
2 years ago
1 year ago
6 months ago
1 month ago
Today
Inventory in Asheville

pie chart of Asheville

pie01 colorSingle Family Homes 523 (80.3%)
pie02 colorCondos/Townhomes 128 (19.7%)
Trend of Asking Price in 28801
Average Home Price Changes of Homes for Sale in Asheville, NC 28801
Based on a 3 Bedroom Single Family Residence
 Capture
Cash for House: Specializing in Distressed Homes: www.iBuyHomesLLC.com
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Asheville Inventory & Asking Prices 2014

Housing in Asheville is expensive. The only other area of the state where real estate is more expensive is the Outer Banks. Our inventory is at 8 – 9 year lows. Our Asking Price is creeping up. Sales have been strong all through 2013. 2014 has, like most of the eastern half, had colder than normal weather so sales have slowed somewhat.

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