George Real Estate Group Radio Broadcast

Navigating Hot Markets and First-Time Buying: Real Estate Insights

• George Real Estate Group

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The Henderson County real estate market is shifting in fascinating ways. While homes stay on the market longer—now averaging 63 days before going under contract (up 37% from last year)—closed sales have actually increased by 9%. This creates unique opportunities and challenges depending on where you stand in your real estate journey.

For sellers, the landscape has evolved. There's been a substantial 14.5% increase in new listings, yet buyers remain active and homes are still commanding 95.7% of their original list price. The slight cooling in median sales price (now $440,000, down 2%) represents not a crash but a return to more sustainable appreciation after years of exceptional growth. If you're considering selling, strategic pricing from day one has become even more critical as buyers have more options and take more time to decide.

First-time homebuyers face a different set of considerations in today's market. Getting pre-approved before house hunting isn't just good advice—it's essential for avoiding heartbreak and wasted time. Understanding what you can truly afford means looking beyond just the mortgage payment to account for taxes, insurance, HOA fees, and utilities. And while it's tempting to skip inspections in an effort to make your offer stand out, doing so often leads to costly surprises down the road. Remember, your first home doesn't need to be your forever home—starting with something manageable that builds equity is often the wisest approach.

For those navigating the tricky waters of buying and selling simultaneously, careful planning makes all the difference. Selling first provides budget clarity and strengthens your position as a buyer, but may require temporary housing arrangements. Buying first eliminates the need to move twice but typically means carrying two mortgages temporarily and potentially making contingent offers that are less competitive.

The George Real Estate Group has guided over 1,500 families through these exact scenarios. Whether you're planning your next move now or months in the future, we'd love to provide clarity about your unique situation. Call us at 828-393-0134 or visit realestatebygregcom to start the conversation with no pressure, just professional guidance tailored to where you are in your real estate journey.

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 georgerealestategroupradiocom for more information. Good morning and welcome to the George Real Estate Group live radio broadcast here on the queue every Monday morning, sharing with you positive news about your local real estate market and community. We're so grateful to be here with you while time is flying by, and so grateful for the summertime and we've been so busy. We are staying so busy with our clients, our buyers, our sellers and our team. We're so much to be thankful for and the market continues to move, and I will give you a snapshot on what's happening locally If you're tuning in. For the first time ever, the George Real Estate Group's located in Flat Rock and we serve all of Western North Carolina and the upstate South Carolina as well. We have incredible agents in both states and we'd love to serve you if you're thinking of buying, selling or investing in real estate, or maybe even deciding what to do with your estate. In regards to real estate, we work with closely, work with attorneys and financial advisors and tax consultants, and we have an entire team. Together, we can help navigate through whatever your situation is whether it's your personal home, you're looking to downsize or upsize or right size, maybe you're looking to move into a retirement community, maybe you have property that you've been managing and you want to look at other options. We have tax strategies in regards to capital gains, whether it's your personal home or and we can talk through what are the tax implications of selling a personal home, tax savings and what are options when you're selling an investment property and there's options. With 1031 exchanges, we can have the conversation and provide clarity for you to decide what's right for you and give you context of the market and give you options, and we're here to advocate and to facilitate, and so we'd love to interview for the job. You can call us at 828-393-0134, 828-393-0134. You can find us online at realestatebygregcom. You can also follow us on social media Facebook and Instagram and we podcast all of our radio shows. You can find us on your favorite podcast platform. Be sure to subscribe and stop by our office. We'd love to see you.

Speaker 1:

We are in the I say this because it's true, yet funny the dangerous location of Rainbow Row and Flat Rock, with the Flat Rock Bakery, hubba Hubba Barbecue, campfire Grill in Hubba Lou, all those amazing four restaurants there right there on Rainbow Row, and, in addition, the Wrinkled Egg and Dogwood are other retail friends. We're all local and independent. The George Real Estate we're all local and independent. The George Real Estate Group is a local and independent firm and we have the experience of helping over 1,500 families, quickly approaching 1,600 families throughout the years.

Speaker 1:

This is my 20th year with my North Carolina broker's license and we'd certainly love to help you. We have an incredible group of staff, an incredible group of agents and we're growing. We're hiring more agents and the market is the market and just in the last seven days in Henderson County, single-family homes there's been 45 new listings. There's been 75 price adjustments. The market's softening. This is amazing. In the last seven days, 61 homes have gone under contract.

Speaker 1:

Let's talk about some activity. And that's just Henderson County and then 28 homes closed and that's a seven-day snapshot. I mean, if we look at what's happening year to date now, this is when we look at the year to date now. This is going to include condos and townhomes as well. This is all residential real estate. But this is so interesting Year to date through the end of June.

Speaker 1:

Just to give you some key metrics according to the Canopy Realtor Association, the local market update through the end of June for Henderson County, there's actually been an increase, a 14.5% increase, in the number of new listings through the end of June compared to the previous timeframe last year. Also, interestingly enough, there's been a 5% increase in pending sales increase in pending sales and a 9% increase in closed sales. When you look at year to date through the end of June this year versus end of June last year this is so interesting a 9% increase. And yet we've had a slight decrease in the median sales price and the average sales price. The average sales price through the end of June is at 509. And this again includes condos and townhomes and residential single-family homes. The median sales price is at 440. The average sales price is at 509, but the percentage of change is a 2% drop with a median and a 1.4% drop with the average, and that's so interesting. We did peak out really last year in the prices and the interesting thing about this is we've seen this increase. But, as I shared with you, we are seeing price reductions happen, but again it's not like the sky is falling, because we've had an increase of sales a 9% increase in closed sales through the end of June this year.

Speaker 1:

Another interesting thing is the percentage of original list price is at 95.7% and that's really just less than a 1% change from before. So sellers are coming off a little bit, a little bit over 4%. They're coming off a little bit of their original list price. But this is where the numbers are really fascinating is the time. The days on the market. The list to the close date has increased 17%. Last year during that timeframe it was 99 days. Now it's at 116 days. Days on market until the sale it is up 37%. When I say until the sale, until it goes under contract, the days on the market until a home goes under contract is now at 63 days. That's up 37% from the same time period last year, and so this is just the dynamic that we're in right now the inventory is up, new listings is up 14% and sales are up. Closed sales are up 9%, and yet we have a softening of the prices.

Speaker 1:

Every home's unique and different, every situation is unique and different, and this is why it is so important to price your home correctly and to try to price it out the gate, and you're going to have so much more activity at the beginning as a seller, and that's where every home's unique and different, every situation is unique and different. We'd love to have the conversation with your unique situation, your unique home, and to provide clarity. The data's the data, the market's the market and, as a seller, you get to decide how you want to approach putting your house on the market. We have the tools, we have the systems and the repeatable and duplicatable processes that we follow, from our professional photography, our professional floor plans that we put together, the marketing material that we employ and, combined with the social media advertising and the other advertising and marketing that we do, and so we have an incredible, incredible team, we have incredible staff and it's really the advocating and facilitating on behalf of our clients, and so we'd love to have the conversation and can give you some context and some clarity about your unique situation. Give us a call. 828-393-0134, 828-393-0134.

Speaker 1:

So let's talk about first-time home buyers. Buying your first home is one of life's big milestones. Of course you're excited the possibility and, let's be honest, there can be some stress that comes with it too, and I bet you everybody listening you remember that very first home that you purchased, and it's always a fun discussion to talk about. Well, do you remember how much we paid for our first home? And that's a fun conversation. But the thing is, the right support can make the difference between feeling overwhelmed and feeling confident. I mean, it's a privilege for us to walk alongside with our first-time homebuyers, but while the whole process might be brand new for you, it's not new for your real estate agent. It's not new for your buyer's agent, and a good agent has helped plenty of first-time homebuyers navigate through the twists and the turns, and so we know what works. We know what to watch out for, what to anticipate for and what we can keep, and the goal is to help our clients keep from making the same mistakes so many first-time buyers make. And so I wanted to share some real-world tips based on years of helping people just like you to that home I mean.

Speaker 1:

So the number one, number one getting pre-approved first. And this is where we work, when we work with our buyers. Getting pre-approved, probably the number one mistake first home buyers make and this is something that Rocket Mortgage actually talks about all the time jumping straight into looking at homes before talking to a lender, and we get it. You can look at all the homes listed online. You're scrolling Zillow late at night. I mean, that's the fun part, right, but falling in love with a house before you know what you can really afford, that's the recipe for heartbreak. And so instead, sit down with a lender early. We have wonderful local lenders that we work with here that can set our clients and they do set our clients up for success. I mean, before you even step inside, that first showing our lenders can help our buyers get pre-approved so they know how much they can borrow, how much they can afford and what they feel comfortable with.

Speaker 1:

And, by the way, it's not necessarily what you can qualify for. It's when you look at the bigger picture of what you are comfortable doing in regards to your own personal budget, so that number becomes our compass and our guide, and so then we can put together a list of custom homes that fit our buyer's budget and so we can focus on homes that really work, which can save a lot of time and frustration. And, like I said, just because a lender says you can spend up to a certain amount amount it doesn't mean you should, you know, think about the other costs that come with home ownership property taxes, home insurance, hoa fees and then utility costs. You know, bank rate some sums it up perfectly. Don't just think about how much house you can afford, but how much in recurring costs you can handle once you've purchased the home. It reminds me of like they say don't buy the boat if you can't afford the gas. But a good real estate broker will help walk you through those hidden costs and build a realistic budget that won't keep you up at night. And so remember, your goal isn't to just buy a house, it's to keep it comfortably Right.

Speaker 1:

Number three don't skip the inspection when you finally find the one, it's tempting to skip the inspection to make the offer stand out, but skipping it is a gamble and often a costly one. In North Carolina it's an as-is state and our contract provides the opportunity for buyers, at their expense, to investigate the property. You get to decide, and we have a whole list of recommended inspections that we recommend. From your home inspection, your pest inspection, your radon inspection, your septic inspection, your water tests, you might want to consider a survey. Of course you're going to get an appraisal if you're going to get a loan. It's things that a thorough inspection can reveal issues you may not see during a walkthrough, like roof repairs, plumbing problems or electrical issues in HVACs as well. You know we have trusted inspectors that we work with all the time local trusted inspectors and they can explain the inspection reports. And we are here to walk alongside through that process of the investigation. And then remember, in North Carolina it's an as-is state. It's an interesting dynamic Sellers are not obligated to make any repairs, but the buyers are not obligated to buy it during what's called the due diligence period, and so there's usually a second set of negotiations and the goal is to find a true win-win for everyone, and the buyer has to consider am I willing to take on this house with the things that I've discovered?

Speaker 1:

The seller has to decide if I don't do these repairs and these buyers don't buy the house, I still have the house, and in North Carolina, of course, there is what's called material facts and so disclosing these material facts moving forward if I don't come to an agreement between the buyer that you're working with and you as the seller, I mean. So there's a lot of nuances and a lot of things to consider, and so anything could be negotiated during that due diligence period between the buyer and the seller, during that due diligence period between the buyer and the seller. So it's better to spend. Some of the best money you can spend up front is to investigate and to spend the money as a buyer. I mean, we're talking this is usually your biggest financial transaction you'll do in your lifetime is purchasing a home, and to spend sometimes it depends on, again, all the investigations. You might spend anywhere from $1,000 to $2,000 on the inspections, but it's better to spend that money now rather than to face thousands, if not tens of thousands, of dollars in unexpected repairs later.

Speaker 1:

Also, here's where a lot of first-time homebuyers feel pressure. They don't have to. Your first home doesn't have to be your forever home. They don't have to. Your first home doesn't have to be your forever home, thinking you have to find the perfect house. But your first home is called a starter home for a reason. It's the starting point, not your final destination, and so we can help you explore different options. Maybe it's a low maintenance condo close to work. Maybe it's a cozy townhome in a growing area. Maybe it's a fixer upper with great potential. The goal is to get your foot in the door, start building equity and move up when you're ready. So buying your first home is a big deal, but it doesn't have to feel like a shot in the dark.

Speaker 1:

Working with the George Real Estate Group, working with trusted professionals, working with our team, you can ask the quote-unquote dumb questions, and they're actually never dumb. Stay focused on what fits your life and your budget. And here's the thing. What's one question you wish you could have asked a real estate expert right now? You can ask us those questions. Whether you're thinking about buying or selling in 12 months from now, it's okay to call us and ask the questions right now. There's no dumb questions and you're not bothering us. This is literally what we do.

Speaker 1:

We love serving our community, we love advocating for our clients, we love helping our clients navigate through real estate, and we know real estate happens around life and it's the really beautiful reasons why people are buying and selling and the reasons we celebrate with our clients. And there's the really beautiful reasons why people are buying and selling and the reasons we celebrate with our clients. And there's the heartbreak. There's the challenging reasons why people buy and sell. It could be maybe a loss of a loved one or a divorce or a job loss. I mean. There's real reasons, again, beautiful and positive reasons, and there's the challenging reasons why people buying and selling it doesn't. We're here, regardless of what it is. We're here to help navigate through that.

Speaker 1:

Give us a call. 828-393-0134, 828-393-0134. You're listening to the George Real Estate Group live radio broadcast here in the queue every Monday morning. We have a short break coming up, so stay tuned in. We'll be right back. Good morning and welcome back. You're listening to the Georgia Real Estate Group live radio broadcast here in the queue every Monday morning.

Speaker 1:

We are so enthusiastic and passionate about helping our clients navigate through buying and selling and we'd certainly love to interview for the job. And there's no pressure, there's no cost. You can give us a call at 828-393-0134, 828-393-0134. We're located in Flat Rock on Rainbow Row. We'd love to connect and you can call us directly. You can also stop by our office and we'd love to get you a cup of coffee. You also can find us online realestatebygregcom. You can follow us on social media. You can see about our new listings, you can see about our open houses, you can see about our successes and celebrations of clients we've helped close and homes going under contract and we have wonderful inventory. I would encourage you to go to our website, realestatebygregcom, and we'd love to have that conversation with you. If we can help advocate, if we can help navigate through what you're considering doing, we would be honored to have that conversation. Like I said, find us online at realestatebygregcom. You can also call us and we're here every Monday morning.

Speaker 1:

We podcast all of our radio shows. You can find this on your favorite podcast platform. You can connect, you can subscribe. We'd love to have you join us weekly for our radio show and you can follow us on the podcast.

Speaker 1:

One of the things that's common is buying and selling at the same time, and it can be a common occurrence and one of the questions people ask all the time is how do you handle selling your current home and buying your next one at the same time If you're a homeowner thinking about moving and you've outgrown your place, or maybe you need the downsides, or maybe you're eyeing that dream home in the mountains, you're probably asking yourself do I buy first? Do I sell first? Well, like most things in real estate, the answer depends on your unique situation. But let's break down some key things to think about and things you need to know to make the move with confidence. We've helped so many clients of ours navigate through this and in some cases we've helped some people buy first and then sell, and some people we've helped them sell first and then buy.

Speaker 1:

But let's talk about the market. Timing is everything In today's market inventory. It's the number of homes for sale, and it is still tight in many areas, and while there are more choices than a year ago, as I shared earlier in the segment, good homes are still moving quickly and at the same time, prices have stayed strong, which means homeowners like you probably have built up a lot of equity. In fact, according to the latest data from a company that used to be called CoreLogic they're called Cotality. Now the average homeowner is sitting on about $300,000 in home equity, and that's a serious chunk of change you can use for your next down payment or even buy your next place outright if you want to skip the mortgage altogether.

Speaker 1:

So why do so many people sell first? Well, here's the big reason Selling your current home unlocks that equity. You get your money out. You know exactly what you're working with for your next home. You won't have to juggle two mortgages. You know, carrying two loans, even for a month or two, can get expensive fast and if repairs pop up or closings delayed, the stress can snowball. And if repairs pop up or closings delayed, the stress can snowball.

Speaker 1:

As the folks over at Ramsey Solutions like to say, it's best to sell your old home before buying a new one to avoid unnecessary risk and possible headaches. And they're right Less stress, less financial strain and more peace of mind. Another perk when you find that next dream home, your offer is stronger. If your current house is already sold, you don't have to make an offer contingent on that sale. And in a competitive market sellers love clean, simple offers with a few strings attached and that can make the difference between winning your next home or losing out to another buyer. Can make the difference between winning your next home or losing out to another buyer. But there's a trade-off, there's the flip side and this is important. If you sell first, you may need somewhere to stay in the gap between closings, and that could mean a short-term rental, staying with family for a bit, or negotiating a post-closing occupancy, basically renting your sold home back from the buyer for a few weeks while you finalize your next move.

Speaker 1:

The good news a good agent like the ones at the George Real Estate Group, we can help plan this out and negotiate smart terms to smooth transaction. You know so. Selling first gives you clarity, it knows exactly what your budget is and it gives you leverage when you're ready to buy. It's not a one-size-fits-all, but in many cases it's a smoother path. On the other side of the coin, we've helped clients find the next home first, and you got to decide what's right for you. Would you rather have the peace of mind, knowing where you're going, and buying the next home first? And in some cases you have the financial ability to buy first and then sell. It comes down to what you are willing to walk through. What stress is more stressful? Also, maybe you don't want to move twice, and so if you buy the next home first, which a lot of our clients have done, everybody decides independently what's right for them, what's the right path, and so you got to decide. So if you're sitting on the fence about moving. Don't guess your way through it. At the George Real Estate Group, we understand neighborhoods, we understand market trends, we understand what's working for other homeowners right now and we can figure out some key trends information what's your home worth today, how much equity do you have, are you going to be paying any capital gains on the sale of your personal home, and also what's the best timing for your move, so you can make this leap with confidence, please give us a call 828-393-0134. We're always here, ready to help you move forward one step at a time, and so we can help navigate through the timing. We can thread the needle, and we're doing this every single week, helping our clients. And when we provide clarity and information for our clients, our clients can decide what's right for them and what's best for them.

Speaker 1:

In context of the market, it's never. I mean the interest rates are the interest rates. The market's the market. I was reflecting with somebody about the market some 14 years ago, in 2011, when the market here was at the bottom. Again, when we talk about the bottom of the market or the top of the market, there are four cycles of a market. You have the top of the market. There are four cycles of a market. You have the top, but guess what? You don't know when the top is, until things start going down. And then there's a declining market, and guess what? You don't know when the bottom of the market is, until things start going up.

Speaker 1:

And, of course, for those people that purchased in the previous cycle, people that purchased in 06 and 07 and 08, when it was at the previous peak of the market yes, did their home prices go down in 2011? They did. But again, if you're going to stay in the home long-term, that was just on paper that your equity went down. And for those that stayed in their home and people that purchased in 2011, people that purchased really over the last 10 years or really going back, you've seen the appreciation. In some cases, I mean two and three fold. And looking back, then again, hindsight's everything, but it was certainly, and for a lot of people it was challenging to say, oh, wow, I bought at the previous peak of the market and then the market had the correction, but again, long-term, those prices not only exceeded the previous peak, they kept going up. And so, looking at the markets, the market holding onto real estate long-term has always been the homes have always appreciated long-term and if you look at it in the context. But there's cycles of the market. You have a top, you have a downturn, you have a bottom, then you have a recovery. And so where we're at right now, it does seem to be that where the prices are softening a little bit, inventory levels are going up, but this is not the same market of previously.

Speaker 1:

I mean, we have less than 1% of our homes in the United States are distressed and that could be a foreclosure or short sale where people are in financial trouble. And if someone is in financial trouble, you can. Most likely, if you're faced with having to sell, there's most likely equity in your home. There is a way to start over. You might not want to sell, but most likely you have equity and you can start over. You can cash out. If you have to let go of the home because you can't afford it, there's a good chance.

Speaker 1:

And again, that's where we can provide clarity for you. There's likely that you have an exit or a parachute to pull and our inventory levels are still low. We still have less than a six-month supply of homes on the market. We're still in a seller's market and until you see a drastic increase of inventory which, again, the experts are saying we do not have enough homes across the country to meet the demand of buyers and so they're saying it could be a number of years before inventory levels really go up. We're going to see and we're watching it and we can't predict what's going to happen, but we can certainly look at what's happening today and then our clients can make a decision with the information that we can have today. Again, obviously no one has a crystal ball. We don't know what's going to happen in the future, but we know, long-term, buying a home, living in it, enjoying it, compared to renting, you're paying down your mortgage, you're building up equity, even if prices go down, we know history tells us long-term that they recover and we've seen this long-term appreciation.

Speaker 1:

So your unique situation, your unique home, we provide clarity. Whether you're thinking about buying and then selling, or then selling and then buying, or maybe you're going to sell and then move into a retirement community. We want to be there to provide clarity and to help you. Whether you're thinking about doing this now or later. We'd love to interview for the job. You can call us directly at 828-393-0134. Find us online at realestatebygregcom. We would be honored to interview for the job.

Speaker 1:

We podcast all of our radio shows. This is my 20th year with my North Carolina broker's license and if you're curious about your situation what your home's worth or the market we welcome the phone calls. We welcome the conversations. We're so grateful. Majority of our business is word of mouth. We have incredible staff, incredible agents and so if we can help you, please give us a call. We're here every Monday morning sharing with you the news and positive news about our market and our community. We're grateful to be here on the queue. We'll be here next Monday and again, we're loving and enjoying this time of year in the summer and again, I hope you're doing well. Have a great day, have a great week and we'll see you next Monday.

Speaker 1:

Thinking about estate planning for your real estate Without a smart approach, the property you leave behind could become an unwelcome burden for your kids. Many children simply don't want to co-manage an inherited house or deal with the tenants. Fortunately, you can prevent that with the right plan. The George Real Estate Group specializes in tax-efficient strategies like 1031 exchanges and Delaware Statutory Trust to simplify inheritance and income planning. A 1031 exchange can defer your capital gain taxes now and help your kids avoid a big tax bill later. And a DST lets you continue earning rental income without landlord headache. Plus, it can be split among your children, making inheritance easier. Planning ahead is one of the kindest gifts you can give your family. Let us help you secure your legacy. Call the George Real Estate Group at 828-393-0134 today. You've worked hard to build your legacy. Now let us help you protect it for your loved ones.

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. 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.