@Nathan Whitson@mirch@Mitch Davidson@Nathan Whitson
So, I live in the same camp as Mitch (perhaps also much too optimistically) but I think we are seeing a correction and yet buyers are still buying. The sub $350,000 range is still going under incredibly fast if it’s priced right. It’s not 10 offers but if you don’t get in to see it in 2 days, it’s gone. (IMO, This is of this/last week. Prior to this week people were in vacation mode and still a bit nervous about the ever changing interest rates). I’m already seeing buyers (including investors) getting back in the game because it feels less “scary”. I’m personally looking forward to purchasing some deals that have sat on the market over a month or two. Deals are out there if you are willing to not fall in love with a specific property and shop around with aggressive offers.
Full disclosure, I believe in the long term vitality of the Asheville market for the next 30 years. I moved here in 2004 and it was a totally different place. You didn’t go downtown the way you do now and as a local, I now longer go downtown because it’s so busy-ha. I think we are in a correction but I have long term hold strategy so I’m just not that concerned. I bought an expensive (to me) home in April that probably wouldn’t sell for what I paid for it now, but it’s a personal residence that allowed me to turn my previous primary into a rental (for triple the mortgage because I refused in 2020 into a2.675 mortgage.) If the numbers make sense, they make sense. Make sure you have a decent sized safety net for your portfolio size and keep buying if you plan to hold long term. I personally think in the greater Asheville area, it will pay off.
