George Real Estate Group Radio Broadcast

Navigating the Market: Strategies for Buyers and Sellers

• George Real Estate Group

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The real estate landscape is constantly changing, and understanding these shifts can mean the difference between a successful transaction and a missed opportunity. In our latest episode, we unravel the complexities of the current market, highlighting critical insights for buyers and sellers who want to stay ahead of the curve. 

You’ll learn about the significant drop in first-time homebuyers, the dynamics behind cash purchases, and what it means for the local housing market. We explore trends such as low inventory levels and rising prices, guiding you on how to adapt your strategy if you're considering buying or selling. We also share valuable information on new construction, discussing both its advantages—such as less maintenance and greater customization—and potential challenges.

Our team emphasizes the importance of personalized consultations, as everyone's real estate journey is unique. By understanding your specific goals and circumstances, we can help facilitate a smooth buying or selling process, whether you choose to invest in property or initiate a major life change.

If you’re ready to dive into real estate, tune in now and make sure to subscribe! Follow us on social media for more updates and feel free to reach out for a tailored consultation. Your real estate success is our priority!

Speaker 1:

Hello friends, thank you so much for being here. This is the George Real Estate Group podcast, which is a production of our live weekly radio shows hosted on multiple radio stations here in Hendersonville, north Carolina. The George Real Estate Group serves Western North Carolina and upstate South Carolina and it is a privilege to share positive news about our local real estate market and community. Thanks so much for subscribing and, of course, if you have any real estate questions or if we can help you in any way, be sure to reach out. Visit us at georgerrealestategroupradiocom for more information. Good morning and welcome to the George Real Estate Group live radio broadcast here in the queue every Monday morning. So grateful to be here with you and on our first show of March. I mean time flies when you're having fun and, wow, two months are already down of the year and we're. I mean we have been so busy. We have an incredible group of agents at the George Real Estate Group and staff. I mean we have been helping so many clients. We're so thankful and honored to say we've helped already more people year to date this year than we did last year and that was the case with last year as well and so we just keep riding the momentum and that's in a market that's been challenging for a lot of people. I heard some 70% of real estate agents last year didn't have a single sale the entire year. We are growing at the Georgia Real Estate Group. We're hiring more agents. We're so thankful the market's the market. It's been a privilege and honor to walk alongside with our clients navigating through the market regardless of the interest rates. The interest rates, the economy's economy. We got through and our community has been so resilient with the recovery and rebuilding from Hurricane Helene. Certainly I know so many people are still in that recovery and again it's that tension between life is still moving forward and then so many are facing so much still, and so we continue to stand by our neighbors and come alongside and help them and so we're just thankful. So much to be grateful for and we're grateful to be here with you this Monday morning, here on the queue, if you're tuning in for the first time ever. The Georgia Real Estate Group's located in Flat Rock, right next to the Flat Rock Bakery, hubba, hubba Barbecue, campfire Grill and our friends at Hubba Lou as well. All those great local and independent businesses and restaurants. The George Real Estate Group's local and independent as well. We've had the privilege of helping. We're quickly approaching on over 1,500 families served throughout the years in my career.

Speaker 1:

This is my 20th year with my broker's license and it's a privilege and honor to advocate for our clients, to facilitate. I mean we're really. You know people say, oh, you're selling real estate. No, we're advocating, we're facilitating, we're walking alongside with our clients through the process. I mean it's something we do every single day and having the conversations, negotiating contracts, walking through the nuances of the contract, walking through the inspections, working with the attorneys and the lenders and the home inspectors and the radon and septic and surveyors and appraisers. I mean there's so many parts of the puzzle and we're there to help and we're helping our clients. And maybe you're thinking about do I sell before I buy? Do I buy before I sell? I mean there's just an opportunity there to help and so we're passionate about helping our clients. And so if you're curious what your home is worth, if you're curious what it would look like to sell, or you buy before you sell, you sell before you buy, or maybe it's a contingency or whatever it is.

Speaker 1:

We're also advocating and helping our clients navigating through investment properties and rental properties and commercial properties and land. You know if you're considering, you know maybe you're considering liquidating and doing a 1031 exchange. We have 1031 exchange options and relationships with qualified intermediators, and also we have options for institutional passive investments. Maybe you want to put your real estate investment into a passive investment, maybe not something you're managing. Maybe you have a portfolio of 10 or 20 or 30 properties and you're saying, hey, I think I want to move into something different but also avoid the capital gains. We have solutions for you and we can be glad to have those conversations. You can give us a call at 828-393-0134, 828-393-0134. Find us online at realestatebygregcom. You can also follow us on our podcast.

Speaker 1:

We podcast all of our radio shows. Wherever you find your favorite podcasts, be sure to subscribe to our podcast. We have multiple radio shows each week and so we podcast them all and we'd love to connect with you. Follow us on social media Facebook and Instagram. But we have a lot of activity going.

Speaker 1:

I mean, can you believe again? Here we are in March. I mean March is busy. You know this time of year. You know certainly we're getting closer to spring. You know spring's around the corner. The cherry blossoms also A lot to look forward to this month. You got college basketball madness. You got St Patrick's Day, the start of baseball, more sunshine and get those allergy medicines ready this time of year. Again, so much to be thankful for and we're excited the Saturday was such a tease with the beautiful, beautiful weather that we experienced. But again just so much to be thankful for. You're listening to the George Real Estate Group live radio broadcast here in the queue every Monday morning, always open. We love getting the phone calls, we love getting the suggestions and, of course, people asking about real estate and what's going on. But we're just enthusiastic about everything happening and we will dive into the numbers about what's happening.

Speaker 1:

You know I did see some interesting, notable historical events that occurred on March 3rd. Florida actually became the 27th state of the United States in 1845. Also, the first indoor game of ice hockey was played at the Victoria Skating Rink in Montreal, canada, in 1875. The Women's Suffrage Parade took place in Washington DC the day before President Woodrow Wilson's inauguration in 1913. Also in 1931, the United States adopted the Star-Spangled Banner as its national anthem. In 1945, finland declared war on Nazi Germany during World War II. And then this is so fascinating in 2005, steve Fossett became the first person to fly solo nonstop around the globe without refueling. Just so interesting. You know, all the just history is fascinating. Also, oh, 1980, the men's hockey team, fresh off its Miracle on Ice victory, won the Olympic gold medal by defeating Finland. Again, just fun to look back on stories and look back on history.

Speaker 1:

You on history on March 3rd and we're excited and excited about the upcoming. We're excited about the month. We're excited about helping our clients navigate through the real estate market. We're excited about helping our clients navigate through what's the right thing to do. And do you sell, do you buy, do you invest in property? There's so many options out there for you, but give us a call 828-393-0134, 828-393-0134.

Speaker 1:

The National Association of Realtors 2024 Home Buyer and Seller Profile. 2024 home buyer and seller profile showed that first-time home buyers have decreased to 24%, you know, the lowest since 1981. Also, interestingly, the median age for these buyers has risen to 38 years old and, according to their report, 26% of home purchases were made in cash and that's the highest on record. Now, how does that compare to us here locally and you'll find this amazing over 30% I mean this has been consistent here locally Over 30% of homes single family homes sold in Henderson County have been purchased with cash. The last you know number of years. I mean consistently. I mean I think the last 10 plus years we've seen 30 plus percent of our home sales in Henderson County, specifically single family homes you know have been purchased with cash.

Speaker 1:

Now what's going on locally? I mean here we have the month of January was significantly some 20% higher than the previous two Januaries in the number of single-family homes sold, 20% higher than the previous two Januaries. This January there was 105 single-family homes sold in Henderson County. Now this month of February was flat. I mean there was 92 single-family homes sold. Maybe there'll be a couple more trickling in as they're reported at the beginning of this week. But 92 single-family homes sold this month versus 92 the previous February and 95 the February before that.

Speaker 1:

But if you look at a rolling 12, when I say rolling 12, the previous 12 months of activity, single family homes, like I said, 30 some percent of the sales sold and single family homes sold in Henderson County were sold with cash. But over the last 12 months we've been averaging 124 single-family homes a month selling over the last 12 months. That is an increase, a slight increase from the previous 12-month period from 121, almost 122. So slight increase but the biggest continued appreciation that we've experienced in the previous 12 months the average single family home price in Henderson County. This doesn't include condos or townhomes. That average price last year was at $527. We've been hanging around the $550 mark and it's been. Sometimes it dips down to $548, $549, sometimes it bumps to $551. This morning it's at $550 and change. Average single-family home price is at $550.

Speaker 1:

One of the other things to take note of is the low inventory levels. Low inventory levels in Henderson County, which is what's holding prices. I mean, even just this weekend one of our clients was involved in multiple offers. There was a multiple offer situation going on which continues to happen. If you look in the active inventory in Henderson County single-family homes, right now there's only some 389 active available, but if you took out new construction that number drops down to 274. There's over 100 new construction homes on the market, but if you took out the new construction it drops down to 274 when you look at what's active, what's available. So there's 115 active single-family homes, new construction on the market, which is just interesting and just out of curiosity looking at some of the data for the new construction in Henderson County for what's available.

Speaker 1:

If you look at overall the average available home price in Henderson County of the $389,000, it's at $'s at 785. But if you look at the some 115 active single-family new construction homes on the market, this is amazing. The average new construction price in Henderson County is at 951. New construction price in Henderson County is at $951,000. The average single-family new construction house in Henderson County $951. I mean basically, I mean just shy of a million dollars. Average cost per square foot of the new construction of what's active, the average is at eight, sorry, $387. Average single family home price cost per square foot for the new construction of the 115 that are available is 387. It's just interesting.

Speaker 1:

Again, also interesting is the average square footage of new constructions at 2,300 square feet. Averages three bedrooms, three baths. The other interesting thing is days on market, days on market for new constructions around 100 and well, it is 158 days. But just interesting to look at the numbers. I think it matters. Well, it does matter. I mean, we're studying the market, we're watching what's going on and it's just interesting. When you look at the activity and you look at the inventory levels Now you might say, well, what about the existing homes for sale.

Speaker 1:

What's the average cost per square foot of an existing home in Henderson County? So there's some 274 active single-family homes that are not new construction. The average home on the market right now in Henderson County has three bedrooms, 2.8 bathrooms. The year built average year built is 1989, 2,300 square feet and average. This is interesting because there's some properties that have a lot of acreage. The average acreage is 1.8. Lot of acreage, the average acreage is 1.8, but the average cost per square foot of what's on the market right now across the board is at 291. That's the asking average cost per square foot and then the average price is at 715. Now the median price for what's active on the market in Henderson County is at $542. Now isn't that interesting because our average single-family home price sold over the last 12 months is at $550. So it's interesting when you look at the data, when you look at the average.

Speaker 1:

The median age for these homebuyers are now first-time homebuyers are 38. The median age for these homebuyers are now first-time homebuyers are 38. The first-time homebuyers percentage has decreased to 24%. It's challenging, I mean again, with an average price of $550. Another interesting thing is, in addition to the drop in the first-time homebuyers to 24%. The survey also found that 17% of buyers are purchasing multi-generational homes. That's the highest ever recorded. Also, the survey showed that 88% of homebuyers used a real estate agent or broker. Buyers mainly relied on real estate agents to find the right home, negotiate the terms and get them to closing. So again, there's been and there's been more sellers using real estate agents than ever before as well. The number for sell-by-owners has dropped dramatically and we'll dive into some of those numbers as well after the break.

Speaker 1:

Just grateful to be here with you. Love diving into the numbers. Of course, the numbers just are part of the story. You have your own story. Your home's unique, your situation's unique and it's a privilege and honor to have our confidential consultations with our clients navigating through the buying and selling process, through the investing process, through the. You know again, it might be selling a primary home, it might be considering a 1031 exchange with your investment properties and portfolio. We'd love to help. You can give us a call at 828-393-0134, 828-393-0134. Find us online at realestatebygregcom. You can also stop by our office there in Flat Rock. We're on Rainbow Road. We'd love to have a conversation. Also, if there's any brokers listening, again, we love our brokers that we work with and our co-brokers, other real estate agents.

Speaker 1:

If you're listening right now, our team, amy Hathaway and Amy Lauder's hosting a broker brunch tomorrow from 10 am to 1 pm at 873 Indian Hill Road in Indian Hills, great neighborhood, incredible home that's just been, you know, remodeled. It's stunning and it's from 10 am to 1 pm tomorrow, march 4th, and for a broker open, a broker brunch tomorrow from 10 am to 1 pm. So I want to make sure for those brokers listening. We're inviting you to a broker open lunch tomorrow in 10 am to 1 pm. So I want to make sure for those brokers listening. We're inviting you to a broker open lunch tomorrow in Indian Hills and certainly you can reach out to us for more details. But you're listening to the Georgia Real Estate Group live radio broadcast. We have a short break, so stay tuned in. We'll be welcome back. You're listening to the Georgia Real Estate Group live radio broadcast here in the Q every Monday morning.

Speaker 1:

I meant to give my congratulations to the East Henderson basketball team. What an incredible season they had and was listening to the game on Friday night here in the queue. Actually what a heartbreak and certainly are just incredible admiration for Coach Jones and his entire team and everything that they did. But again, incredible, incredible season and as a heartbreak as that was, we excited about the next season. But incredible, incredible efforts and again amazing. And to hear that those guys on the queue did a great job with the broadcasting on Friday night it was fun to listen to that broadcast here on the queue for that game. But certainly there's always next year, but again the sting of defeat, especially after the undefeated season. But certainly wanted to wish Coach Jones and the team a congratulations and again the community incredibly proud of all of you guys there at East Henderson High School. We are here on the queue Again love to give information about the market, about the economy, about what's going on.

Speaker 1:

It's interesting, certainly with COVID, With the market. I was sharing with you about the new construction here locally versus available homes, and so new construction could be an option for you, and so this article that I'm referencing is regarding the entire country and so in some areas new construction has just been a boom and there's a lot of inventory and so there's a lot of benefits. There's pros and cons to buying a newly built home, but some of the perks of buying a new home is the customization I mean. A lot of builders allow buyers to choose finishes, layouts, upgrades, and you can personalize your home to your unique sense of style. I mean, this is the main you can imagine. This is probably the main draw for most home buyers with new construction, especially if it's still under construction and sometimes you have to have a builder agree to some tweaks even after it's completed, but there's ways to customize the home.

Speaker 1:

Another significant advantage of new construction is less maintenance and fewer repairs. I mean, obviously, the roof, the appliances, everything's brand new, and so you can save on any upfront maintenance or repair costs for at least the first few years. And a lot of builders also offer warranties on things like structural components and major systems, which give an additional peace of mind, and not having to worry about these things is a big perk when just everything feels so expensive right now. Also, with the stricter building codes, newly built homes tend to be more environmentally friendly. I have not had my full cup of coffee yet. Environmentally friendly. I have not had my full cup of coffee. That was a tongue twister. Environmentally friendly I still messed it up. But this can include energy-efficient upgrades. There could be smart thermostats, highly efficient HVAC systems or eco-friendly tech. A lot of these features can save you money on future energy bills, certainly, again, when we're in the environment of inflation right now, that matters.

Speaker 1:

Then also, a lot of builders are offering incentives to home buyers. Obviously, that's going to vary from builder to builder, but this is a very common thing you'll see right now is buyers are excuse me, builders are offering. You'll see this and I can explain this because it's important to understand. How are these builders offering these interest rates that are significantly lower? I mean, I've seen some builders offering in the fours and the 5% range. How is that possible? Well, nothing's for free and the way they do it is they buy down the rate and it's one of the ways that you can get a lower interest rate. But don't be fooled. It's just and it's nothing wrong with this, but just be aware that they roll into the cost of the home buying down the interest rate, which you can. You may not know this, but you can actually buy down the interest rate on any property with any lender. So I mean, that's something to consider. But you know, a lot of the builders are buying down the interest rates to help with affordability. Bankrate was quoted saying this, some builders offer financial incentives, including flexible financing options, to encourage buyers to purchase. These incentives, especially if they get the buyer to a lower interest rate, could make a new construction home more affordable in the long run. But again, you can talk to your lender about buying down interest rates. You can buy down interest rates with any lender, which means you're paying up front to lower the interest rates, and we're going to continue to have conversations here on the radio about the interest rates and how that works with lenders.

Speaker 1:

Another thing to consider is you know there's some downside to buying a new construction home and if you're buying a new home that's under construction, you may have to wait several months or longer before you can move in. As Realtorcom puts it, for home buyers who have a short time frame to move into a new home, buying new construction could be challenging if the home isn't built yet. I mean, you'll see this on the MLS, you'll see this on websites when you're looking for homes for sale, where the home is proposed or it's under construction. You know this is not always the case, since a community may have some quick move-in homes or spec homes that are already completed or nearly so. The quote goes on to say and ready for a buyer to move in. But if not, a buyer may have to wait. Also, there's potential price changes.

Speaker 1:

As a buyer, with your real estate agent keeping an eye on costs, it's easy to go over budget if you keep tacking on upgrades or add-ons, if you customize your build. At the same time, building materials like lumber can be affected by the economy, inflation and changing trade policies and unfortunately, if the cost of supplies climb, builders will pass at least some of these increase on to buyers Again. New construction can be a great choice for you, but making sure you have all the information. That's why, working with a real estate agent, a lot of these developments are thrilled to have a buyer's agent bring them the buyers and work alongside and facilitate things. So you know you can still have an advocate. As a new when you're. I would say it's even more important to have a buyer advocate. Have a buyer agent on your side when you go, look at these new construction communities and again you can have. You can call up the George Real Estate Group. You can hire us. We can talk through all that and how that works and you can hire us to help you work through the buying of a new construction home. We work through it all the time. We help a lot of our clients navigate through that.

Speaker 1:

It's interesting in regards to the construction and certainly I mentioned the tariffs. This is so interesting. This is a recent news quote about the Commerce Secretary, howard Lutnick, to investigate whether the US trade position on Canadian softwood lumber poses a national security threat. And it's interesting, there again they're. They're saying that these tariffs on imports, which already are subject to a 14, 5 percent percent duty that the Biden administration said in 2024. It's just interesting how these tariffs are impacting all of us. Right, and again I'm not minimizing the impact of it, but again new construction and how lumber on tariffs could increase the cost of construction and discourage new development. It's going to again we're seeing you heard that in what I was referring to earlier again how new construction is impacted by the political scene and again we're going to see how that all plays out. But again I didn't mean to go down that rabbit hole too much, but again it's something to be aware of.

Speaker 1:

And again, when you have a real estate professional advocating for you, helping you navigate through the new construction process, or do you sell before you buy? Do you buy before you sell? Do you do a contingency? Again, new construction might be the right option for you, but it is different. I was sharing with you. The average cost per square foot of the new construction on the market in Henderson County right now is at $387,000, compared to $291,000 for existing homes. The median existing home in Henderson County right now is $542,000, which is great because that's in line with our average single-family home price at $550,000. The average price available of the 274 active single-family homes is at $715. The average price of a new construction home in Henderson County is at $951. The median available price for new construction in Henderson County $650. So again, there's some numbers for you to consider.

Speaker 1:

Love to connect with you? Give us a call. The George Real Estate Group. We'd love to connect with you here on the radio. George Real Estate Group. We're here every Monday morning sharing with you news. Thank you so much for tuning in this Monday morning here in the queue. Grateful to be here with you. Give us a call 828-393-0134. Take care and we'll see you next Monday.

Speaker 1:

The market changes. Interest rates rise and fall. Headlines tell a different story every day, but here's what hasn't changed people still need to buy and sell homes. At the george real estate group, we've been navigating the ups and downs of the real estate market for over 20 years. We've seen it all and we know what it takes to sell your home for top dollar, no matter the conditions. Buyers are still out there and with the right strategy, marketing and negotiation, your home can sell faster and for more than you might think. If you've been waiting for the perfect time to sell, it's now. Let's sit down, talk strategy and make a plan. Call the George Real Estate Group today at 828-393-0134 and find us online at realestatebygregcom. And don't forget to connect with us on social media and follow our podcast.

Speaker 2:

The George Real Estate Group has the experience of selling over 1,200 properties and serving over 1,200 families with their real estate needs in Henderson County and throughout Western North Carolina. The George Real Estate Group is located in Flat Rock, north Carolina, near Hendersonville in Henderson County. You can find them online at realestatebygregcom. The George Real Estate Group can be reached at 828-393-0134 or stop by their office at 2720 Greenville Highway, Flat Rock, north Carolina. Tune in live each week on Monday mornings at 9.05 on WTZQ FM 95.3 and 1600 AM or stream online at WTZQcom.