The housing market in Asheville area
 
 
Like much of the country, the Asheville area has low inventory and this is a seller’s market. Multiple offers on existing homes have become the norm and homes are selling for over the list price. There are various strategies to use when making offers in this environment. One is to not give up.
 
One option is to build in order to avoid a price war. You can build through a local developer or find a lot and have a home built. Finding buildable land close to Asheville can be challenging, but not impossible. The cost of building has increased considerably. One driver is the cost of lumber which according to the Asheville Builders Association has increased over 250%. This factor alone could add $24,000 to the cost of a single family home.
 
What is driving the cost of lumber? Although we have lots of trees the number of mills to process them have drastically decreased here in the United States. In the past, we could easily get lumber from Canada, but COVID has created havoc with trade.
 
Another factor driving low inventory is that many sellers are hesitant to put their homes on the market. They did not want strangers prowling through their homes in the midst of a pandemic. With the current crazy market, many potential sellers are hesitant to put their homes on the market as they are concerned about finding their own next home unless they are forced to move due to a job transfer.
 
No one has a crystal ball, but most experts say that this is not a “bubble” and it could take years for inventory to increase. The current market is challenging not impossible. It does increase the importance of finding and hiring a good, experienced, honest, caring realtor.
Asheville Area Real Estate

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