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Wednesday, January 28, 2015

Advantages Of Buying A Property In Asheville NC In 2015

Deciding when to buy a home is not easy. You may be curious if prices will incline or decline and whether it is the right time to buy. Unfortunately, you cannot predict market changes, but you can make an informed decision by evaluating different factors. Here are some advantages of buying a property in Asheville NC in 2015.

Advantages Of Buying A Property In Asheville NC In 2015

Interest Rates Are Still Low

Interest rates are still very low. Most borrowers are getting fixed rates below four percent. Mortgage rates always have a dramatic impact on your loan payments, so it must be considered. By securing a lower rate, home buyers spend less money on a property or are able to get a higher priced home. Rates will not remain low for the long term, so you should act quickly to take advantage of this.

Real Estate Values Are Appreciating

If you were not sure, the bottom of the market has passed in most regions. Home values are actually back on the rise in many communities. What does this mean for home buyers? This improves the ability to earn equity quickly. Purchasing now allows you to take advantage of prices while they are not at their peak with the potential for additional appreciation.

Mortgage Insurance Premiums Have Dropped

FHA borrowers now have an additional benefit to act. The monthly PMI charged for FHA mortgages is being decreased by 0.5%. On a $100,000 loan, the PMI in the past would be $135/mo. Under the reduced rate, it drops to $85per month. On a larger $400,000 home loan, there is a $167 difference.

It Is Better to Own Than Rent

With rents continuing to go up, most people find it more beneficial to buy. Property owners can usually use mortgage interest, real estate taxes, and other fees on their taxes. This can result in a significant savings based on your tax bracket and mortgage amount. Additionally, you can build equity either immediately or over the years, so it is really an investment in your future instead of just an expense. If you analyze the monthly figures plus the other financial figures, buying is often the better choice.

Help With Buying a Property in the Asheville NC Area

Every region is different. Even neighboring towns can have very distinct home markets. It is essential that you work with an experienced and local real estate broker to help you through the process. He/she may also identify other advantages of buying a property in Asheville NC in 2015. Contact Rowena Patton at Patton Property Group (828-226-0217, for specific statistics on the real estate home prices and help with your home needs.

Friday, January 23, 2015

FHA Loans Decreased Mortgage Insurance Rates starting January 26, 2015

President Obama recently shared that the mortgage insurance rates for FHA loans is reducing. This will assist people currently looking. Here is some helpful information on Asheville NC FHA loans decreased mortgage insurance rates.

Starting January 26, 2015

Asheville NC FHA loans decreased mortgage insurance rates go into effect on January 26, 2015. All new FHA files issued on or later than that date will receive the updated rate. Case numbers are typically granted when the application is started. For active case numbers, you might be able to cancel the existing one and ask for a new number. Specific steps must be followed by your loan officer to do this. Unfortunately, the decreased mortgage insurance rates do not apply to loans that have already closed. Refinancing would be needed.

Asheville NC FHA Loans Decreased Mortgage Insurance Rates

Asheville NC FHA loans decreased mortgage insurance rates are half a percent under past mortgage insurance rates. Rates will vary depending on the loan to value ratio. For loans with five percent down or greater, the monthly mortgage insurance was 1.3% and is now changed to 0.8%. For loans with 5% down or less, the monthly mortgage insurance was 1.35% and is now lowered to 0.85%.

How Charges are Calculated

Monthly mortgage insurance is determined by multiplying mortgage insurance and loan amount, and then dividing by 12 (months). For a typical home buyer with a 3.5% down payment, the mortgage insurance on a $200,000 mortgage reduces from $225/month to $141.67/month, resulting in a $83.33 savings. On a larger loan of $400,000, the reduction is $166.67 per month. With the decreased mortgage insurance rates, a buyer pre-approved for $400,000 may increase their mortgage to $420,000 instead. Thus, this PMI reduction not only makes property buying more affordable but can also help buyers to get a larger property (if desired).

Help with FHA Loans in Asheville NC

Asheville NC FHA loans decreased mortgage insurance rates is just one of many changes that affect mortgage lending. Your mortgage consultant is an important resource to keep you up-to-date with these changes and assist you with the whole process. Contact Rowena Patton at Patton Property Group (828-226-0217, to be referred to a local loan officer.

Wednesday, January 7, 2015

Interest Rate Changes Impact Asheville NC Mortgage Qualification

When you are qualified for a home loan, it is based on a certain recurring payment. The interest rate is assumed (in addition to other amounts such as property taxes and property insurance). Interest rate changes impact Asheville NC mortgage qualification since it alters the principal and interest component of the total payment. It is useful for buyers to understand this because a change in interest rates may impact home search criteria.

Interest Rate Changes

Interest rates can increase and decrease on a continual basis. At certain times, they can even do so more than once on the same day. As a buyer, you may not know what your specific interest rate will be until you identify a home, know the closing date, and lock in your interest rate. This can create some uncertainty, particularly for price sensitive borrowers. It is useful to know what estimated interest rate was used to determine your pre-approval and to keep the pre-approval up-to-date. If interest rates are frequently or dramatically changing, connect with your loan officer prior to preparing an offer on a property to verify that you are still qualified to purchase it.

Interest Rate Changes Impact Asheville NC Mortgage Qualification

Mortgage payments generally include principal, interest, real estate taxes, hazard insurance, and mortgage insurance (if your down payment is less than 20%). For the purposes of this discussion, we will only look at the principal and interest portion of the payment. Assume that a borrower is pre-approved for a $300,000 purchase price based on a thirty year term, 3.5% down payment, and 5% interest rate. The principal and interest payment is approximately $1554. If the interest rate rises by half a percent, that same borrower will then qualify for only $283,638. That is a decrease of over $16,000 in the list price, which will lead to a smaller home. Alternatively, if interest rates reduce by 0.5%, the price limit increases to $317,843. The figures below illustrate the affect of additional increments for this same buyer using a mortgage principal and interest payment of $1554:
Interest RatePrincipal AmountDown PaymentPurchase Price

Understanding Your Current Price Limit

Be sure to ask your loan officer regarding the maximum payment amount for which you are pre-approved. Using this information, you can better determine the affordability of homes before visiting them. Remember that there are different calculations for the total figure: interest rate, property taxes, property insurance, and mortgage insurance. If you intend to select a property near your qualification limit, then it is extremely important to keep an eye on interest rates. Your loan officer and real estate agent can help with these estimates and offer other details on how interest rate changes impact Asheville NC mortgage qualification.

Friday, January 2, 2015

Ideas For Families Moving With Kids

Moving is normally a disruptive event, especially for children. To help the family cope with the change, there are many things that you may do in advance of, during, and proceeding the move. This blog contains ideas for families moving with kids.

Before the Move

Problems arise as you begin packing. Communicating is key. Make sure your kids understand what will take place. Include them in the planning to instill enthusiasm. Talk about all of the great things that will result from the change rather than people left behind.

While Moving

Change is difficult for each person in the family. As stressed as you can be, stay upbeat. Your mindset has a huge effect on your kids and their reactions. Here are some other things you can do during the move.
Familiar Things - During the transition, remember to set aside familiar belongings instead of making kids wait for movers to show up and boxes to be unpacked. Those belongings will provide some comfort.
Routines - Moving can temporarily disrupt daily routines. Attempt to maintain routines with bedtimes, meals, and other activities.
Create an Adventure - Be creative and do things such as camping out in the living room before the furniture in unpacked. This is fun for the kids and may be comforting to have parents and kids sleeping in the same room during the first time in a strange place.

After the Big Day

Oftentimes distractions help reduce stress. Try to do lots of fun activities in your new property. This creates memorable events. Here are some to try.
Movie Night - Gathering for a favorite movie makes your new home feel familiar.
Find New Favorites - Most families have a preferred restaurant, park or place to hang out. Find new places to visit around your new neighborhood. Even better, find things that were not offered in the previous neighborhood. It will make the new place feel special.
Make the Space Your Own - Most homes require a little work, so let your kids to make a few decisions. Small kids could pick colors and accessories while older kids could get their hands dirty. This participation will help them feel some pride in their new space.

Additional Ideas For Families Moving With Kids

The most important thing to remember when moving is that kids may be down or grouchy. Be understanding when they misbehave understanding that it may be caused by the big change. Keep lines of communication open so they feel encouraged to express their feelings. This also provides you with an opportunity to learn about and help them with it. Remember the above ideas for families moving with kids and think of other interesting things to do with your kids.

Friday, December 26, 2014

For Sale By Owner Causes Of Over Pricing By Asheville NC Homeowners

Home owners normally evaluate marketing a property for-sale-by-owner with the primary goal of making more money. History has proven that it can actually cost more than it saves,... for sale by owner causes of over pricing by Asheville NC homeowners. Below are a few considerations for sellers before deciding sell on their own.

The Pricing Issue

The real estate market is constantly changing. Pricing will affect days on market, what price it sells for in the end, and if it sells at all. Real estate agents have the knowledge and expertise to help sellers with listing price based on their particular home, location, and targeted timeline, and to adapt pricing as needed for fluctuating market conditions.

Property Comparisons

Selecting similar listings is the first step to pricing. Homeowners generally make a few mistakes when it comes to this.
1. Looking back to the value of neighboring homes and what they sold for years ago.
2. Using the price of their home from a past home loan refinance.
3. Using varying styles or types of homes (i.e. comparing a ranch to a colonial).
4. Pulling up competing properties currently listed that are incorrectly priced or not moving.

Referencing the wrong properties for pricing will lead to incorrect pricing and in most cases overpricing.

Inaccurate Price Adjustments

Another facet of pricing is applying adjustments for differing amenities. It is rare to find two identical listings, so changes are typically calculated for interior space, acreage, and features such as garages, bathrooms, fireplaces, condition, and renovations. Sellers naturally reference the amount paid for renovations. Unfortunately, the resale value of different upgrades rarely match the cost for them. In fact, some features will not add value to a property at all. Real estate brokers are educated on what appraisers may calculate for differences in features and will calculate those accordingly when compiling a market analysis on a property.

For Sale By Owner Causes Of Over Pricing By Asheville NC Homeowners

Overpriced properties will cost sellers valuable energy and money. Properties can sit on the market with little interest or with activity from home buyers that are strictly wondering why the price is so high. Furthermore, buyers have a negative view on listings that have been listed for a long time and are likely to pay less even if the price is later dropped. In a declining market, a property can naturally drop in value by the time it actually sells. All of this leads a for sale by owner listing to sell for significantly less than it could have with the experienced guidance of a real estate agent. That difference could be higher than what a seller estimated to save by doing it alone. This For Sale By Owner Causes Of Over Pricing By Asheville NC Homeowners information was prepared by Rowena Patton at Patton Property Group.

Friday, December 19, 2014

Understanding Income To Debt Ratio For Asheville NC Mortgage Pre-approvals

Personal finances play a large role in mortgage approvals. All finance companies examine your assets, income, credit and debts. These affect whether you can obtain a loan and for how much. The following is information that will help you understand the income to debt ratio for Asheville NC mortgage pre-approvals.

Evaluating Income

Lenders will look at your gross monthly earnings. This includes recurring items that can be confirmed. Earnings from work are the most common type of income. Mortgage companies will require paperwork (such as tax returns) for the previous 2 years, giving them a picture of your financial stability. They may request explanations for any unusual items, such as changes in wages or inconsistent figures. Additional types of income can include alimony, real estate investments, and stocks.

Anything that you would like counted must have valid documentation. A history of earnings and expectation of future income can be very helpful. The documentation requested may vary among companies and some exceptions may also apply. It is important to tell your lender about all possible income sources to know what does or does not qualify.

What Counts as Debt

Debt includes all current financial obligations such as charge cards and installment loans. The specific monthly payments on loans and other installment debt are used. For revolving items like credit cards, minimum monthly payments are considered in the calculations. These amounts are normally listed in your credit report. Some companies may agree to exclude debts with under a year remaining in payments or ones that you can verify another individual is responsible for. Total minimum payments are combined to figure out specific monthly debt.

Understanding Income To Debt Ratio For Asheville NC Mortgage Pre-approvals

Lenders compare the total income to debt to come up with the income to debt ratio, which must stay within a certain percentage range. Additionally, mortgage payments plus your monthly debt must also remain within a specific percentage for loan approval. The exact percentage will vary from one company to another and based on the program as well.

For instance, a lender may allow 28 percent of your income to be used for mortgage payments and 40 percent for total debt. Based on these figures, a borrower making 60,000 per year (5,000 monthly) may be allowed up to a 1,400 per month mortgage payment and 2,000 per month in total debt.

Keep in mind that this is strictly an example and considers only the income versus debt part of the financial analysis. There are additional factors such as credit history and program-specific requirements. It is important to consult with a local loan consultant for further assistance with understanding income to debt ratio for Asheville NC mortgage pre-approvals.

Thursday, July 31, 2014

The Preserve at Little Pine

The Preserve at Little Pine, near Marshall, Weaverville, Asheville NC

The Preserve at Little Pine is close to many surrounding small towns of Asheville NC, Hot Springs, Weaverville, and Marshall.
Just minutes from The Preserve at Little Pine you'll discover Hot Springs, which was named for the natural mineral springs flowing underground. Set aside an afternoon for a relaxing dip in the healing waters, then spend the evening visiting the shops and restaurants downtown. You might even strike up a conversation with an adventurer hiking the Appalachian Trail, the famous Maine-to-Georgia path that runs through town.

Head just down the road to explore Weaverville and Marshall. Both of these towns possess a small-town charm of a by-gone era, with shopping and fine dining.

All around you'll find thousands of acres of national forest, so prepare yourself for some of the best whitewater rafting, hiking, skiing and mountain biking in the South. Or plan a Sunday drive along the Blue Ridge Parkway, with stops at Mount Mitchell (the highest point east of the Mississippi), Cherokee Indian Reservation and the Folk Art Center of the Southern Highland Craft Guild.

This community offers 1+ acre Homesites and amenities including a Mountain Lodge Clubhouse, Astronomy Center, a general store, and most unusually an equestrian center with an inside riding ring and 16 horse stalls.
Featured Homesite

  • 1.64Acreage
  • ERSListingType
  • NoneAdditional Status
  • 13Lot Number
-Spectacular long-range mountain views to the south, east and west. Special find building lot located in exclusive gated community of the Preserve at Little Pine, comprised of 2500 acres, 90% is a conservation preserve. Amenities including stocked trout ponds, canoeing streams, equestrian center, hiking/riding trails & more. Located in the wonderful mountain town of Marshall, only 30 minutes to Asheville. Seller is motivated, bring all offers.
"Seller Says" Coming Soon

Thursday, April 10, 2014

Keller Williams Coaching and Training: One Day Courses

Keller Williams Coaching and Training: One Day Courses: Book classes here 1. One day class:  MegaListing Success  For agents who want more listings DISC - are listings your thing? Listing...

Tuesday, March 26, 2013

Patton Property Group Presents Hiring Opportunities with Tyler Elstrom a...

Sunday, March 3, 2013

Check out the power of utilizing video for selling your home, and the power of a listing storyboard that brings your home to life!

Rowena Patton interviewed by John Pohly, February 2013.
Listing storyboard at MegaTech Listing Storyboard featured on Spotlight Carolina

Sunday, January 27, 2013

Latest Housing and market Figures for Asheville NC real estate

SEE the charts here
See the latest Asheville NC and mountain market figures at
In 2012, Buncombe County accounted for as much in sales dollar volume as the 19 other counties in the Western North Carolina MLS combined...
True or false: Buncombe County also accounted for as many units—homes sold—as all other counties in the MLS.
Answer: False—with its average residential home (SFR, TH, Con) of $247, 063, which is significantly above almost all other counties in the MLS, fewer units needed to be sold to dominate 50% of the regions dollar volume. Still, Buncombe accounted for 45% of the units sold in the MLS.
Pics too small to see data? 
SEE the charts here
See the latest Asheville NC and mountain market figures at


Friday, September 14, 2012

Marketing Examples from Patton Property Group

Type: Blog. Sellers love the opportunity to post "seller says" 

This is a blog site where we post what we call our "listing story boards" - this consists of a walking-tour video, a 'realtor' description of the home, and most importantly, what the "seller says" about the home, their neighborhood, where they eat, shop, etc. The "interview" with the seller is usually done online, with this kind of form

The link to each listing story board is shared with the seller, and the seller is asked to send it out to their entire email list, asking their friends and family to comment on why they love the area. The link can also be posted using Twitter, Facebook, Pinterest etc. 

Once the sellers have joined the effort, we reach out to the restaurants, and other venues that the seller has mentioned, and we tell them that "Sarah" has given a shout out to their restaurant, and if they wouldn't mind, it would be great if they could return the favor and post on her blog. We send the link so that they can do that. A personal visit is more powerful - imagine what the restaurant thinks now.....

If you like the way these blogs are put together, and feel the need for some help with educational blogs, check out this link for a demo with getvyral

Questions? Post them at the end of this blog.

Type: Blog. Makes for more interesting email drips and a useful library for team
 This is our educational blog. Postings include market updates, radio show podcasts, topical information. If you need some help in producing a video blog, and topics that go alongside the video, check out getvyral

Main website blog
Type: Blog 
All types of topics go on here, including re-worded postings from the other blog sites

TV: WLOS ABC News 13

Great branding, also useful for drip emails, social media marketing, and a great library for the team
Example of spot
Type: Website

Many 'quick search' or what we call 'easy buttons' and includes video on home page. Thousands of topic pages built over the last 5 years. 

Type: Social Media
Ro uses a personal page,
as well as a business page

Patton Property Group @ KW also has 30 or more 'niche' pages so that we can post specific types of homes, as well as adding advertising to a specific audience.

Questions? Post them at the end of this blog.

Type: Social Media
This is our repository for videos, before we embed them in something else. Every video starts here, and every video is then embedded somewhere else. For example, see client testimonials on website or blogs

Type:Social Media
Tweeting on videos, topics etc

Radio Show
Weekly show on a talk radio station that discusses today's topics in real estate. We have a 'posse' of our 'outside' real estate team, including a builder, loan officer, inspector, appraiser, all of whom add their unique perspective on the topic. Example podcast - we leverage the simple sound podcast to a video with text - creating a landing page. 

If you like the way the podcast is presented (see link above), you may want to check in to BombBomb, who are the company I recommend for video emails. Shockingly easy to use. Remember to use it for landing pages as well as email.

Our Certified approach brings our sellers more money and a faster sale.  Certified = Appraised - Inspected and offering a home warranty.

At the listing appointment, sellers agree to a SIRP - Strategic Incremental Reduction Plan of anywhere between $100 and $10,000 per week for 20 weeks. This keeps the home on the hot list weekly, as well as keeping it going out to property email drips. They can choose to decline the price drop, however noone ever has. At the lowest point, $2,000 for the 20 week period, most sellers can afford this. A reminder is set up for sellers, and they often call us to ask for a larger price drop.

Questions? Post them at the end of this blog.