Memorial Day Reflections and Property Insights

What happens when you're stuck in property ownership with someone who won't cooperate? On this Memorial Day episode, we unpack the challenging world of partition sales—a last-resort legal remedy when co-owners can't agree on what to do with jointly owned real estate.

The Western North Carolina real estate market continues to show remarkable stability despite fluctuating interest rates. With average home prices holding steady around $536,000 and approximately 125 single-family homes selling each month in Henderson County alone, our market maintains its health even as some sellers adjust pricing strategies. The limited inventory of just 559 active listings creates a balanced environment where well-priced properties still move quickly.

For those concerned about today's interest rates, I offer perspective from clients who purchased homes in the late 1970s and early 1980s when rates reached into the high teens. Today's rates align with the 50-year average, and real estate continues its 12-year streak as America's preferred long-term investment according to Gallup—outperforming stocks, gold, and cryptocurrency.

Beyond market insights, we explore proactive estate planning strategies using Delaware Statutory Trusts through 1031 exchanges. These approaches can help prevent future conflicts among heirs while deferring capital gains—a win-win for property owners looking ahead. I share stories of clients transitioning into retirement communities after decades of homeownership, highlighting how life changes drive real estate decisions regardless of market conditions.

As we honor those who made the ultimate sacrifice this Memorial Day, we remember that freedom isn't free. From the origin of the poppy symbol to the tragic story of the Sullivan brothers, we pause to reflect on what today truly represents—not just a three-day weekend, but a sacred moment to honor those who never returned home.

Whether you're considering buying, selling, or planning your estate's future, call us at 828-393-0134 or visit realestatebygregcom to explore your options in today's market.

Chapters

• 0:00 Welcome and Memorial Day Reflections
• 6:08 Current Listings and Market Activity
• 13:08 Henderson County Market Snapshot
• 17:08 Real Estate as a Long-Term Investment
• 21:39 Understanding Partition Sales for Co-Owners
• 27:34 Estate Planning with Real Estate Holdings

Transcript

Speaker 1: 0:00

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 on the queue every Monday morning, sharing the positive news about your local real estate marketing community. So grateful to be here with you, certainly on this Memorial Day, and Memorial Day is so important to participate in and remember and again just pause for those that gave their lives in service to our country and again we're so grateful that those have given it all and certainly have some stories to reflect on with Memorial Day. Before we do that, the George Earl Say Group were located in Flat Rock, right next to the Flat Rock Bakery. Hubba Hubba Barbecue, campfire Grill. Hubba Lou they took over the old honey and salt space. This is the time of year we certainly see, with all the camp families coming into town the afternoons, the weekends. I mean it is amazing how many people are over there in Flat Rock enjoying all that Star Teal had curated over the years and created there. And I don't know if you saw in the Flat Rock Together the garden article about all the incredible gardens there. If you've not stopped over there in Flat Rock I encourage you to stop by. We're grateful to be part of the Rainbow Road there. The Georgia Real Estate Group and all of our friends there, including the Wrinkled Egg and also Dogwood and Rent WNC, all those great local and independent real estate, all the different restaurants and businesses. Stop by and say hello. We'd love to get you a cup of coffee there, but we're there most days. I mean we're not there on Sundays but we're open on Sundays. You certainly can give us a call, but call us at 828-393-0134, 828-393-0134.

Speaker 1: 2:24

We had two amazing open houses this past Sunday, had a lot of activity on them, beautiful and incredible homes. Both happen to be in Flat Rock. One has an address of Hendersonville but it's in Flat Rock. The beautiful home on 1351 Chanteloup Drive, 449. This home has over 4,500 square feet, four bedrooms, four baths. If you'd like a private tour and showing of the home, you certainly can give us a call. I'd be glad to facilitate this. This home has over two and a half acres and it backs up to a 26-acre conservation easement so it has extra privacy. But a beautiful, beautiful home, beautiful kitchen, incredible updates, upgrades to this home. 449-1351 Chanteloup Drive. Address is Hendersonville, but it's in the heart of Flat Rock there, built in 1962. Over 4,500 square feet home. If you'd like to get information on that glad to share with you more, you can find it on our website, realestatebygregcom. We also had another open house at 19 Robert E Lee Drive in Flat Rock, another wonderful property there.

Speaker 1: 3:39

1963 home on a quarter of an acre. This home has over 1,700 square feet, three bedrooms, two excuse me, three bedrooms one and a half bath. Awesome home there for only $449. Again, great brick ranch home. So this is just a sampling of Southern inventory and properties and homes that we have for sale. We just put a new listing for sale on the Hendersonville Country Club, 8th Fairway. This home has over 5,300 square feet, a tremendous property built in 2007. I had the chance to walk through it. The kitchen was recently renovated. It has high-end appliances, quartz countertops, custom cabinetry, just an enormous island, plus all the outdoor living areas. Upstairs has multiple bedrooms and bathrooms. It also has a lower finish level for entertaining, has an additional living space, game room. Also has a private home theater.

Speaker 1: 4:45

So much to offer on this home, 1903 Country Club Road, five bathrooms. It has a three-bedroom septic, but it has multiple bedrooms. Again, that's an interesting conversation, septic systems versus actual bedrooms in the home. Again, we're only allowed to advertise what the septic system has. But homes can have, you know, again, you can have a lot of rooms, you can have a lot of bathrooms, but again, septic systems have their limits and have their ratings and that's what we are advertising. Able to say I digress, that's what we are advertising. Able to say I digress.

Speaker 1: 5:24

But this home here, 1903 Country Club Road in Hendersonville, 5,300 plus square feet, sits on the 8th fairway, stunning, stunning property. You can see all these listings and all these homes for sale on our website, realestatebygregcom. We also have a brand new listing on Canuga Road, 919 Can Canuga road. Uh, this home is a two bedroom, two bath, also completely renovated, move in ready. Uh, this home's one level living 1300 for 74 square feet, two bedrooms, two bath, all one living on 1909 Canuga road, great location, single level, town home. Again just a sampling of the different listings we have. I believe we're doing an open house this coming Sunday at 919 Canuga Road.

Speaker 1: 6:14

And again just a sampling of the different listings and inventory we carry. We have and it's ever evolving, ever rotating as we sell and then help our clients. A lot of our clients are selling before they buy. Some of our clients are buying before they sell. Again just a snapshot of the market In the last seven days in Henderson County there's been 62 new listings. There's been 30 homes closed and I mean we still have some. You know there's still some time left this month. There's been 40 homes go under contract in the last seven days and this is specific to Henderson County. Just giving you a little snapshot For our friends in Buncombe County and Transylvania County and Polk County and Rutherford County. We work in your counties as well. Just again showing a snapshot in the Henderson County market. But 62 new listings. There's been 66 homes that have had their price reduced.

Speaker 1: 7:16

So we are seeing this interesting world right now with the demand you can across all price points when they're priced appropriately to the condition and to the market and the location. We're seeing homes move quickly and then, on the other side of the coin, if it's not priced appropriately or the market's not, it could be priced. You do everything you can to price it right from the beginning, but then the market doesn't return. The market doesn't respond the way and the timing that you'd like. You have to make adjustments and so there's this ebb and flow and again we are watching and following the market. We're making adjustments as necessary. We had a number of experiences earlier this year where there was a price adjustment made and then all of a sudden you got multiple offers that came in on the home and again the question was where were the offers before? But again, when it got into that final price, its fighting weight per se. Again, when it hits the right price, you can see it, and you can see it because of all the activity.

Speaker 1: 8:22

Our average price over the last 12 months is at $536. That's pretty consistent. It's really interesting if you look at the last two years that price has been holding. There's been this flattening out of the market. It did peak up a little bit into the $550s at one point, just briefly. But then it leveled out Again. If you look at these 12-month and 24-month levels, it leveled out Again. If you look at these 12-month and 24-month levels, we're averaging some 125 single-family homes a month selling in Henderson County Right now there's only 559 active homes on the market. The active available home price is over $800,000. The average sold price over the last 12 months is at $536,000. And, like I said, we're averaging some 125 single family homes a month selling. But, like I said, that seven-day snapshot, just seven days we've had 62 new listings, 66 price reductions, 40 homes went under contract and then 30 homes closed Again. It's a healthy market. The market's the market, the interest rates are the interest rates.

Speaker 1: 9:25

But we see the conversations that we're having every single day with people. It could be a life change and it could be a really positive life change where you're considering downsizing or upsizing. Maybe you're moving into that retirement community you've been dreaming about. We just had a wonderful, dear couple that we've worked with over the last 15 years. We helped them downsize here locally and then recently they're now moving into a retirement community. And again bittersweet, but again they're so grateful. They had incredible experience here in the Hendersonville area and we were so grateful to serve them, help them navigate through the buying and selling process and then again moving into a retirement community Again, so amazing to help navigate and walk them through that process.

Speaker 1: 10:14

Today, memorial Day, you might be aware of the story of the poppy and, inspired by the poem in Flanders Fields by John McRae, poppies became a symbol of remembrance after World War I. Moana Michael, a teacher in Georgia, began wearing and selling poppies in 1918 to raise funds for veterans, a tradition that continues through the American Legion Auxiliary. Tradition that continues through the American Legion Auxiliary Also, the Sullivan brothers. During World War II, the five Sullivan brothers from Iowa all served on the same ship, the USS Juneau, and tragically died together when it sunk in 1942. And the sacrifice led to the military's sole survivor policy to protect service members from such family-wide loss. And again, also, maybe you're aware of the Rolling Thunder. The annual Rolling Thunder motorcycle rally in Washington DC began in 1988 to raise awareness of the POW-MIA issues and it has become a powerful tribute to those fallen and missing soldiers, with tens of thousands riding each year.

Speaker 1: 11:31

But Memorial Day is more than a three-day weekend. It is a pause. It's a sacred pause to remember the brave men and women who never came home. So may we never forget the price of freedom and may we live lives worthy of their sacrifice. Again, just so thankful for all those that served. The Memorial Day was actually began after the Civil War as Decoration Day, when people decorated soldiers' graves with flowers, became an official federal holiday in 1971. And the first observance was first widely recognized Memorial Day was actually May 30th 1868 at Arlington Cemetery. So again, it's important what a day it is, and again, not just a three-day weekend. So much to be thankful for, so grateful for those that gave it all for us and our families and our community. And so again, today being Memorial Day, this is the George Real Estate Group live radio broadcast.

Speaker 1: 12:30

We're here every Monday morning sharing with you positive news about your local real estate market and community. We will continue to dive into the market. We'll continue to dive into maybe some things you didn't know about the real estate market that you might find interesting. And there's ways I am going to touch on a subject which is interesting People say, hey, what if I own a piece of property with a family member or somebody else I inherited with, or maybe there's somebody else I own property with that. I just can't sell. They can't. We just can't come to agreement. There's actually law that allows you to petition the court in order to sell it, and we've actually been doing a number of these. There is a way to sell if it's a co-owned property and you and the owners just can't come to agreement. We're going to talk about a partition sale after the break, but you're listening to the George Willis Group live radio broadcast here in the queue every Monday morning. Stay tuned in, we'll be right back. Good morning. Welcome to the Georgia Real Estate Group live radio broadcast here in the queue.

Speaker 1: 13:30

We are here on Memorial Day and we are busy. We had so much activity over the weekend at our different open houses. We have buyers and sellers. We have buyers out there looking today with our agents. If you're thinking of buying or selling or investing in real estate or want to talk about 1031, exchange or even a career in real estate, we'd love to have the conversation. Give us a call 828-393-0134. 828-393-0134. Find us online at realestatebygregcom. You can also follow us on social media Facebook and Instagram. We also podcast our radio show. You can follow us on your favorite podcast platform.

Speaker 1: 14:07

Again, it's however, we can help and we've had so many recent new real estate not new to the industry, new to our team coming over to our team. We've had wonderful recommendations and referrals for agents that were looking for something different, different culture, more support, more opportunity. We have a wonderful team in place. We have a wonderful support system for our clients and for our agents. If you currently have your real estate license and maybe looking to get into, you know, maybe ramping up your business, maybe looking for more support, maybe looking for more guidance or more just the culture that you're looking for, our team is growing. We're hiring, we have a wonderful staff, we have a wonderful group of agents and we'd love to interview with you if you're thinking about getting into the real estate market as a career, maybe changing where you hang your license. We're growing. We'd love to have that conversation. Give us a call. 828-393-0134. 828-393-0134, 828-393-0134, um.

Speaker 1: 15:13

Again, the market. We're averaging about 125 single family homes a month selling in henderson county. That's been steady the last two years, the last two years and again, um, you know it's it's, it's a's steady. Inventory levels are low and that's in light of the interest rates. The interest rates are the interest rates. I am always reminded and I love the conversation with clients that had the experience of buying and selling during the late 70s, early 80s and again and I hear it all the time we were thrilled when we hit single-digit interest rates and I know we were all spoiled there for a little bit when interest rates went into the 2 and 3 and 4 range, even the 5 range. But if you look, I mean interest rates where they are now are really on par with the 50-year average. They're certainly a lot better than what was going on in the 80s. And again they are. I know, again, it is what it is Interest rates are the interest rates and real estate is moving.

Speaker 1: 16:13

We know real estate moves, life happens, therefore real estate happens, and so the market's the market and so we see every single day people are buying and selling. The market's strong in the sense of like it's a healthy market and people always say well, when are the prices going to come down? Until you see more inventory than you see demand, and right now, with still low 500, less than 600 currently right now on the market, only 559 active single-family homes in the market. Until you see the inverse of that, where you have more inventory than you have demand, until then will you see prices go down, but prices are holding steady. Prices are maintaining. We continue to see the market moving forward. Now you have to price it right.

Speaker 1: 17:02

The market softened compared to what it was a couple years ago and I know I saw across the country they're anticipating it's one of the lower years of real estate. Some 4 million homes selling across the United States are anticipating, but real estate is still one of the best long-term investments. America's choice for best long-term investments. This is a recent recently. This is a study, a recent poll from Gallup Real estate once again has been voted the best long-term investment and it's claimed that spot for 12 years straight. That's better than gold, better than stocks and mutual funds, better than savings, better than bonds, better than stocks and mutual funds. Better than savings. Better than bonds, better than cryptocurrency. That's something that's probably newer to the list than recently.

Speaker 1: 17:55

Sam Williamson, senior economist for First American, said a home is more than just a place to live. It's often a family's most valuable financial asset and a cornerstone to building long-term wealth. So why is real estate still number one? Well, even with price growth slowing down, ongoing affordability hurdles and uncertainty in the economy, a home is an asset that typically grows in value over time and, as that happens, it gives your net worth a boost. So again, if you're trying to decide if it makes sense for you to buy a home today, let this reassure you home ownership wins in the long run. They say, don't wait to buy real estate. You buy real estate and wait. Home ownership is one of the top ways to build your wealth, even with home price growth moderating and ongoing economic certainty.

Speaker 1: 18:48

I would even argue, even when home prices go down, because there is a cycle. If you hold on to your home long term, I mean we saw what happened over the last 20 years with the market peaking out and then there was a downturn and then we've been on this recovery. But long term, we know, and not only did we recover past the previous peak, the market exceeded that and okay, we don't know when and how or what, but the market will cycle again. Even when the market goes down, holding onto your property long-term always wins out. Long-term holding onto real estate, you're going to win, just like in stocks, which I know are more volatile. You'll see the stock, the market, go up and down and then recovery. I mean there is a bit of a longer cycle with the real estate market and at some point there will be a cycle, because the markets cycle, they always cycle, but at some point again, long-term holding on to real estate is a great long-term investment.

Speaker 1: 19:48

Well, what if you don't want to hold on to real? What if you don't want to hold on, you know, to real estate? You know what if you don't want to hold on to real estate? There is, you know and, by the way, this is the last case and I'm not an attorney and certainly recommend and we have multiple attorneys we can recommend you talking to there is a solution for co-owners of real estate to divide or sell jointly real estate when they cannot agree on its use or disposition. And again, please know that this is not legal advice. This is also not a recommendation, because we recommend working it out. The best case scenario and the attorneys will tell you this too best case usually is working it out with your co-owner of the real estate. But if you cannot agree, there is a solution and it's expensive and usually you're going to get significantly less than if you were to work together.

Speaker 1: 20:54

But in some cases there is the need for what's called a partition sale and working with an attorney. But you actually can actually partition, physically dividing the property among co-owners, allowing each to own a distinct portion. North Carolina law actually favors this when feasible, as it preserves individual ownership rights. But again, it's only ordered when the division doesn't cause substantial injury or deficit to any party. And so when a physical division is impractical or would significantly reduce the property's value, the court may order a sale, and then the proceeds are from the sale or distributed among the owners based on their ownership values. And so that method is common when the properties are small, maybe have a single structure, or just when the co-owners have conflicting interests.

Speaker 1: 21:56

So you have to. How do you do this? Well, you have to. A co-owner has to file a petition with the superior clerk of court, clerk of superior court in the county where the property is located. You know, again, the petition has to detail all the co-owners, the ownership interests and then the desire. The clerk is then going to assess whether the partition is appropriate and is going to determine the method by which. So again, then there's a commissioner that's appointed to divide the property, and again, there's so many steps for this.

Speaker 1: 22:34

But again there is a solution. And please know this is the last case for selling. This is really the last option. I mean, even the attorneys will tell you it's going to cost you a lot of money. You're not going to get as much as maybe if you can work together with the co-owner. But there are situations where that's just not possible and so there is a way out if you co-own property and again I can recommend attorneys that can talk to you about your options and can get a consultation. We've helped facilitate. We've been appointed, actually by a commissioner to sell property before from some commissioners here in Henderson County. We've facilitated that. But any co-owner has the right to initiate a partition sale regardless of the percentage of ownership. Okay, so again I'm diving into. I don't want to get into the weeds too much, but it is important to know if you own property in North Carolina, any person who owns real property as a tenant in common or a joint tenant you know, excluding married couples owning as tenants by entirety has the right to file for partition regardless of the percentage of ownership. The right to file for partition regardless of the percentage of ownership because partition law exists to prevent gridlock so no one can be compelled to remain in a joint ownership situation indefinitely.

Speaker 1: 24:07

The partition sales are court supervised. It's not just a casual experience. They're judicially ordered and managed and typically involve a court-appointed commissioner or referees. And a lot of times this happens, sadly, in multiple heirs of inherited property. When one wants to cash out while others want to hold. Without unanimous agreement, partitions can be filed and here's some downsides of this. Sometimes the partition can force a below market sale which negatively impacts everybody. Again, the cost of the attorneys can be expensive. It's not the best.

Speaker 1: 24:58

Again, it's a last case scenario for you to consider. And again but I'm making you aware of this because we've come across this Working with a real estate agent and hopefully a real estate agent can help facilitate the agreement with all the parties. But again, sometimes real estate agents can help avoid this. They can be a mediator, they can work with all the parties to avoid going to the clerk or court. And again, a lot of times you're going to end up with more money working with a real estate agent than a court-ordered forced sale. So again, it's a topic that we've not talked about on the radio.

Speaker 1: 25:40

But partition sales it is a solution when you can't come to agreement. But obviously we recommend that as a last case scenario if you have a situation and, by the way, when we're talking about real estate that has been inherited, there are solutions that we're helping clients with now where, if you own real estate right now and you're thinking about your estate planning, we have solutions for maybe moving your real estate into a DST a Delaware statutory trust, through a 1031 exchange, and none of that might make sense to you. But currently, when you have real estate owned and you're thinking about your estate and you're thinking about, well, I don't want my heirs to have to deal with the sale of it, but then you're saying to myself yourself well, I don't want to sell it right now because I'm going to have all the capital gains and all the headache, and there are solutions to avoid and defer the capital gains. There's options to consider as you're planning ahead where you can move your real estate holdings into a DST through a 1031 exchange, which can give your heirs options. Maybe one of your heirs wants to keep it, one of your heirs wants to sell it. When you move it into a DST, you have the flexibility to do that and the estate can do that.

Speaker 1: 27:07

Anyways, I apologize, I don't want to get into the weeds too much, but if any of this is striking a chord with you. If you're in the middle of your estate planning, if you have real estate holdings and you don't want your children to get to the point of a partition sale, or co-owners or heirs to get to a partition sale, there are ways to set things up ahead of time. And again, these are conversations that we can have in conjunction with your estate attorney and your tax strategist. I mean, we can help coordinate and facilitate. There are solutions for you to consider through all this. I didn't again, the details can be.

Speaker 1: 27:46

I don't want to get into the weeds, but if you're thinking about planning ahead, whether it's with your commercial real estate or your investment real estate or your personal home, let us have the conversation with you and explore what all your options are. Because you know, again, the last solution for co-owners to sell when they can't agree is called a partition sale and again we can recommend attorneys that can help walk you through that. But hopefully we can avoid that because, again, there's a lot of downside. But again, if that's the last option, there is that option available. Give us a call 828-393-0134, 828-393-0134. We'd love to have the conversation, whether it's with your personal home, and we can talk through what your home is worth in today's real estate environment and the market.

Speaker 1: 28:40

The market is moving. We're still averaging 125 single-family homes a month selling. The average single-family home price is holding steady. We're in the 530s. It's still a great time to buy and sell.

Speaker 1: 28:51

But I say with all this, it's only right if it's right for you. The interest rates are the interest rates, the economy is the economy. The real estate market is the real estate market. But if you're thinking of buying or selling, give us a call 828-393-0134. Find us online at realestatebygregcom. If you're thinking ahead to your estate planning and your commercial investments, your real estate investments and you're thinking through what that might look like. If you want to talk about a 1031 exchange capital gains deferment, there's so many things that we're doing with our clients not just helping our clients with their personal home, which we do every single day and there's so many components and layers to real estate. If you're looking to expand your real estate portfolio, give us a call.

Speaker 1: 29:33

But we're so grateful to be here every Monday morning sharing the positive news about your local real estate marketing community. I did dive into the weeds, but if any of this is curious to you, call us at 828-393-0134. 828-393-0134. Find us online at realestatebygregcom. You can also follow us on our podcasts. We're just so grateful and again, ultimately, we're so thankful today, memorial Day. We're just so thankful for those that gave it all. We're so grateful for our community and, again, thankful to serve the community through real estate. And again, remember Memorial Day is more than just that three-day weekend. It's a pause to remember the men and women that gave it all. Have a great day, have a great rest of your Memorial Day weekend and we'll see you next Monday.

Speaker 1: 30:23

There's a strange thing that happens in life. Sometimes, when things are just okay, we stay stuck longer than we would if things were truly bad. It's called the region beta paradox and explains why people stay in homes, that kind of work neighborhoods that used to be okay, or rentals where the price isn't too bad because it's comfortable. But comfort can cost you your dreams. What if you didn't wait for something to break before you made a breakthrough? What if the nudge you've been waiting for is now? At the George Real Estate Group, we hear it all the time. I'm so glad I did it while I could the move, the decision, the change before it's too late. Whether you need more space, less stress or just a fresh start. You don't have to stay stuck, you don't have to settle and you don't have to do it alone. Call the George Real Estate Group at 828-393-0134. Don't let just fine hold you back. Let's make a move while you still can.

Speaker 2: 31:30

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.