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| November 2009 |
Phone: (828) 685-8602 Fax: (828) 685-9627 2968 Chimney Rock Road Hendersonville, NC 28792 Website: www.apple-country.com Email: info@apple-country.com |
Market and TrendsThe Federal Government approved an extension of the $8,000 first time home buyers credit through mid year next year. And a $6,500 smaller tax credit for current homeowners that are moving up and have owned their current home of the past five years. We will pass along more information on this as we know.Western North Carolina MLS statistics show an almost 20% increase in the number of housing units sold in August over 2008 and a 15% increase in September over 2008 figures. Perhaps these are signs we are slowly moving out of the recession here in Western North Carolina. Interest rates are still low and there are some special programs out there right now with low down payments. We have seen rates on home mortgages here in the area as low as 4 7/8’s in the last week. Give us a call for details. Activity levels seem to be picking up with potential buyers feeling more comfortable with market conditions. We have seen showings and general activity levels continuing to show signs of steady increase over the past couple months. We have just learned of new law which may prevent third parties from financing real estate. It is our understanding, based on Attorney Randy Romeo’s speech at the Hendersonville Board of Realtors meeting this week that private financing by third party investors may no longer be legal unless you are licensed by the banking commission. We understand that this will not affect owner financing where a seller is financing a property in order to sell it as long you do not do more than five of these transactions a year. However, to privately loan money on a real estate transaction where you are not the seller may now be illegal. There are certain exceptions such as financing for a family member but it must be a close family member such as child, grandchild, etc. If you are considering third party financing you may want to check into this new law. |
Thank you for your interest in the real estate market in Hendersonville.
Apple Country Realty is ready to serve you in all your real estate needs.
2968 Chimney Rock Road | Hendersonville, NC 28792