Asheville Neighborhoods: Buy Real Estate on Chicken Hill and Purchase a Piece of Asheville History
Chicken Hill: Celebrating Asheville History
The Chicken Hill neighborhood in Asheville is just a short walk from downtown, from the River Arts District and the French Broad River. It sits on a hill overlooking the river and from many homes you can see West Asheville on the other side of the water. Chicken Hill has a long history in Asheville, one that started with a mill village in the 1880’s built for the C.E. Graham Manufacturing Company. (1) The railroad being built along the river created a huge potential for commerce and local businesses, including Graham, the owner of the cotton mill, planned to capitalize.
How Chicken Hill Began
Chicken Hill was created as a place for mill workers and their families to live. It is rumored it got its name because when rural families were hired to work at the mill they brought livestock with them and the chickens would walk down the hill in order to drink form the river. Workers and their families had Stick Style Victorian homes, as well as a communal bathhouse and clubhouse. (2) In 1894, when the mill was sold to new owners the workforce expanded and Moses and Caesar Cone, two entrepreneurial brothers, began to build additional one bedroom cottages to house new staff. (3) However, once the Depression hit manufacturers began to move away from the Asheville area and eventually the mill closed leaving numerous families without livelihoods and the community that once thrived on Chicken Hill slowly disappeared.
Historic Homes
Today only approximately 33 homes out of almost 100 original survive on Chicken Hill. The Clubhouse, which still stands, is a unique 2-story Queen Anne Style house built in 1884. It is currently for sale, but requires a great deal of restoration. (4) Hangar Hall, a 2-story brick house, is the perfect example of Queen Anne, Italianate and Eastlake styles that were popular in the late 1800’s. Built by Peter A. Demens, owner of a sawmill on the river, Hanger Hall now houses a small number of apartments and the Hanger Hall School for Girls. (5)
The Revival of Chicken Hill Offers New and Old Asheville Homes for Sale
Properties on Chicken Hill range from fixer uppers to beautiful, new, green homes. Since the 1990’s many homebuyers have been inspired to revive this area and build or restore homes to take advantage of the beautiful mountain views. Directly connected to the Chicken Hill neighborhood is the River Arts District, which is also in the middle of both residential and commercial real estate growth. Within a few minutes walk of Chicken Hill residents can find art galleries, cafes, The Grey Eagle Tavern and The Wedge, a local brewery. The convenience of this neighborhood and the creative real estate development in the area make it an excellent place if to look if buying a home in downtown Asheville is your goal. (6)
Nearby West Asheville Real Estate Opportunities
Just across the river from Chicken Hill homebuyers can find numerous residential properties. Easy access to downtown and Haywood Road, the main street through West Asheville, make these locations highly convenient. On Riverview Drive, visible from Chicken Hill buyers can see a row of beautiful new homes, built along the edge of the mountain overlooking the river and the city of Asheville. These are modern homes unlike others in the area. Parallel to Haywood Road homebuyers should also explore the Deaver Street and Reynolds Street neighborhoods. Many older homes have been upgraded and renovated in this area and there are many choices of smaller, more affordable homes for first time or single buyers.
If purchasing Asheville real estate is something you’ve decided to do, consider all of your options. Work with a real estate agent that can explain the local neighborhoods and the communities you will find here. Whether you are looking for new construction, condos, a small house, a renovated historic home or even a green, healthy built home Asheville has opportunities you don’t want to miss.
Real Estate Sources
(1) (2) (3) http://www.chickenhillnc.com/gallery.htm
(4) http://www.chickenhillnc.com/club.htm
(5) http://www.chickenhillnc.com/hanger.htm
(6) http://www.chickenhillnc.com/about.htm
East Asheville is very similar to other sections of the city; a bustling shopping and entertainment area can be found along one main road that leads to beautiful, neighboring towns. However, just like the other areas, East Asheville has its own perks and community flavor. It is also home to a number of attractive neighborhoods where homes of a variety of styles and sizes can be found.
Asheville Shopping and Retail: Find Everything You Need on Tunnel Road
Tunnel Road is called Tunnel Road because you must drive through a tunnel that goes through a mountain in order to get there from downtown. Once you have left the narrow streets and 1920’s architecture of downtown Asheville on the other side of the tunnel you find numerous restaurants, retail stores, gas stations, movie theaters, hotels, the Asheville Mall and more. Everything from affordable discount stores to designer boutiques can be found on Tunnel Road so there are shopping opportunities regardless of your budget. If you need to buy tires for your car or a book to read, grab a cup of coffee or shop for formalwear, go on a date or see the latest 3D movie you won’t have to go far.
East Asheville Neighborhoods:
There are many comfortable and easily accessible neighborhoods in East Asheville. Here are some of the most popular.
Kenilworth
This section of East Asheville consists of streets lined with beautifully built homes and trees. Large, renovated, older homes have been kept in gorgeous shape and often have landscaped yards. Newer contemporary homes can also be found in Kenilworth. The residential streets make the neighborhood great for walking and biking. Kenilworth is an excellent location for families and retirees.
Oteen
Oteen is located just around the bend from the Asheville Mall on route 70. This area runs parallel to 70 and is the location of some beautiful new and existing homes, as well as condos and duplexes. Oteen is made up of a series of small neighborhoods and provides easily access to shopping, restaurants and entertainment. Downtown Asheville is only a few minutes by car via Tunnel Road or Highway 240.
Asheville VA Hospital
As you travel down route 70 towards Swannanoa and Black Mountain you will continue to find fantastic restaurants, café’s, shopping and a variety of services. Between Oteen and the entrance to the Blue Ridge Parkway you will find an area often referred to as being “near the VA Hospital”. Opened in 1922 (1), the VA Hospital is a landmark recognized by the majority of local residents. Spreading out around the hospital is a series of neighborhoods that are home to many different types of living spaces. Single-family homes, condos, duplexes, homesteads and properties with acreage can be found in every direction. Many homes in this area can be located in a seemingly remote section of the mountains with beautiful views, however within 10 minutes you can be in a major shopping area and within 15 to 20 minutes you can be in the heart of downtown.
Route 70: Make Your Way from Asheville to Swannanoa and Black Mountain
If you continue East on route 70 or highways 240 and 40 you eventually end up in Swannanoa and then Black Mountain, both of which are beautiful, fun nearby towns. Swannanoa is home to Warren Wilson College, an extremely well recognized educational institution, known for its commitment to the study of eco-friendly, green, sustainable professionals. Warren Wilson also focuses a great deal on community service and the contribution students can make to the local region. The campus is also home to a number of excellent hiking trails.
Black Mountain is a small town very similar to Asheville. It is home to artists, musicians and many thriving, local businesses. The mountain views are stunning and downtown offers residents activities to enjoy both day and night. Black Mountain is a very popular place to buy real estate because of the rural nature of the surrounding mountains. If living remotely appeals to you or you are looking to purchase a weekend or vacation getaway Black Mountain may be the perfect area to explore. There are also many communities to choose from if you prefer to live in a more rural area.
If you are thinking of moving or relocating to Asheville or WNC learning more about the local region and neighborhoods can help you find the best location for your new home. Be sure you work with a real estate agent that clearly understands all of your individual needs and wants, as well as the advantages and disadvantages of various areas of Asheville; this will ensure you real estate purchase is a success.
Real Estate Sources:
Nestled between Biltmore Village and Tunnel Road, two bustling areas of commerce and tourism in Asheville, is the beautiful Kenilworth community. This neighborhood features a variety of homes in different styles, price ranges and sizes. The tree-lined streets create the perfect atmosphere for walking or riding a bike. Certain streets even provide a gorgeous hilltop view of Biltmore Village and the surrounding mountains. Kenilworth is unique because it is conveniently located to grocery stores, shopping, hospitals and downtown, yet in the heart of the neighborhood residents can feel hidden away from the noise and traffic of the city. Families, retirees and single people will all find benefits to buying a home in this community.
Historic Homes of Kenilworth: A Reminder of Asheville’s Rich History
Historic homes are common in Kenilworth. Its close proximity to Biltmore Village and the Biltmore Estate made it the perfect location for friends, family and employees of the Vanderbilt family to build homes in the late 1800’s and early 1900’s. Many historic homes in Kenilworth have been renovated and upgraded with modern amenities, while gorgeous architectural accents and design features that were popular over a hundred years ago have been well preserved and cared for. These historic houses offer a look and feel home buyers cannot find in new, modern homes.
One beautiful historic landmark that can be found in Kenilworth is the Kenilworth Inn Apartments. The Kenilworth Inn Apartments building was originally constructed as an 8-story grand hotel during the height of the railroad boom in the 1890’s (1) and it served as a military hospital in World War I and II. The Inn, which has been placed on the National Register of Historic Places, is now an incredible community of modern apartments. According to www.HistoricKenilworth.com the Kenilworth Inn Apartments sit on “the second highest vantage point in Asheville”, overlooking Swannanoa River Road. This is a great area to walk around in the neighborhood if you want to see a breathtaking mountain view.
Opportunities for First Time Home Buyers in Kenilworth
In Kenilworth potential home buyers can find luxury homes with any number of amenities and rooms. Many of the larger, older homes are like something out of a fairy tale, and if you have the money to purchase your dream home this may be a great place to look. Despite some higher prices, Kenilworth also has a number of options for first time homebuyers to consider. If you are searching for a well built, practical starter home where you can raise a family or simply make a good investment Kenilworth has multiple homes listed around $200,000.
New homes of any size can be found throughout Kenilworth as well. These modern style homes are very beautiful and have excellent amenities regardless of size. In Asheville, green building is a popular trend. More and more builders are now following green building requirements in order to design and build North Carolina Healthy Built Homes. Home buyers interested in alternative energy and green living can explore the possibilities in Kenilworth.
Buying a Home in Asheville? Kenilworth is Perfect for Families, Retirees and Single People!
Kenilworth is just one of many neighborhoods in Asheville, but it is a perfect location for almost anyone. Families with children, retirees and even single home buyers can appreciate the convenience of the Kenilworth community. Within 5 minutes residents can reach Tunnel Road, a major shopping and dining area that leads to the Asheville Mall or Biltmore Village, a charming historic district full of restaurants, cafes, boutiques and art galleries. Missions Hospital Systems is located within minutes of most homes in the Kenilworth area. If you are looking for night life and the downtown Asheville experience you can make there from the East or South in only 10 minutes, you could even ride a bike on back roads and avoid many of the main thoroughfares. If you are looking for the comfort of a mountain lifestyle with easy access to the excitement of a metropolitan city then consider Kenilworth.
South Asheville – Celebrate the Beauty of the Past and the Excitement of the Future
Facing South Asheville by Zen Sutherland
Gateway to South Asheville: The Biltmore Estate and Biltmore Village
Just south of downtown Asheville lies Biltmore Village and the world-renowned Biltmore Estate. Opened by George Vanderbilt in 1895, the Biltmore Estate is America’s largest home. It was designed by architect Richard Morris Hunt and modeled after 3 French chateaux from the 16th century (2). Hundreds of acres of mountain land spreads out around the Biltmore Estate where visitors also find stables, a winery, a 5 star hotel, hiking trails, gardens and more. The estate property is vast and beautiful. The Estate is filled with rich treasures of the past and stands as a preserved piece of Asheville in the early late 1800s.
Biltmore Village is another part of the Vanderbilt history. This area of preserved buildings was built by Vanderbilt as an entrance to his Estate in the 1890s (1) and is now home to cafe’s, art galleries, restaurants and quaint shops. It is the perfect place for an afternoon walk or dinner on the town. Many homes in this area can be found with strong remnants of the turn of the century. Biltmore Forest, one of the most popular and desirable real estate areas in Asheville, is just a short drive on Hendersonville Rd.
Asheville Regional Airport
Located conveniently between Asheville and Hendersonville is the Asheville Regional Airport. Despite its small size, the Asheville Airport, opened in 1961, has grown to be a state of the art facility over the last 46 years and continues to serve the entire Western North Carolina region (3). The Asheville Regional Airport has also become an active part of the local community and offers a variety of events and programs including the popular Art in the Airport program, which features local artists throughout 11 Western North Carolina counties (4).
WNC isn’t just Asheville! Visit Hendersonville and Flat Rock, North Carolina
Historic downtown Hendersonville became part of the National Register of Historic Places in March 1988. The beautiful downtown area features local shops, restaurants and many points of interest including local museums, markets, historic buildings and access to some of the region’s best hiking trails and forest lands. It is also home to many popular events such as the Annual Apple Festival held on Labor Day weekend (5).
The Village of Flat Rock, NC is nestled south of Hendersonville and, although small, it is most well known as the location of the home of poet Carl Sandburg and the popular Flat Rock Playhouse. Many of the homes in downtown Hendersonville and Flat Rock have been built in the historic style to preserve the beauty of the area. Properties can often be found with more acreage as you move further into the surrounding mountains.
Get to Know the Carolinas
Heading south of Asheville is the fastest way to reach South Carolina. In about 90 minutes you can be in the heart of downtown Greenville-Spartanburg or at the Greenville Spartanburg airport. It is a beautiful trip through the mountains and explains part of why people refer to this area as “the Carolinas”. Greenville, SC started as a small village in 1797 and has since become a thriving small city with beautiful residential neighborhoods (6). Greenville has easy access to Asheville (NC), Atlanta (GA) and areas on the coast of South Carolina like Charleston.
Homes for Sale in Asheville and Western North Carolina
Asheville and the surrounding counties have a rich history and an exciting future. Even before settlers arrived here, this area was known for its healing climate and incredible natural beauty. It has always been a special place; this is what continues to attract visitors and residents alike to the area. Whether you are in search of a downtown condo, a suburban house in a friendly neighborhood or a cabin in the mountains surrounded by sprawling acreage you can find it near Asheville. The North Carolina mountains are home to so many thriving communities, it is easy to find a place you can call home.
Real Estate Sources
(1) http://www.biltmorevillage.com/index.htm
(2) http://www.biltmore.com/our_story/our_history/default.asp
(3) http://www.flyavl.com/airport-info/avl-airport-history.html
(4) http://www.flyavl.com/media-guide/art-in-the-airport.html
(5)http://www.historichendersonville.org/attractions_hendersonville.htm
(6) http://www.greenvillesc.gov/neighborhoods/historic_greenville.asp
West Asheville Real Estate: Mountain Living Outside of Downtown
Just over the French Broad River from downtown Asheville you will find West Asheville. A small section of the city separated from downtown by the River District, a haven for artists, musicians and creatives living and working in Asheville. West Asheville has it’s own rich history and is a strong, diverse community. Made up of a collection of neighborhoods placed along the edges of Haywood Road that run from the French Broad River all the way to Patton Avenue these neighborhoods are filled with beautiful homes of any age and in any style.
The Main Thoroughfare of West Asheville: Haywood Road
Haywood Road is the main street of West Asheville. A large number of local businesses located in West Asheville have storefronts and offices on Haywood Rd. Similar to the architecture of downtown; many of the buildings on Haywood Rd. were built in the 20’s and have been renovated to preserve the look of this main thoroughfare.
Café’s, markets, restaurants, bars, beauty parlors and offices can be found on any block. In the last 5 years Haywood Road has attracted more homeowners and tourists. Coffee shops, the Walk-In Theater (outdoor movies shown at the historic Bledsoe Building on Fridays during the warmer months), and the Farmers Market draw people to Haywood Road during the week. The pubs and restaurants also attract musicians to the area every weekend. Overall Haywood Rd. is where a lot of the West Asheville buzz originates.
West Asheville Neighborhoods
The neighborhoods in West Asheville have a similar look and feel to the Montford and Chestnut Street neighborhoods in downtown. Many of the homes were built in the 1920’s. Finding 3 or even 4 bedrooms isn’t unheard of and the prices are more affordable than neighborhoods downtown. Many new, contemporary homes have been built in West Asheville in the last 10 years and older homes have been renovated or upgraded. West Asheville is a local oriented community. Neighbors often know one another and socializing at events on Haywood Road is common since it is often within walking distance.
Shopping and Business on Patton Avenue and Smokey Park Highway
Patton Avenue is a hub for shopping in West Asheville. Chain restaurants, gas stations, grocery stores, auto repair stores, retail shops and more run along either side of this small highway. Once you reach the city limits Patton Ave. becomes Smokey Park Highway and runs directly through Enka and Candler, North Carolina all the way to Pisgah National Forest. Enka and Candler are beautiful places to buy mountain homes, especially if a buyer is in search of a larger property or lot. Homes near Mount Pisgah can be found in any style and many have breathtaking views of both the mountains and valleys. Homebuyers seeking a private, rural lifestyle should explore west of Asheville.
Community Lifestyles: Leicester Highway and the Emma Road Area
West Asheville also includes the Emma Road area of Asheville and Leicester Highway, a beautiful road that leads to serene rolling mountains and wide open spaces. The Emma neighborhoods sit between Leicester Highway and Louisiana Avenue. Homes in Emma can be found in small groupings or with a few acres of property. The style and price of the homes vary.
Leicester Highway is a long road that runs all the way to Madison and Haywood Counties. The first few miles of Leicester Highway are populated with stores and shops like Patton Ave, but as the miles stretch out into the mountains and the road gets smaller, soon there is nothing but farms and fields. The creek runs right along the road and the mountains get closer together. In the last few years many developments and communities have formed in Leicester and continuing beyond the Buncombe County line. If you are longing to live in the heart of the mountains, Leicester is an excellent choice. The highway provides easy access to the city of Asheville and everything it has to offer on a regular basis.
For more information about the local Asheville MLS visit www.NoraHallRealtor.com.
Sell Your Home? Choose a Real Estate Agent with Innovative Marketing and Advertising Ideas
Marketing Experience, Knowledge and Innovation Sets Some Real Estate Agents Apart from the Rest
In the current real estate market selling a home is not the easiest task, but it is not a lost cause either. The key is to ask the right professional to assist you with your real estate endeavors. It important that you choose a real estate agent that has experience and understands the various parts of the homebuying and selling process. An agent must also have up to date knowledge about the market value in your area and the advantages or selling points of your location. Great, high producing agents also think outside the box. They evaluate all of the options they have for marketing your listing and come up with a plan that gives you maximum exposure. Here are some tips on what to look for when you hire a listing agent.
Tip 1: Honesty is the Best Way to Achieve a Successful Home Sale
Honesty with sellers is always important but in the current market it is essential. Many home sellers are struggling to get the price they want for their home. This is often because the listing agent was not honest about the home values and prices in the immediate area and allowed the sellers to have unrealistic expectations. Work with an agent you can trust and speaks openly. Sometimes an agent might not tell you what you want to hear, but this proves they are looking out for your best interests. As a seller you will need the facts in order to decide if now is the right time to sell and if there is no choice to make the best financial decision possible.
Tip 2: An Understanding of the Local Real Estate Market Means Everything
The first time you meet a real estate broker or listing agent ask them to talk to you about the local market and even your neighborhood. Their ability to give you relevant information about the area in which you live or to provide data, resources or stats to support their recommendations, shows they have taken the time to educate themselves about the local area in detail. Attention to detail is what can make or break a successful home sale.
Tip 3: Work with a Full Time Agent or Broker
In order to get the customer service you deserve and the personal attention selling your home requires it is always better to hire a real estate agent that works full time. This means the agent’s priorities center around their clients and not a secondary part time job. It also ensures the listing agent has time to spend marketing your property.
Tip 4: Look for Creativity in Your Agent
Agents with experience often work with photography and staging experts. If you need to sell your home fast find out what solutions your agent suggests. If the agent is up to date about what is happening in the current market he or she should be able to recommend local real estate services that can assist sellers in need of a faster home sale. Agents that think outside the box are sometimes able to create the most creative solutions for sellers in order to facilitate a simpler, faster closing.
Tip 5: Innovative Online Marketing Ideas: Share an Online Video of Your Home
The Internet is where the majority of homebuyers begin their property search. Will your home be online when the perfect buyer starts to look for a home? The Internet is so important to real estate these days, it makes sense that video, which is incredibly popular online, is now becoming an even more powerful tool for sharing real estate information. Youtube.com is the largest social media site online today. National real estate companies like Coldwell Banker now have Youtube channels focused on regions across the country. According to Michael Fischer, senior VP of Marketing for Coldwell Banker Real Estate, LLC in an April 5, 2010 press release, “…video plays a major role in the home buying and selling process. There is no other medium that can showcase the personality of a home and agent more effectively than video. And our agents…have responded by posting more than 11,000 videos to date.”
Selling a home can be stressful and requires focus and hard work. Every seller needs assistance from a real estate agent they trust to listen, create successful strategies and execute a clear marketing plan. So remember to choose your listing agent wisely.
The Magic of Asheville and the North Carolina Mountains
The city of Asheville may be smaller than some metropolitan areas, however, just like larger cities such as Atlanta, New York City, San Francisco and Seattle, Asheville can be separated into various sections, each with its own exciting advantages. North Asheville has always been a special place. Since the heyday of the Vanderbilt family in the 1920’s, North Asheville has been a place for artists, professionals, socialites, writers, and celebrities to congregate and live life to the fullest. One of the most famous examples of this is the internationally known Grove Park Inn.
Perks to Buying Property in North Asheville
The Basilica in Asheville NC
University of North Carolina – Asheville (UNCA)
One of North Asheville’s greatest perks is its close proximity to UNCA, a fantastic university located in the heart of Asheville. The UNCA campus is not only an excellent college, but is also a popular location for many music and arts events throughout the year. In warmer weather, concerts happen both in the university’s many auditoriums and outdoors. The campus has many trails and paths to explore, not to mention exquisite mountain views.
Botanical Gardens and Greenway Development
Located on the edge of the UNCA campus, the Asheville Botanical Garden is a special sanctuary in the midst of North Asheville. Learn about native pants and enjoy the sounds of birds, insects and the creek while you wander the Botanical Garden grounds. Have a picnic in the meadow or visit the gazebo. There are flowers, trees and herbs of all kinds to explore. In addition Asheville is currently in the process of finishing a greenway that runs from UNCA and the Botanical Garden all the way to the heart of downtown. Bike, jog or walk the paths along the edge of the historic Montford neighborhood. The greenway is being built so leaving vehicles at home is a more inviting option for students and other local residents.
Merrimon Avenue Provides Convenient Shopping and Restaurants
Merrimon Avenue is the main thoroughfare in North Asheville and is home to many shops, restaurants, retail stores, pharmacies and more. A post office, multiple grocery stores, the Asheville Pizza and Brew Company (a staple of the area) and much more can be found within just a couple of miles of downtown. Everything from McDonald’s to sushi to Mexican cuisine or Southern style home cooking can be found on Merrimon.
Beaverdam Lake Neightborhood
Travel North towards the small community of Woodfin and you will pass Beaverdam Lake. The Beaverdam neighborhood is a picturesque community located along the edge of the lake. Residents have private access to canoeing and the public has access to all walking trails and the bird sanctuary nestled at the Southern most point of the lake. During the warmer months local residents can be seen boating, jogging, walking and enjoying the mountain weather with family, friends and pets. An exciting new addition to the neighborhood, just up the road from Beaverdam Lake, is the new YMCA, built at the base of the Reynold’s Mountain community. This new facility helps residents in North Asheville avoid traffic and save time.
Real Estate and Economic Development in Woodfin
Woodfin is a small township located just North of Asheville and just South of Weaverville. Over the last five years Woodfin has started to grow. New businesses have opened up and consistently more affordable real estate prices have made it a destination for first time homebuyers. In the next decade the township of Woodfin plans to complete major residential and commercial developments. Woodfin is on its way to becoming a beautiful, inviting community that attracts professionals, families and new homebuyers relocating to the Asheville area.
Weaverville NC: A Quaint, Close-Knit Community Just 10 Minutes from Downtown Asheville
Just North of Asheville, only 3 exits on the highway, is Weaverville, a small town with a great reputation for a tight-knit community, incredible local arts, delicious local restaurants and unique retail stores. Downtown Weaverville is in many ways a picture of what Asheville once was. Main Street is home to multiple local businesses and makes you feel like you are in a simple, rural, mountain village. Easy access to the highway makes commuting to work simple and close proximity to Walmart, Lowes, grocery stores and other retail outlets make it convenient to stay local.
North Asheville is just one section of this fair mountain city. East, South and West Asheville also offer unique advantages for potential homebuyers and have their own rich history. Be sure to hire a real estate agent that can show you all areas of the city and help you make the best real estate decision for your lifestyle. To peruse homes and property available in Asheville and Western North Carolina visit my Coldwell Banker website and review the local MLS.
Kabir Mahadeva is a Certified Mortgage Planning Specialist® with Alpha Mortgage Corporation in Asheville, North Carolina. He works with home buyers to pre-qualify them for an appropriate loan, structure the deal so approval is easy, anticipate any possible issues and complete a successful closing. Mr. Mahadeva has worked in the mortgage industry since 2001 and is an expert on a variety of conventional, government and jumbo loans. He was kind enough to share his thoughts on how to get a mortgage in today’s real estate market. The answers he shares in this candid interview are thought provoking and helpful to anyone interested in buying a home.
- © Andy Dean – Fotolia.com
Q. What are the biggest changes in the mortgage industry since 2008?
A. There are three major changes I observed. First, qualifying for a loan is more difficult—higher credit, lower debt ratios and larger down payment requirements all affect potential buyers. Second, there are new regulations governing appraisals and new Good Faith Estimate disclosure requirements. Third, there are far fewer loan originators still in the profession. Since 2008 many companies have closed their doors.
Q. What strategies can potential buyers use to put together a plan to qualify in the future if they don’t currently?
A. The best strategy is to work with a mortgage planner who can clearly identify where they are today and help them put together a plan to qualify in the future. I began working with a young couple last May that needed higher credit scores and some savings for a down payment and closing costs. After counseling them for almost one year, they’re closing on a home in a few weeks. If buyers work with an experienced mortgage planner they can overcome obstacles more easily and quickly.
There are really only a few basic mortgage types, and a professional mortgage planner helps borrowers choose the right product for their situation. While a low rate is important, most people need to focus on the total cost of a mortgage over the time frame that they will have it. On average, most people don’t have the same mortgage loan for more than 5 years. Also, if negotiating a purchase, sometimes using seller contributions properly can make a dramatic difference in a mortgage.
Q. What are the advantages of working with a mortgage banker instead of a mortgage broker?
A. A broker is a middleman between the borrower and the lender; the broker helps the borrowers choose a loan program, takes their application, then submits the application and other documentation to a lender who makes the loan decision (underwriting) and closes the loan (funding).
The mortgage banker works directly for the lender. Just like the broker, they counsel borrowers, and take applications. However, mortgage bankers are more closely tied to the loan because the underwriting and closing take place within the same company. Appraisals are ordered as well. Mortgage bankers can also broker loans if necessary, but the primary advantage of working with one is that the accountability for the loan stays within the same organization, with no middleman.
Q. Should I try to find a lender on the Internet or go with a local lender?
A. Getting a loan is very different from buying anything else. Every loan is highly personalized, and all loan applications require certain issues or problems to be solved. Working with a local lender who is familiar with the area, local business practices, and local mortgage resources can mean the difference between closing on time, or even closing at all. A local lender is more personally accountable to you and other professionals helping you with the purchase.
Q. What is the most important advice you have for homebuyers?
A. Consider making the move before April 30 so you can take advantage of the tax credit (check with your tax adviser about eligibility). Rates are likely to increase after March because the Fed will stop purchasing mortgage-backed securities (which has been keeping rates down). Move-up or former homebuyers are able to afford more house now than possibly this summer due to increases in rates and monthly payments.
Also, talk to an experienced mortgage planner before you go shopping. People like me can help you know what you can afford for a payment, how this translates into a sales price, and how much money you will need to have on hand before making an offer.
Kabir Mahadeva is a mortgage planning specialist in Asheville, North Carolina. For more information visit www.KabirM.com.
Missed the Federal Homebuyer Tax Credit? Consider Other Great Real Estate Incentives Available in 2010
The federal homebuyer tax credit, which provided home buyers with up to $8000, is over, but there are still plenty of opportunities for prospective home buyers to get an excellent home price and additional incentives and bonuses. The real estate market still favors buyers even though we are almost half way through 2010, so purchasing a home this year is still a great financial investment. If you are a buyer still on the fence, don’t wait! The buyer’s market and a chance to get more home for your money won’t be around forever. Plus interest rates in all likelihood will be going up so now is the time to take advantage of every opportunity the real estate market can offer.
Mortgage Advantages for Buyers Seeking Green, Healthy Built Homes and Real Estate
In February the New York Times reported on incentives offered to homebuyers interested in using home loans to make energy efficient upgrades. If you think are thinking of. lowering your home’s carbon footprint and decreasing your environmental impact then now is the time to purchase a home and reap the benefits. According to NY Times writer Bob Tedeschi, in an article titled Loans for Green Homes, “Fannie Mae, the government-backed company that sets lending standards for mortgages, said that by this summer it would unveil incentives for those who use part of their mortgages for energy-related improvements. And EnergyStar, a joint effort of the Department of Energy and the Environmental Protection Agency, is expected to introduce borrower incentives in New York, after running pilot programs in Colorado, Maine and Pennsylvania.”
It may take time for these incentives to spread to other states, but in the coming months we can expect to see more incentives for anyone making energy efficiency a priority. There are also a number of incentives available to potential and existing homeowners in North Carolina. The Western North Carolina Green Building Council is a leader in the NC Healthy Built Homes movement. To learn more about local incentives and programs visit www.wncgbc.org.
Real Estate Companies Design Their Own Real Estate Incentives and Bonus Programs
In an April 26, 2010 press release Coldwell Banker announced its Buyer Bonus sales event. In direct response to the deadline for the federal homebuyer tax credit Coldwell Banker has activated a program meant to give potential home buyers some of the same financial incentives. According to Coldwell Banker, from May 1, 2010 to July 31, 2010 thousands of sellers will offer a credit of 3% or up to $8000 to potential buyers.
“The Buyer Bonus Sales Event will allow participating Coldwell Banker home sellers to essentially extend the benefits of the credit,” said Jim Gillespie, president and chief executive officer for Coldwell Banker Real Estate LLC. “Without restrictions such as household income caps, the Coldwell Banker Buyer Bonus Sales Event allows for greater participation for all homebuyers. And our sellers have a unique opportunity to allow their home to stand out from the competition in their marketplace,” he continued.
Homes participating in the Buyer Bonus program will display Buyer Bonus Sales Event yard signs and be listed as a Buyer Bonus home online at ColdwellBanker.com. Homebuyers interested in taking advantage of the Buyer Bonus Sales Event can also search online for available homes by simply clicking the box labeled “Buyer Bonus Sales Event”. Homes will also be featured in national television commercials beginning May 1, 2010, extensive online advertising, promotions on ColdwellBanker.com, social media updates on Facebook and Twitter, as well as in the Coldwell Banker blog and the Coldwell Banker On Location channel.
In the current real estate market sellers and buyers can use any benefits real estate companies, mortgage lenders and the government can provide. Don’t miss your chance to own your dream home! Now is the time to take action and with the help of an experienced, knowledgeable real estate agent you can complete a successful real estate transaction.
Homes for Sale in Asheville: You’ll Find Something for Everyone When You Live in the Mountains
The Basilica in Asheville NC
Asheville, despite its small size, is an extremely diverse city. People from all walks of life come to Asheville for the incredible mountain sunsets, laid back attitudes, close knit community and overall wonderful quality of life. Even in the heart of downtown Asheville residents and visitors can’t escape the beauty and magic of the Blue Ridge Mountains. They surround you everywhere you go and as you walk through the streets you get glimpses of the natural wonders you can explore just a few miles away.
Mountain Homes: A Unique Style of Living
Regardless of size or price, when a homebuyer says, “I want to buy a mountain home”, they generally mean they want great views. It can be a small house located in a rural area or a large home in a community like High Vista, but either way a view of the mountains is essential. Home buyers searching for a mountain home are also often looking for a way to get away from the noise and stress of the city. They are often willing to explore the less populated areas around Asheville. Within 30 to 40 miles of downtown there are a variety of towns and communities where residents can experience breathtaking views and the serenity of the mountains.
Cabins: A Mountain Tradition
Cabins are a mountain tradition when you vacation near Asheville, but they are not just for tourists. Building or buying a cabin provides homeowners with many options for custom designing a cabin’s look, size and features. Log cabins are particularly popular because of the easy way in which they merge with the landscape. There are even companies like LOGS (Loads of Good Shelter) WNC that offer green building services specifically for homeowners that want to build their own log home. Whether you want a small vacation getaway in the mountains or a full time residence near downtown, a cabin or log home is a possible choice.
Modern Living: New Contemporary Homes and Condos
Asheville is located in the heart of rural Appalachia and has always been a very modern, metropolitan city. The community consists of people from all over the country, as well as the world, and Asheville is a meeting place for people to share creative ideas. Many out of state transplants enjoy combining the rural and the urban by living within 10 – 15 minutes from downtown. Living in a contemporary home in one of Asheville’s neighborhoods is common and each neighborhood has its own special flavor. Living downtown allows you to walk or bike more often, but in a short drive you can be on the Blue Ridge Parkway or on a remote hiking trail. Downtown is ripe with green and healthy built homes with beautiful, modern designs. Renovated and new condos can also be found throughout the city. Some of the renovations and upgrades made to existing buildings on Asheville have been executed flawlessly and the living spaces created are unlike others in the region.
Land, Lots and Mountain Property
In the mountains there are a few considerations you have to make when buying land. First, will the land properly suit your needs? Imagine the property in every season. Second, remember you will find more affordable property in the outlying areas around Asheville. Third, be prepared if you buy land now to hold on to it for some time. The current inventory on lots is high. Sellers and agents with lots and land for sale will tell you the competition is fierce. If you have always dreamed of owning land, this is a buyer’s market and the prices won’t stay this low forever.
Residents in Asheville know the magic and joy of mountain living. This region offers something for everyone. Whatever size, price or style of home you are searching for can be found in Western North Carolina. Simply explore your options and work with a knowledgeable, experienced real estate professional.
