Tag Archives: real estate

Temperatures Fall-Property Taxes Rise

Single Family Home Sales Statistics
Land Sales Statistics
Overall Market View

 

2016 Jackson County Property Tax

Winter finally came to the Highlands-Cashiers Plateau. While we received between 14″-18″ of snow, there was another “chilling” prospect to begin the new year. Property Tax re-assessment. Follow this link to better understand the property tax in Jackson County, NC. You can also watch this report on WLOS-TV13 in Asheville, NC.

What effect will the new tax assessment have on sales? Only time will tell. However, we should be able to see the tax assessment aligning more evenly with recent sales (see chart below).

While Real Estate Agents/Brokers are trying to get prices near their “assessed” values, we see that the majority of homes are closing for considerably less. This should help homeowners to see that buyers drive the market and determine the fair value of a home.

If you would like to review your assessment, Hattler Properties has an agent that will assist you to dispute your property tax.  For more assistance, click here to contact this agent.

SINGLE FAMILY HOME SALES (JANUARY 2016):

Total homes listed in Highlands/Cashiers MLS: 1138 – The Year Over Year (YOY) average inventory is 1339 homes. Many homes come “Off Market” during winter months then return in the spring.

Homes Sold This Month: 21

Average Sales per Month 1 Year Average: 47

Inventory: 24 months – This is determined using the Average Sales Per Month as this market is very seasonal. This is a huge inventory. Healthy markets are considered 6 months or less.

DOM: 474 – This is a slight decrease, but still needs to move lower. Sellers may expect their homes to be listed for long periods of time unless they are willing to make adjustments in pricing.

Average DOM (YOY): 467 – This is the yearly average for DOM. Homes are selling, but not as fast as they are being replaced.

Median Sales Price: $308,500– This number has been hovering around this mark for a few months, up from the $250,000 range that was previously held for some time.

Property tax assessment, valuation
CLICK IMAGE TO SEE LARGER VIEW

Average List/Sell Ratio: 87.21% -In other words, if you had a home listed at $100,000, it most likely closed at $87,210. Listing a property that will sell for less may not be in the best interest of the seller.  “Motivated” sellers need to talk with their agent to get realistic pricing.

 

real estate market highlands, cashiers area
Unit Sales/ Jan, 2015-Jan, 2016

Synopsis: We are entering a slower time in home sales, as is expected for the season. While we do expect an increase beginning around May, homes should be on the market in March to close by May.  Correct pricing can mean the difference between a quick sale and a home that may be on the market for a longer period.

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LAND SALES (JAN)

Land Units Sold: 7 – This is about 1/2 of the number of units sold in January of 2014 or 2015.  It is the least number of land sales for compared to any month in 2015. This continues to show there is no real demand for land.

Total listed in all MLS: 1099

Average Sales per Month YOY: 14

Inventory: 78 months. That’s 6.5 years of inventory.

Average List/Sell Price Ratio: 45.14%  In other words, land sold for less than 1/2 of what it was listed for.

Synopsis: While land sales continue, sellers should not expect top dollar for land. Little is moving as there is no real demand for land, at present. The huge inventory means buyers have  plenty to choose from.

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Overall Market View:

52% of home sales ranged from $200,000 to $499,999.
19% of home sales ranged from $500,000 – $749,999.

Sellers,  you should get with you broker on the new Tax Assessment for Jackson County. Look over your data and make sure you are positioned correctly to sell your home.

Buyers, your opportunity to own a Mountain Home may not be better. 2015 showed an increase in home sales compared with 2014. As home sales increase, no doubt Brokers will be trying to get more for their clients.

If you’re considering listing your home for sale or purchasing a home in NC, please feel free to contact a local agent or REALTOR®. He will make a specific report for your area in our MLS (Sapphire, Norton, Glenville, Highlands, Toxaway, Clear Creek, Breedlove, etc). You can then make an informed decision on how to sell or buy your home.

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DISCLAIMER

This material is based upon work performed by Rick Creel, Broker. It is intended to provide an overall view of the real estate market for Highlands, Cashiers and surrounding areas of the Highlands/Cashiers Board of Realtors. It is composed of data from the HCBOR and NAR for this MLS only. Any opinions, findings, conclusions, or recommendations are those of the author and do not reflect the views of any others. There can be no assurance that this information is complete, accurate, or includes all available market data; all information is subject to change. Users of this information are advised to consult with their financial experts about the interpretation and usefulness of information contained herein. It is unlawful to duplicate or distribute the information contained in these reports. For more information or to consider listing your home with an agent or buying a home CLICK HERE.

Hottest December on Record?

Single Family Home Sales Statistics
Land Sales Statistics
Overall Market View

 

Real Estate – Hotter Than Normal

Not only did we see very warm temperatures in December, but the Real Estate Market for the Highlands/Cashiers area was hot as well. According to the activity report from the National Association of REALTOR’S® for the Highlands/Cashiers Board of REALTOR’S® , we haven’t seen this many home sales during the month of December since 2005. Good news indeed for home sellers.

Real estate market highlands cashiers
Recent Home Sales for Highlands/Cashiers December 2015 CLICK to see larger image.

2015 ended up showing a near 16% increase in the number of homes sold, as compared with 2014. Land, showed a decrease in unit sales of just over 9%.

The big question is, “Will this momentum continue through the rest of the winter months and into next year?” While January is typically one of the slower months of the year for the region,  only time will tell us the true story. Here again, optimism continues as this market continues to show overall improvement.

SINGLE FAMILY HOME SALES (DEC):

Total homes listed in Highlands/Cashiers MLS: 1030 – This is a 20% drop in inventory from November. This is good news for those still on the market as they have less competition. The Year Over Year (YOY) average inventory is 1339 homes.

Homes Sold This Month: 52

Average Sales per Month 1 Year Average: 49 Unchanged – This is good news in that it shows the market holding steady.

Inventory: 21 months – This is a 25% reduction in inventory. More good news. However, healthy markets are considered below 6 months.

DOM: 490 – This is the average for the month of December.

Average DOM (YOY): 448 – While this number is down, it will be hard to reduce by much until we get rid of much of our older inventory.

Median Sales Price: $302,500– This is the “middle” of the market, not an average selling price. In other words, there were an equal number of homes that sold both above and below this price. This was just the “middle.”

Average List/Sell Ratio: 90.05% -This is an indicator that home pricing is still considered high, overall. Homes are selling at 90.05% of their “List” price.  To attract buyers and possibly shorten your Days On Market (DOM), one should carefully consider the pricing of their home.

Synopsis: 2015 has ended on a high note. Now may not be the time to hesitate if you’ve been considering purchasing real estate in Highlands/Cashiers area. Still, with such a large inventory, it may not be reasonable to expect a quick sale, unless your home is priced correctly. A good question for sellers to ask themselves is, “How many times has my home been shown?” If you’re getting little to no views, most likely its pricing and not your REALTOR®’s efforts in advertising.

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LAND SALES (DEC)

Land Units Sold: 20 – While this is a slight rise in land sales, this is the total number of units sold for the entire MLS serving the Highlands/Cashiers area. Land sales for the year are down compared with total land sales for 2014.

lands sales highlands cashiers real estate realtor
Real Estate Sales – Land/CLICK to see larger image.

Total listed in all MLS: 1098

Average Sales per Month YOY: 14

Inventory: 78 months.

Average List/Sell Price Ratio: 92.86% Land is still considered to be overpriced.

Synopsis: The huge inventory of land and lack of demand will continue to have an effect on pricing.

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Overall Market View:

52% of home sales ranged from $200,000 to $499,999.
17.5% of home sales ranged from $500,000 – $749,999.

Sellers, while December has shown it can be a strong month for home sales, if you are not listed you may not be leveraging this opportunity to sell your home. Many feel that if no one is here, no one is buying. The statistics show otherwise.

Buyers should not hesitate and miss this opportunity to buy a home in the Highlands/Cashiers area. Land is at its lowest in many years. This past December has shown it to be the strongest since 2005. As the market continues to show an uptrend, delaying in a purchase could cost you thousands.

If you’re considering listing your home for sale or purchasing a home in NC, please feel free to contact a local agent or REALTOR®. He will make a specific report for your area in our MLS (Sapphire, Norton, Glenville, Highlands, Toxaway, Clear Creek, Breedlove, etc). You can then make an informed decision on how to sell or buy your home.

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DISCLAIMER

This material is based upon work performed by Rick Creel, Broker. It is intended to provide an overall view of the real estate market for Highlands, Cashiers and surrounding areas of the Highlands/Cashiers Board of Realtors. It is composed of data from the HCBOR and NAR for this MLS only. Any opinions, findings, conclusions, or recommendations are those of the author and do not reflect the views of any others. There can be no assurance that this information is complete, accurate, or includes all available market data; all information is subject to change. Users of this information are advised to consult with their financial experts about the interpretation and usefulness of information contained herein. It is unlawful to duplicate or distribute the information contained in these reports. For more information or to consider listing your home with an agent or buying a home CLICK HERE.

Should I Hire An Appraiser?

Why hire an appraiser?

find Home Appraisers
Photo courtesy of Stuart Miles/freedigitalphotos.net

If you are trying to sell your home yourself, one thing you want to do is make sure you have a fair price for your home. How is that determined?

Contrary to popular belief, the tax assessed value of your home may not be anywhere near the current real estate market value. Market values and trends tend to fluctuate and have many variables. You also don’t want to price according to your neighbors house. Just because they may have something with a “price” on it does not mean it is a fair market price. Also, don’t assume that what a property was listed at is what it sold for. Currently, in our local market many sales may only get 78 – 85% of the listing price. Others may get less. And don’t just pull a number out of the air based on how you feel. You could be to high or worse, to low.

You may want to hire an appraiser. An appraiser uses a lot of information and resources that are available to him to find “comps” (comparable properties) based on recent sales. He then compares a lot of data such as location, type of structure, age/depreciation, replacement costs and more. This may cost a few hundred dollars to get this work done, but it may tell you if you want to sell now or not. It will also ensure that you don’t sell to cheap, leaving money on the table.

Another option is to list your property with a real estate agent. They can prepare you a CMA (Current Market Analysis) as a part of their service. While not an official appraisal a broker will use much of the same information and technique that an appraiser may use. True, many people trying to sell their home themselves do so because they don’t want to pay commissions, thinking they can save the money and put it in in their own pocket. However, pricing too low can cost you as well and if you don’t really know the market pricing to high will mean your time and advertising dollars could be wasted.

What ever method you choose you need to make sure you are pricing correctly. It is always best to use someone that is familiar with current market values to make sure you get top dollar. Hattler Properties, located in Glenville, NC is a firm with several brokers that are eager to assist you in selling your home. If you would like to find the current market value of your home contact Rick or any of the agents at Hattler Properties.