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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.

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, rowena@pattonpropertygroup.com) 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, rowena@pattonpropertygroup.com) 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
4.00%$325,523$11,807$337,330
4.25%$315,912$11,458$327,370
4.50%$306,719$11,125$317,843
4.75%$297,921$10,805$308,727
5.00%$289,500$10,500$300,000
5.25%$281,436$10,208$291,643
5.50%$273,711$9,927$283,638
5.75%$266,308$9,659$275,966
6.00%$259,211$9,401$268,612

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...