Part 3 of 3
Sellers of homes in the Brevard NC area are under many of the same e pressures that sellers all over Western North Carolina are this past year. The pressure could be measured by the large amount of foreclosure properties sold in this area. I remember in 2007 the occasional foreclosed home would hit the market and all the buyers would want to pounce all over it. Usually these homes were a little worse for wear and didn’t smell too good either. The Brevard NC area enjoys a wonderful quality of life and most people here have moved into the area to retire or just enjoy the mild four seasons. With that said the majority of the home owners are not dependant on a job to make the house payment. I would venture to say that most of the second homeowners or retirees have no mortgage at all. Those home owners are not in fear of loosing their home, and they continue to spend money at the local stores at the usual pace.
The second type of homeowner we have here is the working middle class, who already struggle to live here as the cost of living in the mountains has been higher that surrounding areas. This type of homeowner is mostly a paycheck-to-paycheck sustenance that requires them to be frugal and do without. This fact compounded with the so-called toxic loans that many of the working middle class were driven to just to be able to afford a home in the last five years, has lead to more foreclose home in the area. I have seen an unusual amount of homes that the owner was working towards rehabbing the home, only to run out of money before the project was completed, or worse, the owner saw the decline in the market and realized that dumping more money into the home was now a loosing venture and decided to walk away.
These homes that are 70%-90% completed are difficult to finance and are somewhat stigmatized because of the fact that the former owner had lost the house; some buyers might feel that negative energy or feel that the home is cursed. Silly but true. I work hard to find buyers the right lender as many buyers have not decided what type of loan the want until they find the right house. A home like the ones described above can be best financed with a 203b FHA rehab loan. Lenders know these loans, but they are difficult and time consuming, so ask for them by name.
The second part of the pricing is the downward pressure everyone feels when they list a home for sale and there no showings the first weeks of the listing term. If there are no showings and the home is correctly marketed by a professional marketer, then the price is too high, no question about it…unless there is a foot of snow on the ground. LOL
Call me, Isaac Allen, to discuss the impact of listing your home with a REAL ESTATE MARKETING PRO, vs. just any agent, the difference you will feel in your wallet. I offer services for all types of property, but my specialty is Brevard NC residential homes for sale. Thank you for reading my blog.