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Tuesday, April 21, 2015

Asheville NC Mortgage APR And What It Means


When looking for loans, you will see the terms APR and interest rate. These are often mistaken as being synonymous, but they are very different. It is essential for home buyers to evaluate both. The following are details on Asheville NC mortgage APR and what it means.

APR and Interest Rates - The Difference

Interest rates apply to monthly loan payments over the life of a loan. This is typically the rate advertised by lenders. It does not take into account the up-front cost of a mortgage. Fees can differ among programs and lenders. For example, there can be points for one loan but not another. Other costs that may be included are mortgage origination and services charges. The APR accounts for the interest rate plus specific fees, so it balances out the expenses.

How to Use APR Information

When evaluating various loan alternatives from the same or different companies, the APR is a standard that can be used. You can be reviewing one loan with high fees and another with low fees and a separate interest rate corresponding to each. The real expense includes both what you pay up-front plus what you pay in interest over time. The APR can therefore help you you choose a loan.
Loan AmountTermInterest RateUp-front CostAPR
100,00030 years5 percent1,0005.09 percent
100,00030 years4.5 percent4,0004.85 percent

A Few Things To Keep In Mind

There are some facts that borrowers must know when it comes to how APR is determined. It is formulated based on the length of a loan. If you were to pay off your mortgage in a fewer number of years, the actual APR can be higher. Additionally, one program that appears to offer a better APR than another might end up being higher using the shorter time period. The best APR is not necessarily the best option. Because most home buyers do not keep the same mortgage for its full term, this is an important fact to keep in mind.
Loan AmountTermInterest RateUp-front CostAPR
100,0005 years5 percent1,0005.41 percent
100,0005 years4.5 percent4,0006.12 percent
Additionally, certain APR calculations are not exact. For instance, the rate on a variable rate mortgage will alter but the amount is not predictable. Thus, they are estimated using the initial rate.

Help With Asheville NC Mortgage APR And What It Means

To complete a valid comparison of loan APRs, it is important to obtain quotes within a short time frame (on same day if feasible) as rates change on a daily basis. Also know that your final rate is not determined until you lock in. Always look at the interest rate and APR jointly to better assess cost. A knowledgeable loan officer can provide further advice on Asheville NC mortgage APR and what it means.

Thursday, April 16, 2015

Common Seller Mistakes When Listing Asheville NC Properties

Seller actions can contribute to the success or failure of a home for sale. Some common seller mistakes when listing Asheville NC properties are worse than others. Sellers must avoid the mistakes outlined in this blog.

Common Seller Mistakes When Listing Asheville NC Properties

Not Cleaning Up

Keeping a home consistently presentable may be difficult particularly while still living there. Sellers must spend time cleaning immediately before buyer visits and open houses. Buyers may notice less of a home and more of the clutter inside, so failing to clean up will make your house less desirable. Additionally, buyers think that owners who do not clean their residence also neglect serious home maintenance. Cleaning up helps properties sell faster and for more money.

Complicated Showing Instructions

Requesting too much advanced notice for showings limits the buyers that may view the property. Another mistake is requesting that keys be picked up miles from the location of a property. When options are abundant, people will gravitate towards listings that are convenient to show. Complicated showing instructions result in fewer opportunities and lengthier marketing time frames.

Lingering During Viewings

Home owners may wish to be present during appointments, but this can do more harm than good. Buyers may feel awkward touring a property under the close watch of a seller. Additionally, excessive conversation with a home owner may distract a buyer from the home itself. Buyers prefer to take time to explore a home and to speak freely with each other about what they think. Furthermore, sellers and buyers communicating directly with one another could result in assumptions about motivation and terms.

Deciding on Price

Price impacts marketing time and how much it will sell for in the end. Of all the common seller mistakes when listing Asheville NC properties, this one is the biggest. It is normal for sellers to want maximum value from their property. However, there is a danger of pricing too high. Overpriced properties may remain on the market for longer while reasonably priced homes go under contract first. As time passes, the listing grows old and is less interesting to buyers. Long marketing time and price drops along the way will cause the home to sell for less. Thus, there is usually no benefit to overpricing real estate. Speak to a real estate professional for an honest opinion on price and hold off on listing your property if the figures are not sufficient.

For Sale By Owner

Some people attempt to sell on their own. Even though it is possible, there may be many headaches and expensive mistakes along the way. Real estate brokers are experts on listing real estate, acting as an intermediary, negotiating deals, and promoting the interests of sellers. They also understand changes in the market. This can make a big difference, particularly during fluctuating market conditions.

Sellers Control The Outcome

Sellers play an important role in the listing of properties. The common seller mistakes when listing Asheville NC properties above are only the most critical mistakes. A professional real estate agent can help a seller avoid other selling pitfalls. For additional guidance on this and other similar topics, contact Rowena Patton at 828-226-0217 or rowena@pattonpropertygroup.com.

Tuesday, April 7, 2015

Removing PMI From FHA Loans

PMI is ordinarily applied to home loans for more than 80% loan-to-value. Most individuals who opt for FHA have low down payments and will therefore need to pay PMI each month. The amount is calculated based on the starting principal of the mortgage and can make up a significant percentage of the monthly payment. Homeowners thus have every incentive for removing PMI from FHA loans, but updated policies have changed how this occurs.

PMI Rules

In 2013, FHA changed PMI calculations. The changes apply to home loans with case numbers pulled after June 3, 2013. Previously, all FHA loans had a standard clause where PMI was removed when the principal approached a specific level. This is no longer the case. There are now separate policies depending on a few variables. The following covers two typical types of mortgages.

Loans Under 90% Loan-to-value

For 30 year FHA loans with a down payment of 10% or more, eliminating PMI is an option if two criteria are met. First, the loan must have been paid for at least 11 years (during which PMI premiums were also paid). Additionally, the remaining balance must be 78% or less than the starting price or current market value.

Mortgages for Greater than 90% LTV

For 30 year FHA loans with down payments lower than 10% (which is the majority of FHA loans), removing PMI is not an option. PMI is payable for the entire length of the mortgage despite the remaining balance. The only option for removing PMI is a refinance.

Removing PMI From FHA Loans

Removing PMI from FHA loans is not as simple as it was in the past. Most buyers select FHA for the low 3.5% down payment option. It is helpful to understand that PMI will not be eliminated from these mortgages. Customers with FHA case numbers produced before June 3, 2013 do not need to worry about this change. Also, there are additional exemptions such as streamline refinances of loans endorsed before May 31, 2009 and Home Equity Conversion Mortgages. Contact your loan officer for further information.

Friday, April 3, 2015

LOT SALES SKYROCKET Asheville NC property transfers in February 2015

The following transfers were filed in the Register of Deeds office Feb. 27-March 4
The interesting thing about the property transfers this period is how many are 'LOT' or bare land sales. I don't remember seeing this many lot sales in all the time of looking at these.

Arden
See homes and lots for sale, type area name in search
Lot 61 Ashley Woods phase 3, $538,000, Duc Tan and Yvonne Jonathan Ngo to William Cochrane, Valerie Pereski

Asheville
Lot 3 Deerwood building 15 phase, $260,000, John B. Kuhns to Lynn A. White
Lot 10 Regional Medical Park Buncombe County (4.021 acres on Medical Park Drive), $11,647,000, CC Asheville MOB LLC (54.7193% undivided interest), CHD Asheville LLC (45.2807 % undivided interest) to TST Asheville MOB LLC
21 Battery Park Unit 3B, $805,000, Charles Edward and Kristin Manning Kimel to Ford McHenry Ivey, Sidney Fortner Fisher
45 Trinity Chapel Road, $205,000, Estate of Blanche Alice Ingle, Melissa B. and Robert K. Ballard, Johnny J. and Rosanna (a. k. a. Rosana) M. England to Peg S. Papanek Living Trust
Lot 37 section II of Willow Brook phase III, $197,500, Shannon Stuart and Sherri Lynn McCready to Amie Noelle and Robert Bankes
Lot 22 Leicester Village (English Ivy Road), $160,000, Day and Night LLC to Jillian E. Humphries
1000 Olde Eastwood Village Unit A-106 (Eastwood Condominiums), $108,000, Shelle Rogers to Rickey Meares
Lot 13 Oakley Cottages subdivision, $222,000, Windsor Built Homes LLC to Joseph Webster
Lot 23 Forest Park, $452,000, Flying Squirrel Properties LLC to Angela and Robert Friend Everett
130 Onteora Blvd., $140,000, David Martin and Diane H. Brinkley, Robert Anthony and Janice Brinkley, Jack Alexander and Diana Brinkley, Diane Brinkley and D. E. Hawkins to William and Kathleen Ostema
Lot 11 Parkway Knolls, $214,000, Ronald P. Greenberg to Vivian Dawson
531 Appeldoorn Circle (Grove At Appeldoorn), $94,500, Rebecca M. Ross to David Abernethy
3 Oakcrest Place (Lot 1, 0.132 acre), $128,500, H. Bryan Smith to Caitlin Owens
Lot 11 Madison Ave. (0.0921 acre Hillside Park), $291,500, 73 Madison Ave. Land Trust to Rosemarie Vardell, Deborah J. Cassidy
Lot 2 block B Srpingtime section II, $165,000, Patricia T. Gosnell to Thomas J. and Laura I. Hubsch
29 Lucerne Ave. (Lot 34), $41,000, Richard L. and Robin M. Kastler to Lise J. Gregory, Kadence A. Otto
Searching for Similar? Use our full MLS search here
140 Mount Carmel Acres section 2, $106,000, Constance Loraine Ballenger to Glenn James Donaghy

Lot 155 section 3 Bent Creek, $163,000, Estate of Lawrence Riddick Bell, Mary Alice Bell and Craig A. Goforth, Charles Alan and Jennifer Bell to 215 Summerglen Drive Land and Trust
Lot 21 Solomon Estates, $175,000, Dawn T. and Robert F. Hoppenhauer Jr., Debra A. and Norman E. Frey Jr. to Brian Kelly
Lot 320 block A5 Biltmore Lake phase 1, $476,000, Branch Banking & Trust Co. to the Denise D. Ertell Trust
113 Cragmont Road (Lot 6 block 2 0.21 acre at the Methodist Colony Co.), $49,500, John and Julie A. Miles to Michael Paul and Jeannie Rebecca Regan
Buncombe County
Lot 56 Waightstill phase VI B, $350,000, Thea Y. and Ronnie J. Shook Jr. to Mark J. Wilcox, Hilary J. Colwell
5 Partridge Lane (Lot 24 High Country Estates), $230,000, CNL Enterprises LLC to Jill A. Jungels
Lot 75 Enka Park block A part 1, $145,000, T. F. Kirkpatrick Living Trust to Philip G. and Michelle K. Pearce
Lot 101 Stoneybrook section 8, $192,500, Ryan S. and Kristin M. Hussey to Jessica Lyle Dow
1.998 acres at Red Oak Plantation phase 1, $205,000, Scott Andrew and Tammie Lynn Colegrove to Chantelle Sorrell
182 Courtland Place, $250,000, Corey D. and Shelley M. Mason to Claire E. Scott
26 Uncle Drive (Lot 6A), $170,000, Bank of America NA to Martin Ford
Lot 5 Nixon Terrace, $200,000, Estate of Willie A. Capps, Janet Gail and Jerry Kreske, Nancy Dale and Keith Morton to Ronald P. Greenberg
25 Old Heywood Road (Unit B301 Lexington Station), $285,000, Fredrick Monroe Lloyd, Peggy Ann Stamper to Dosia Smith
Lot 39 Brigadoon Estates part I, $267,500, Judith B. and Eugene M. Norton Sr. to Patrick Lane and Jessica Marie Medlin
Lot 4 The Oaks at Haw Creek, $250,000, First Citizens Bank & Trust Co. to Pepsi Boyer
10 Alexander Farms Lane (0.800 acre, Lot 1), $274,000, Homesight Inc. to Mark and Gayle Menozzi
117 Cloverleaf Lane (Unit 4 building 15 of Deerwood phase 2), $220,000, Billy M. Hargett to Jan Shaver
42 Sunview Court (Lot 31 Baldwin Cove), $222,500, David L. and Shirley Baucom to Ratilal and Gitaben Patel
0.22 acres on Hazel Mill Road, $125,000, Anthony L. and Sheri Guyton to Donald Michael and Mahalia Sheera Kennedy
65 Smokemont Drive (Lot 8 Avery Park phase 1), $42,000, Danielle and Herbert Moser to Jeffrey and Kiana Ahrens Miles
27 Clear Water Trail (Lot 405 Southcliff phase II), $140,000, MRECV Southcliff LM LLC to Charles B. Hogue
Unit 501 Biltmore Commons phase II, $187,000, Dana S. Blanksteen to Connie B. and Constance Shannon
Lot 122 Southcliff phase 1, $75,000, Biltmore Farms Homes LLC to Donald B. and Frances A. Hensley
Lot 40 Imperial Woods section B, $153,000, Almeanor Hines to Allen Frazier Worth, Mathews
New Leicester Highway (Unit 4 Leicester Village Doctors Park), $315,000, Land Holding LLC to Zion Ministries Inc.
33 Peppercorn Trail, $30,000, Thomas and Suzanne B. Fiedler to Mary Fiedler, Edward Milam
Unit 401 Laurel Ridge, $250,500,Ashley Brooke and John M. Morrow to Dean and Charmain Yobbi
Lot 9-A Forest Creek, $42,500, Michael J. and Christen (f. k. a. Caldwell) Cathy to Roderick L. Tolbert, Vickie A. White
Unit 1A phase 1 of the Vistas of Westfield, $395,000, Richard R. and Charlotte D. Eley to Ernest S. and Debra T. Williams
Lot 235 block 4A section 2 of Biltmore Park phase 1 $459,000, Laura B. and Victor T. Atkinson to Heidi Marie and Kevin Scott Knoll
Lots 5, 5A, 5B block F of Flat Top Mountain, $50,000, Longview Land Co. II LLC to 677 Brevard Road LLC
Lot 19 Bridgewater, $97,000,Taylor Ranch Inc. to McDaniel A. and Ashley A. Shuford
Lot 110 Southcliff phase 1, $439,000, Amarx Construction LLC to Jeffrey S. and Mary G. Johnson
French Broad
59 McCurry Road (6.75 acres), $200,000, Joseph Agosta to Adam R. and Sharon Crossett
Lot 96-A Eastmoor, $625,000, Ronald and Donna Wildes to Dieter Zelt, Deborah S. Scott
Upper Hominy
Tract 1 (40.45 acres) Colebrook Drive, $330,000, Gary Alan and Nancy D. Cole to Thomas L. Morton Jr., Elizabeth W. Morosani
Lot 1.684 acres, $160,000, Michael D. and Lori B. Howard to Monica D. and Steven J. Clark

Wednesday, April 1, 2015

Benefits Of 1031 Tax Deferred Exchanges In Asheville NC

A 1031 exchange is a method for postponing taxes when selling one property and buying another. It applies to business or investment real estate. When used properly, it may lead to dramatic savings. This article details the benefits of 1031 tax deferred exchanges in Asheville NC.

Qualified Property

You must possess a qualified property in order to consider a tax deferred 1031 exchange. Qualified properties are ones used for a trade or for investment. It may be rental, land, residential, industrial, and commercial real estate. You must also intend to purchase similar property that is also qualified.

Benefits Of 1031 Tax Deferred Exchanges In Asheville NC

Typically, when you sell an investment property, capital gains taxes apply to profits from the sale. This applies regardless of what you plan to do with that funds. Taxes may be owed to the federal government and local state. Based on how long you owned a piece of real estate and how much equity you have in it, the taxes levied can amount to a large sum. A 1031 exchange allows you to divert the earnings from one property directly into purchasing another like-kind property and defer capital gains taxes until you sell that new real estate. Actually, a 1031 exchange could be performed on that future property to delay taxes even further.

Thinking About a 1031 Exchange

There are several components to a 1031 exchange that you must be aware of BEFORE marketing aproperty. 1031 Exchanges may not be initiated after a sale is complete. You must intend to perform an exchange when selling. Particular timelines must be adhered to to complete the exchange. This includes deadlines for selecting and buying a replacement. A qualified intermediary must also be hired to manage the exchange and funds. If a deadline is overlooked, all potential tax savings will be void. Consult with an experienced 1031 exchange consultant for more on 1031 exchanges and to reap the benefits of 1031 tax deferred exchanges in Asheville NC.

Thursday, March 26, 2015

Anticipated Interest Rate Fluctuations This Year - What Home Buyers In Asheville NC Must Keep In Mind

Interest rates have increased since the start of 2015. Many experts believe that it is likely to do so further during 2015. This is important information for individuals who intend to purchase a property this season. Anticipated interest rate fluctuations this year and what home buyers in Asheville NC must keep in mind is discussed further in this blog.

Impact of Anticipated Interest Rate Fluctuations This Year

The amount of your recurring mortgage payments are a reflection of the interest rate. A rise in interest rates mean that you will get less money and/or pay a lot more for the same house. Even a minor increase can result in a difference. If you are trying to purchase a home at the higher end of the price range, a slight change might really affect you.
Here is an example of how purchase maxes might alter with interest rates. This assumes a fixed down payment percentage and keeping the mortgage payment unchanged.
Interest RateMaximum Price
4.00%$449,773
4.25%$436,494
4.50%$423,791
4.75%$411,636
5.00%$400,000

Other Affordability Factors

Other than interest rates, fluctuations in real estate values may also make a big difference. In many areas, home prices have been inclining progressively for over a year. Some markets are seeing bidding wars and offer prices beyond asking. A lot of this is a result of fewer listings than usual for sale.

What Home Buyers In Asheville NC Must Keep In Mind When Contemplating Whether to Buy Now or Later

Increasing interest rates and home prices both have a negative effect on buyers. Buyers will find that their price point lowers as time passes. The type of homes within a price range will be less optimistic as well. With both of these current conditions, there is little benefit to procrastinating a property.

About The Spring Real Estate Market

Spring is often the busiest time of year for the real estate market. There will be more listings to meet the pent up demand, but expect lots of competition. Buyers opting to buy may take advantage of still reasonably low interest rates. Anticipated improvements in house values will bring a chance to build equity more quickly than usual.

Wednesday, March 18, 2015

Benefits Of Renting Versus Buying Asheville NC Real Estate

There are several considerations when comparing renting versus buying, and it can vary depending on the real estate economy and your financial finances. The Benefits Of Renting Versus Buying Asheville NC Real Estate in this blog may help you come to an informed decision on which option is beneficial to you.

Renting Versus Buying

Renting Asheville NC Real Estate

Renting is a great option if you do not intend to live in the neighborhood for more than 5 years, are uncertain about employment security, have declining credit, or merely do not want to manage the upkeep of a home. Unless the real estate economy is good and/or is rapidly increasing, it typically takes a number of years to accumulate equity in a piece of real estate. If the market is on a downward trend or you are uncertain about how long you plan to hold onto a house, renting may be the conservative option. Job stability is one more factor. Renting allows you to react to a job loss by changing to a less expensive apartment and ultimatelyreducing recurring payments. A home mortgage is not as quickly reduced. If you have bad credit, that can result in higher interest rates, making home ownership a less affordable option to begin with. Finally, managing a home will take time, energy, and financial resources. There are general costs related to home maintenance. You may decide that being responsible for those tasks are not what you want or not realistic for your family.

Buying Asheville NC Real Estate

Buying has several benefits such as potential income tax deductions for loan interest and local taxes, building of equity, and ability to change your amenities. In most cases, purchasing home ownership costs similar to or less than renting. If you intend to live in the region for a long period of time, real estate also typically generates equity for a beneficial return on investment. A declined market is a good opportunity to purchase since listed prices are lower and the promise of gain higher. Finally, buying a piece of property enables you to alter the space. You can change appliances, flooring, fixtures, and other elements to create a personalized space. These perks make real estate ownership extremely desirable both personally and financially.

Benefits Of Renting Versus Buying Asheville NC Real Estate

Estimate the expense of renting versus buying (based on present real estate prices and mortgage interest rates). When home prices decrease, rental rates do not necessarily follow, so a down real estate market may be the perfect time to purchase. The above benefits of renting versus buying Asheville NC real estate is intended as a general introduction. Before making a decision, speak with a real estate professional for current information on the real estate market and a mortgage broker on mortgage rates and estimated payment totals. Only with accurate information can you develop an informed decision.

Thursday, March 12, 2015

Asheville NC Property Remodeling Considerations



There is a lot to think about when planning a home remodeling project. You must select features, materials, colors, etc. You will also want the work to withstand wear and tear to make your investment worthwhile. The following are some Asheville NC property remodeling considerations to help plan your next endeavor.


1. Resources Available Online

There is a lot of tools online. Refer to websites such as houzz.com for ideas. This particular site provides photos of creative designs. Search for examples by room or space and bookmark specific ones for future reference.


2. View Different Color Options

Colors can really impact a room, but do not forget that colors can facilitate different feelings. Deciding how you want to feel in a room will facilitate your color choices. If you would like to create an energetic kitchen, you may want to select a bright red or yellow and then balance it with a grounding neutral tone. To impart a soothing emotion, consider lighter blues or greens. Some color palettes combine different colors and include images of projects using those combined colors.


3. Exhibits & Show Rooms

View products in person whenever possible. You can determine the quality of different materials and its utility in a particular application. Be sure to thoroughly try products, wiggle the parts, and visualize how it will be installed in your home. This may validate your choices or alter them entirely.


4. Keep Future Selling Features in Mind

Some custom designs may be wonderful to you but not to others. Using features without mass appeal or are not easy to alter can lower your resale potential.


5. Choose Durable Materials

Since you are making an investment in your home, you might as well make an investment that will last. Durable materials will exhibit less wear and tear, need less maintenance and have a longer life span. Choosing materials that will remain in good condition through the time you list your property for sale will lead to a better return on investment.
The above Asheville NC property remodeling considerations are a reasonable beginning point for your plans. Speak with your contractor or design professional for other advice and ideas. Do not forget to take your time, perform your research and have fun with your project!

Wednesday, March 4, 2015

The Importance Of A Comparative Market Analysis For Asheville NC Homes

A comparative market analysis (CMA) is a calculation put together by an experienced real estate agent to figure out the potential price of a piece of real estate. It is not the same as an appraisal, which pinpoints the precise market price at a point in time. It is vital that sellers understand how a CMA is prepared. This article covers the importance of a comparative market analysis for Asheville NC homes.

How a Asheville NC Comparative Market Analysis is Compiled

The current value of a dwelling is derived from what a buyer is willing to pay. Since the real estate market fluctuates frequently, a reliable way to determine current value is to look at recent sales. Active homes for sale are not accurate reflections since there is no way to predict what they will finally sell for or if they will sell at all. When developing a CMA, real estate brokers attempt to locate similar-styled listings and in nearby neighborhoods. It is not always possible to use close matches, so adjustments are usually made to account for any differences. Age, square footage, amenities, and other factors are noted. Not all property differences lead to added value and the amount of adjustments typically do not match the expense paid for them.

The Importance Of A Comparative Market Analysis For Asheville NC Homes

A comparative market analysis generally results in a price range instead of a single amount. Where a home falls within that range is based on the volume and quality of competing homes for sale and your time restrictions. If you have a short window in which to sell, your selected price must be more competitive (at either the low end or even below the estimated range). This is especially true if there is an abundance of homes for sale. In general, the higher you list a property, the more time it may take to sell. In an economy where competition is sparse and your property is extremely desirable, you may have the luxury of pricing at the high end of the range. A competent agent could assist you with this decision and offer useful guidance. Incorrectly pricing a property can lead to loss of valuable time and money, so refer to the expertise of real estate brokers and the undeniable figures in the CMA report.
I hope that you found this information on the importance of a comparative market analysis for Asheville NC homes helpful. For additional advice on marketing real estate for sale, review the other blogs on this website. To request a complimentary comparative market analysis, contact Rowena Patton at 828-226-0217 or rowena@pattonpropertygroup.com.

Monday, February 23, 2015

New FHA Loan Limits For Asheville NC

FHA adjusts their loan limits yearly. Buyers should be aware of what these limits are and when they can fluctuate. Here are some helpful facts on new FHA loan limits for Asheville NC.

What Are FHA Loan Limits

Loan limits reflect maximum loan values qualifying for an FHA loan. The loan value is lower than the purchase price. For example, if you find a home for $ 200,000.00 and your down payment is 3.5% , then the loan value is $ 193,000.00 .

How FHA Loan Limits are Determined

FHA loan limits range by particular city or town. Median home values are compared with national conforming loan limits. Conforming loans must fall within the Freddie Mac and Fannie Mae guidelines and may be transferred in the secondary mortgage market. FHA takes 65 percent of the conforming loan limit to set their floor for low cost communities. Low cost communities are cities where 115% of the median real estate market value is lower than 65% of the conforming loan limit. For higher priced regions, it may reach 150% of the national conforming loan limit. These areas are those where 115% of the median real estate price is higher than 150% of the national conforming loan limits.

New FHA Loan Limits For Asheville NC

The loan range is $271,050 and $625,500. So, in no community will the limit drop under $271,500 or be greater than $625,500. Both the low and high limits remain the same as 2014, but most cities are in the middle and will therefore see a change for 2015. There are also adjustments for single family and multi-family properties. You may look up exact limits at https://entp.hud.gov/idapp/html/hicostlook.cfm.

Importance of Understanding New FHA Loan Limits For Asheville NC

If you plan to use an FHA loan, you should be aware of the new FHA loan limits for Asheville NC. Selecting a property beyond the max will require a larger down payment or require you to change to another loan program. For instance, if the loan limit is $ 500,000.00 and you have 3.5% down, then your price limit is $ 518,134.72 . Buying a home for $ 528,497.41 will require an extra $5,648 at closing to make up the difference. If you do not have the additional funds, this may not be feasible. Do not forget that the maximum purchase price might not be the same for each city that you are looking in. It is helpful to know this in advance.

Wednesday, February 11, 2015

Pricing Advice For Listings In Asheville NC


Pricing directly affects listing time frames a home and whether it will get sold. Pricing is important at any time but is particularly important when there is a lot of competition. The following is information on pricing advice for listings in Asheville NC.

Take Into Account Market Conditions

Every local market varies. When you learn about facts on television, those usually involve national figures. Your specific region may be dramatically different. A local real estate agent can provide a CMA which details recent sales of similar properties in your area and provide a reasonable price range for a home. This amount will vary based on the season and additional sales, so avoid relying on past valuations.

Remain Realistic

When viewing the market figures, keep in mind that there is a range. Where your home falls in that range is contingent upon the competition and your desired time frame. As a home owner, it is normal to feel a sense of attachment to a home and the repairs that you have put in. Unfortunately, not all people will give equal value to specific amenities. Keep in mind that you will not recoup the total dollar value of repairs. Additionally, property prices can be affected by short sales in the area, which are typically sold at lower prices and are nevertheless considered comparable homes. Market valuation is defined as the amount that a buyer is willing to spend on a house at the current time. It may not actually meet your target price or resemble what you paid for the property.

Pricing Advice For Listings In Asheville NC

Pricing a listing above market value can result in loss of time. If the real estate market drops further during that time, the home may ultimately be sold for much lower than it would have if priced fairly from the beginning. Additionally, home buyers generally have a negative perception of homes that have been on the market for a long time. This can be difficult to overcome even after a home reduces in price eventually. Pricing too high can be extremely damaging.

Some Final Words for Sellers

If the current market value of your property is far too different than your requirements, it may be better to watch the market changes and wait for values to improve rather than overpricing and letting it grow stale for an extended period of time. If you must sell and must do so in a specific window of time, choosing a price suitable for the real estate market and competitive with other listings will be imperative to accomplishing your goals. Time and money are related and mis-pricing can be more costly than you realize. For further tips on pricing advice for listings in Asheville NC, contact Rowena Patton at Patton Property Group.

Thursday, February 5, 2015

What May Influence Homeowner's Insurance Premiums In Asheville NC

There are many different things that contribute to homeowner's insurance premiums. It includes information on the house and on the person purchasing the insurance. What may influence homeowner's insurance premiums in Asheville NC is provided in this blog and may be informative for both new and existing property owners.

Home Condition

Insurance companies will want specific information on a property from major systems to upgrades installed. Newer houses are traditionally less costly than older properties since they possess better safety components and materials. Updated plumbing, electrical, and heating and cooling equipment will lower the risk of fire and other issues. Some construction materials, such as brick, will also reduce insurance costs. Fancy property features, however, can lead to higher premiums because it brings up the replacement cost.
The geographic location of a property influences the estimated threat of fire, break-ins, weather damage, etc. Insurance companies will typically ask about the proximity of the closest fire station and hydrant. The ability to rapidly respond to fires may minimize the severity of damage, which in turn lowers the cost of respective claims. If your home is in an area at high risk for tornadoes, hurricanes, or wild fires, your insurance costs would naturally be higher (certain risks require additional coverage riders).

Homeowner Information

Insurance companies typically look at some personal information. First, they will pull the past homeowner's insurance claims. In their eyes, individuals with a history of claims are more likely to present future ones. Thus, those with a history will be charged a more expensive premium. In certain cases, they can even be denied coverage.
Credit scores are the second factor. Historically individuals with higher credit ratings are responsible for fewer insurance claims. They are therefore less costly to insure and will be given less expensive insurance rates.

Why It Is Helpful to Know About What May Influence Homeowner's Insurance Premiums In Asheville NC

Understanding the factors that affect homeowner's insurance premiums helps you save money. When looking for a home to buy, it is a good idea to obtain a ballpark estimate. This may affect your monthly figures and can sometimes even determine if you will afford a specific home. If you are already a homeowner, consider not starting claims against your homeowner's insurance policy unless the cost involved is significant. Initiating small claims can end up costing you much more in the long run. Additionally, always work on improving and or maintaining your credit rating. All of this will help save money on homeowner's insurance premiums. What may influence homeowner's insurance premiums in Asheville NC, as discussed in this blog, is provided strictly as an introduction. Speak with your insurance representative for more comprehensive facts.