For a long time, getting a home under contract felt like the hard part was over. You priced it, a buyer made an offer, everyone signed, and from there it was mostly paperwork on the way to closing day.
That is not the market we are in right now.
Ask five people about the Asheville housing market right now and you'll get five different answers. That's because there isn't one market anymore — there are two, running at different speeds. And this week's numbers from Canopy MLS show exactly where the split is.
Just when it seemed like mortgage rates might finally be settling down, they're moving higher again.
If you're thinking about buying or selling a home, I know it's tempting to watch every little change and wonder whether you should do something—or wait.
If you're selling your home, of course you want to get as much money as possible for it. And if you think your home might be worth $600,000, what's the harm in listing it for $625,000 or $650,000 just to see what happens? That strategy may sound reasonable. In today's market, though, it can actually work against you.
When you've seen mortgage rates in the 3% range, today's rates can be hard to swallow. And if waiting another six months or a year could get you a mortgage at 5%, why wouldn't you wait? There's just one problem.Nobody knows when - or if - we're going to see 5% mortgage rates again anytime soon. And waiting for that magic number could mean overlooking some advantages buyers have in today's market.
