George Real Estate Group Radio Broadcast

Navigating the Fall Real Estate Market: Trends, Rates, and Opportunities

• George Real Estate Group

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As autumn leaves begin to fall across Western North Carolina, the real estate market continues to show remarkable resilience and signs of positive change for both buyers and sellers. The latest data from Henderson County reveals a perfectly balanced market with 50 new listings and 48 homes going under contract in just the past week – a clear indicator that demand remains strong despite shifting economic conditions.

What's truly exciting is the newfound affordability entering the market. Mortgage rates have decreased from 7% earlier this year to around 6.3% nationally, with some buyers securing 20-year fixed rates in the low 5% range. This rate reduction, combined with wage growth outpacing home price appreciation, has lowered the typical monthly mortgage payment by approximately $290 compared to just months ago. The Mortgage Bankers Association reports this has triggered "the strongest week of borrower demand since 2022," with purchase applications running more than 20% ahead of last year.

For homeowners, there's tremendous equity opportunity to consider. National home prices have jumped nearly 54% over the past five years, creating an average of $300,000 in equity per homeowner. This substantial wealth buildup offers flexibility whether you're looking to rightsize, upgrade, or leverage your investment for other goals. As we reflect on our community's resilience one year after Hurricane Helene, we're reminded that thoughtful, informed real estate decisions can open doors to exciting new chapters. Whether you're dreaming bigger about your next move or simply curious about your home's current value, we're here to provide clarity without pressure or obligation. Your unique situation deserves personalized attention – call us at 828-393-0134 to explore your options with Western North Carolina's trusted real estate experts.

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 thankful to be here with you the first day of fall or autumn, if that's how you want to be. It is not a lugubrious day today. It is a beautiful day today. You see what I did there, but again, it is a beautiful day, first day of fall, and so much to be thankful for. Wow, time flies when you're having fun. Here we are, september's almost over, we're less than 100 days to Christmas and wow, time's flying when you're having fun and we're just so thankful to be here with you every Monday morning and sharing with you positive news about your local real estate market and community and we'll dive into what's going on in the community, what's going on into the market A lot of things to talk about this morning. And if you're tuning in for the first time ever, the George Real Estate Group, we're located in Flat Rock, right next to the Flat Rock Bakery, hubba Hubba Barbecue, campfire Grill, our friends at Hubba Lou and the Wrinkled Egg, and we're located there on Rainbow Row. We serve all of Western North Carolina and the upstate South Carolina and if you're thinking of buying, selling or investing in real estate or a career in real estate, we'd love to have the conversation. You can call us directly at 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 and just love to connect with you.

Speaker 1:

The market continues to move and we'll give you a quick snapshot of what's happening here locally. In the last seven days in Henderson County there's been 50 new listings. There's been a continued pattern of price drops. There's also been a steady demand. I mean there's been 48 homes go under contract. Isn't that interesting? The last seven days 50 new listings, 48 homes went under contract, so almost just a wash there and then 32 homes closed. There's this time of year. You'll see more homes close towards the end of the month, but the market remains strong and we look and see what's happened. I mean following the numbers. I mean over the last year to date.

Speaker 1:

Now I know we're coming up past or close to the end of September, but through the end of August in Henderson County in Henderson County through the end of August we've actually had an 11% increase in new listings. We've had a 2.5% increase in pending sales. We've had a 3% increase in closed sales Over the last 12 months. In Henderson County we're averaging some 125 single-family homes a month selling and I remind you, I'm referring to single-family homes where there's a significant amount of condos and townhomes and land and commercial and in those type properties that we're selling as well. But using single family homes as the barometer. But there has been an increase of 3% number of closed sales in Henderson County through the end of August compared to the previous time frame.

Speaker 1:

The median sales price is at through the end of August is at $ $5.46, which is only a 0.1% drop. I mean it's not even a 1% drop. It's basically essentially the same. And then the average sales price. The average sales price over the last 12 months is in the $5 530s. The average sales price if you look over the through the end of August is at 514, which is less than a 1% drop compared to the same time period before.

Speaker 1:

One of the biggest observations is the percentage of the original asking price to the sales price is at 95.2%. So when you look at what people are asking versus what they're actually selling for, sellers are coming off their prices. I mean in a couple years ago I mean it was closer to 100%, 99% it was 100%. In some cases it was over. 100% was the average sales price to. You know, asking price to sales price received. Now you know sellers do feel the competition. So sellers are coming off their prices a little bit.

Speaker 1:

Buyers have a little bit more flexibility in negotiating room. Part of that is because days on market's increasing, buyers have more choices. I mean now the days on market is increased over 37%. The days on the market until it goes under contract is at 62 days. Cumulative days is at 69 days. It's up some 40%. And then the days till the home actually close is up 17%. That number's at 114 days.

Speaker 1:

But you know, it's just interesting. We're watching what's happening over the Henderson County. The interest rates now that's been the news for sure. The interest rates have come down and that's giving some buyers some flexibility. I mean I heard last week a buyer was able to lock in a 20-year fixed rate in the low fives. I mean that's a significant improvement. You know there's a lot of buyers have just more affordable. There's affordability. That happens with these lower interest rates. Now don't confuse the federal rate with the mortgage rates. The Fed rate is not the same as the mortgage rates, but affordability is finally showing signs of improvement this fall.

Speaker 1:

This is interesting. The latest data from Redfin showed the typical monthly mortgage payment has been coming down and it is now $290 lower than it was just a few months ago. So why is that happening? Well, it's the mortgage rates, it's the home prices, it's wages. So right now all three are finally moving in a better direction for the buyer and it certainly doesn't mean all of a sudden it's easier to buy at today's rates and prices, but it just means it's softening. It's not as challenging.

Speaker 1:

Mortgage rates have come down compared to earlier this year. In May they were roughly 7% and now nationally they're closer to 6.3%, and it doesn't sound like a lot, but it does matter. Even the small change in the rates can make a big difference in buyers' future mortgage payments, and so the difference between 7% and a 6.3% rate on a $400,000 home is about close to $200 less based on just rates alone, and for some people that's enough to get back into the home buying mindset. And there was a quote from the Mortgage Bankers Association that said this the downward rate movement spurred the strongest week of borrower demand since 2022. Purchase applications increased to the highest level since July and continued to run more than 20% ahead of last year. 20% ahead of last year. And then also nationally.

Speaker 1:

After several years of prices rising rapidly, price growth has finally slowed. And then a quote from the chief deputy chief economist at First American said this national home price growth remains positive, but he used the word muted low single digits, and we expect this trend to continue the second half of the year. So for buyers it's a big relief. I mean and don't get me wrong if you're a seller, the sky is not falling. Prices I shared with you year to date through the end of August in Henderson County was less than a 1% change. So, from a buyer perspective, the prices not having those double-digit appreciations is giving some buyers some relief, but it doesn't mean the sky's falling as a seller. So again, whether you're buying or selling, I mean the market is the market, and that's where us talking and us sharing about what your options are, whether as a buyer or seller, absolutely matter.

Speaker 1:

And then another interesting thing wages. According to the Bureau of Labor Statistics, wages are up near 4% annually, and so that's a big deal too that your typical paycheck is rising faster than home prices, which is interesting, which can help buy and which does help with affordability. It's not a big difference, but of course, in life every bit counts, and so the lower rates, the slower price growth and the stronger wages could be enough for a buyer to make something work, and so, while affordability is still tight, it's a little easier on your wallet than it was a few months ago. So, according to the Redfin data, the typical monthly mortgage payments is already around $290 lower than it was earlier this year.

Speaker 1:

So whether it's your personal home you're thinking of buying or selling, or it's an investment property, or maybe it's a part of your estate that you're inheriting or selling, or maybe it's an investment property. Whatever it is your unique situation, your unique home. We'd love to have the conversation. We have incredible agents at the George Real Estate Group, we have incredible staff and we'd love to have the conversation. There's no pressure, there's no cost, there's no obligation. You can give us a call at 828-393-0134, 828-393-0134. We love having consultations and you might be thinking, hey, this could be six or 12 months from now. It's never too early to have the conversation, to plan ahead.

Speaker 1:

We provide clarity, we provide information so that you can decide what's right and ultimately, most of our questions that we get people are curious what's my home worth? You know it's one thing to look I mean no offense to the tax assessor's office in Henderson County but you know the tax assessment is not what your home is worth. No offense to Zillow. Your home is not worth what Zillow tells you it's worth. You know you're a unique home. You're the condition, the location, the improvements you've made. You know the reality is Zillow. Nor the tax assessor has been inside your home. And so we take a two-step approach at the George Real Estate Group You're home and we do an initial consultation and then we go back and do our research to see what other similar age, similar location, similar size homes have been selling for, and we look at what your competition is. And so it's not an exact science, but we certainly love having the consultations with our clients to provide information as to what your home is worth, and so it's something.

Speaker 1:

Here's the thing if you want to know something important, you probably should get a professional to check in on it. It's and you probably just like. If you want to know something important about your health, you're going to talk to a professional. You want to know something about your finances, you're going to talk to a professional. You want to know something about your finances, you're going to talk to a professional. If you want to know what your biggest financial asset is worth, which is most likely your house, if you want to know what it's worth, you might want to talk to a professional.

Speaker 1:

So again, equity is what your home, the difference between what you owe on your home and maybe you don't owe anything on your home. Over 30% of homeowners have their homes paid off. Over 50% of homeowners in the United States have over 50% of equity. But the difference between what your home is worth today and what you still owe on it, if you owe anything, and so that's what's called equity. And so equity grows over time as your home prices go up. And if you're making monthly mortgage payments, you're paying that mortgage down. So let's say your home is worth $600,000 and you have $200,000 left on your loan payoff. That means you have $400,000 in equity. So, according to totality, the average homeowner actually in the United States has about $300,000 in equity. And why you probably have more than you think is because, you know, over the last five years in the United States home prices have jumped nearly 54%. That's significant. And so again, your unique home, your unique situation. We do a home value analysis for you, and again, there's no pressure, there's no cost to do that. We're going to dive more into these numbers right after the break.

Speaker 1:

You're listening to the George Real Estate Group live radio broadcast here in the queue on every Monday morning. What a beautiful day. It is the first day of fall and again so thankful to be here with you. If you would like to call us, you can call us directly at 828-393-0134. You can stop by our office there at 2720 Greenville Highway. But stay tuned in. We have more information right after the break. Good, but stay tuned in. We have more information right after the break. Good morning and welcome back. You're listening to the Georgia Real Estate Group live radio broadcast here in the queue.

Speaker 1:

I was just reflecting. It's amazing to think back. This coming Saturday is a year since Helene and so much has transpired and there's still so much to—that's still so much work to be done and so much of our community is still recovering. And then there's so much that are quote unquote, back to normal. But you know, we continue to remember in our thoughts and prayers to those that are still recovering and how life is just different, those that are still recovering and how life is just different. But this coming Saturday, the one-year anniversary of Helene it's amazing, the resilience though I mean. We certainly saw just how our community came together neighbors helping neighbors, the nonprofits, the communities, just everyone stepping up and how the response was. And I know everybody's got their Helene story that they think about and they share and they can relate to those that experienced that together, that shared experience that we had together. It's wild that we're coming up on a year from that Time just keeps moving forward and certainly want to pause and remember that. We'll talk more about that next week as well.

Speaker 1:

So the market. It's so interesting. In the last five years we've had a 54% nationwide increase, which is significant. Your home is likely worth much more than when you first bought it because of just how the prices have climbed over time. And so you know if you're worried that the prices are flattening or if prices are coming down in some markets, just know, if you've been in your home for a few years or more, it's likely that you have enough equity to sell and still come out ahead Again. Your unique situation, your unique home. This is so interesting.

Speaker 1:

Homeowners are living in their homes longer. This is something that the National Association of Realtors reports. The average homeowner stays in their home for about 10 years now. This is, and that's longer than it used to be. And over that decade you've built equity just by making your mortgage payment and riding the wave of rising home the home values. From 1985 to 2008, the average tenure in a home was six years, but from 2009 through 2024, the average tenure was 9.25 years. So just by staying in your home making the mortgage payments. This is interesting.

Speaker 1:

The financial side of home ownership is about playing the long game. Of course, there's going to be ups and downs, and I'm not minimizing the ups and downs of the economy, not minimizing the ups and downs of the stock market, but not worrying about the little ups and downs in the market here and there. And here's the thing Over time and the longer you're in your home, it means you're winning. So we know, historically, home prices appreciate. We saw firsthand even the people that bought in the previous housing bubble that experienced significant loss. On paper you only lost money if you sold it. But the recovery, and not just recovery the rocket trajectory of where home prices went, trajectory of where home prices went. It's so funny if you look back in time and say, wow, the bubble that we experienced here and the peak of the market in 2007, 2008,. And then the crash and the decline in the bottom of the market in 2011. Guess what? Even if you bought at the top of the market previously and you stayed in your home, you stayed in your home when it was down and you still were living your life, still making those mortgage payments. But if you stayed in that home long-term and then you're sitting in your home today, the significant appreciation that you've had surpassing the previous bubble. So again, if you're one of those people who that's been in your home for a bit. Over just the past decade, the typical homeowner has accumulated $200,000 in wealth solely from price appreciation.

Speaker 1:

So what can you do with that? I mean you can continue to stay in your home, build equity. Also, it could be a tool to unlock your next big move. I mean you can use it to help buy your next home. Your equity could help you to cover the down payment on your next home. In some cases, it could be your entire next home because, again, significant number of clients have their homes paid off and so you can purchase your next house all in cash. You could also use the equity to renovate your current house to better suit your life.

Speaker 1:

Now Maybe you need to plan for long-term stay in your home. Stay in your home, and so it could be a strategic move about your projects to add even more value to your home if you decide to sell later on. Also, some people use the equity in their home to start the business they've always dreamed of. Your equity could be exactly what you need for startup costs, a bet on yourself, equipment or software or marketing. It could increase your earning potential, so getting another financial boost. So, again, the likelihood is your home's worth more than what you paid for, depending on how long you've been in your home. And so if you're curious about your home's worth, we'll run the numbers, we'll give you a professional equity assessment report so you know what you're dealing with and again, you can decide. Maybe just get the information and you just feel good about just knowing what you have there. It's options that you have. Again, it's options that you have to decide what you want to do with it.

Speaker 1:

I love quotes, and I saw some quotes about goals and dreaming big. This is a quote actually from Michelangelo. Most people don't fail because they aim too high and miss, but because they aim too low and hit. Isn't that a good one? Dan Sullivan said this your future is bigger than your present. Your present is bigger than your past if you decide it to be. And then Gary Keller said this if you're going to dream, dream big. It's no harder than dreaming small, dreaming big and I'm a big fan of dreaming big.

Speaker 1:

And again, why goals matter. You know, if you don't have a goal, you don't know where you're aiming, and if you don't set your own goals, you'll end up working for someone else's, you know. So, deciding what your goals are, deciding what you want your life to look like, but for a lot of people, people set their goals too small. They don't excite them. A lot of people set, people set their goals too small. They don't that don't excite them. A lot of people set goals that are just too big. Sorry, too vague. You know I want to, I want to make more money, but but how much and doing what and by when? And then a lot of people set goals that are too safe. You know they set goals, they already know how to achieve. But you know, if your goal is to do what you did last year, plus a little bit more, that's not growth, that's just maintenance. So it's something to think about, thinking about, maybe dreaming big, whether it's a personal goal or a business goal, or a financial goal or a health goal. Thinking bigger. But goals, they recommend them to be SMART, and maybe you've heard the acronym for SMART Specific, measurable, achievable, relevant and time-bound. And so the thing is, goals are both big enough vision that inspires you, but also smart steps to get you there. And so this is where your goals and your standards. If your goal is to run a marathon. You have to become a runner.

Speaker 1:

I heard from a fitness coach about goals and about people say I want to get healthy and you have to become the type of person that's gonna accomplish that goal and and this is such a I heard this and I was like this is so fascinating to me. He had a client that was wanting to get healthy and part of the part of that was setting up a Habit of going to the gym and showing up to the gym and working out every single day, while the coach and the coach said to the client I want you to get ready the night before, I want you to get ready in the morning, I want you to get in your car and I want you to go to the gym. But guess what, for the first 90 days, all I want you to do is actually go to the gym every morning. I don't want you to work out. You might think that's absolutely crazy, but the point the coach was doing with their client was they wanted to build the habit of just showing up.

Speaker 1:

For so many of us, it's okay you get to the gym and you're going to work out, but if you don't do it consistently, if you don't do it as a habit. If you don't even show up to the gym to say that you're going to work out every day, if you can't master the first goal of showing up to the gym, then working out at the gym is not going to work out every day. If you can't master the first goal of showing up to the gym, then working out of the gym is not going to matter. I heard the famous basketball coach. He literally taught his players how to tie their shoes. It's the foundational habits that you work on before you get to do the next part. So again, you don't get your goals, you get your standards, and so you raise your identity. And again, if your identity, if your goal is to run a marathon, you have to become a runner.

Speaker 1:

So another interesting thing is accountability. People hit bigger goals when you share them with others. Accountability creates follow through. You know you don't drift into success, you're held to it. You know, when you share your goals and you have that transparency, there can be magic in the accountability. So when you look at your life, whether it's your finances, your health, your business, your relationships, you know maybe where are you playing too small with your goals. And if you were to think bigger and dream bigger and I love this quote. Most people overestimate what they can do in a year, overestimate and they underestimate what they can do in three years. So don't just set goals that get you through the year. Set goals that can create a life worth living.

Speaker 1:

And it matters, how we think about things, who you surround yourself with. You're the average of the five people that you surround yourself with and, again, because when you're hanging out with healthy people, you can't help but be influenced to be healthier. If you hang out with people that are, maybe your goal is to be more faith-based, you hang out with other faith-based people. That's gonna influence you. You wanna hang out with other faith-based people. That's going to influence you. You want to hang out with other financially wise people. That's going to influence you. Again, you want to hang out and surround yourself with others that think the way you want to think and go to where you're going.

Speaker 1:

I joke that if I'm the smartest person in the room, I'm in the wrong room. I don't want to be in those rooms. I want to be in rooms where I can be encouraged, rooms that can be driven and held through with accountability and working towards where I want to go. So again, most people don't fail because they aim too high and miss. They fail because they aim too low and hit. So I encourage you to dream big, to think big. I always love these conversations and if you want to have the conversation, maybe you thought about a career in real estate. We'd love to have the conversation. If you maybe thought you're thinking about buying or selling or investing in real estate, we'd love to have that conversation. But we're here every Monday morning sharing with you positive news about your local real estate market community. Thank you so much for tuning in. Of course, give us a call 828-393-0134. Happy first day of fall and we'll see you next Monday.

Speaker 1:

Maybe the house feels a little too big these days, the stairs a little steeper, the pace of life a little too fast. But what if your next move wasn't about letting go? It was about making space for peace, for freedom, for what matters most. At the George Real Estate Group, we understand that real estate isn't just about the house. It's about transitions, timing and trust. We've helped thousands of families in Western North Carolina make smart, thoughtful moves Closer to nature, closer to family, closer to home. So when you're ready to right, size, simplify or start fresh. We'll be here. The George Real Estate Group, local, trusted, proven. Call us today, 828-393-0134. Find us online at realestatebygregcom, because your next chapter deserves to feel just right.

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 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.