April 17, 2025 • 26 mins
The real estate landscape in Henderson County reveals fascinating contrasts as we navigate 2025's market realities. Despite mortgage rates hovering at 6.81%, one in three homes still sell for cash, underscoring the resilience of local demand. Contrary to alarming headlines, the market isn't crashing—it's evolving in response to historically low inventory levels.
What grabbed my attention was the striking parallel between 2024 and 2008: both years saw approximately 4 million homes sold nationwide. But today's market couldn't be more different. While 2008's numbers reflected distressed sales (nearly 40% of transactions), current figures stem from limited inventory rather than economic distress. With only 1.15 million homes available nationally—well below the historical average of 1.98 million—prices remain relatively stable despite slower sales activity.
Henderson County's weekly snapshot tells the story clearly: 56 new listings balanced against 57 new contracts and 50 price adjustments. This pattern indicates a healthy, balanced market where properly priced homes still attract multiple offers. The average single-family home price has softened slightly from its peak but remains strong at $5.43 million, showcasing the enduring appeal of our region compared to neighboring Buncombe County where average prices exceed $674,000.
For sellers, pricing strategy has never been more critical. Homes priced right from the start continue to generate competitive bidding, while overpriced properties face extended market times and eventual reductions. For buyers, despite higher financing costs, the age-old wisdom holds true: "Don't wait to buy real estate; buy real estate and wait." With its proven track record as an inflation hedge and wealth-building vehicle, property ownership continues to offer stability in an uncertain world.
Whether you're responding to life changes, considering investment opportunities, or evaluating career options in real estate, we're here to provide clarity amid the noise. The sky isn't falling—it's just changing colors. What real estate moves make sense for your unique situation?
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:08):
So with that average sales price of $5.43, the
previous 12-month price is at$5.35.
So we're coming down a littlebit from the price peaking out
at $5.51 here in HendersonCounty and the demand is staying
steady, I mean over the last.
I mean, here's the interestingthing If you look at the
(00:30):
historical real estate market in2024, they were saying the
number of homes sold in theUnited States was just right at
4 million.
It's actually the lowest levelsince 1995.
And again, there's so manyfactors that go into play there
the mortgage rates, the limitedhousing inventory, the record
(00:53):
high home prices.
Now the median home priceacross the United States was at
$407 for the United States.
But let's put things inhistorical perspective.
There's some in regards to theinterest rates.
I mean interest rates peakedout in 1981, 44 years ago
Actually, I was born in 1981.
(01:13):
And the average interest ratein 1981 was at 18.63% for a
30-year fixed.
It went down.
The historical average.
The lowest recorded average wasin January 2021 at 2.65%.
So many people that I knew said, listen, that's just free money
(01:34):
.
And then in 2023, rates surgedup to 8% in October, marking a
23-year high.
And as of April 2025, theaverage 30-year fixed mortgage
rate stands at 6.81%.
Again, it's the rising bonds,it's the market volatility, but
(01:54):
just again the impact of theinterest rates.
But one in three one in threesingle-family homes sold in
Henderson County are stillpurchased with cash.
One in three single-familyhomes sold in Henderson County
are still purchased with cash.
One in three single-familyhomes sold in Henderson County
are purchased with cash.
But if you look at the number ofhomes sold in 2005, 20 years
(02:15):
ago, there was over 7 millionhomes sold.
It crashed in 2008 with only4.1 million homes sold.
Isn't that interesting?
Here we are in 2025, but in2024, the number of homes sold
was the same as in 2008 withagain the crash.
(02:38):
But we weren't saying this wasa crash with the market in 2024,
but the number of distressedhomes being sold in 2008 was
almost 40%.
But isn't that interestingwhere the prices are now holding
(02:58):
in the high?
I mean we are still athistorical highs for our average
price being sold.
But isn't that interesting?
In 2008, there was 4 millionhomes sold.
Here.
In 2024, there was 4 millionhomes sold, the lowest, actually
, since 1995.
2008 still wasn't even thelowest and then things recovered
(03:22):
and then the highest salesincreased into 2021 with those
mortgage rates and the low twosand threes and the fours and
then really the last two yearswe've been holding around that 4
million homes sold in theUnited States.
The thing is part of thatchallenges the low inventory,
(03:43):
inventory levels.
As of late 2024, only one point, um only 1.15 million homes
were on the market, which isbelow the historical average of
1.98 million so that's why theprice.
This is why, even though, if youlook at 2008, which was the
bottom of the market in regardsto, there was four million
(04:05):
something 4,100,000 homes soldin 2008, but prices were at an
all-time low, how can our pricesbe where they're at right now?
The difference is supply anddemand.
Even though the demand is lower, the amount of homes available
when you have low inventorylevels.
That's why you see prices keepgoing up and prices have been
(04:28):
holding, although prices aresoftening.
And specifically in HendersonCounty, this is so wild.
In the last seven days there'sbeen 56 new listings, but
there's also been 50 pricedecreases.
But this is some great news 57homes have gone under contract
(04:49):
in the last seven days inHenderson County and then 36
homes closed in the last sevendays.
So it seems to be that we haveflattened out in a sense, in the
number of.
I mean literally the last twoyears we've been averaging
around 125 single-family homes amonth selling in Henderson
County.
125 single-family homes a monthselling in Henderson County,
(05:12):
and that's really been the lasttwo years.
The inventory levels haveremained low and right now, as
of this morning, only 477 activehomes on the market, and so the
supply and demand, but we areseeing the prices come down.
The average single family pricehas come down some $8,000 from
(05:34):
the peak earlier this year andit might be a downward trend of
where prices are going.
Certainly, the price reductionsare a trend that we're paying
attention to as well, and whenwe're talking to sellers, that's
why pricing the home correctlyfrom the beginning so incredible
(05:54):
.
Now.
You can't underprice anything.
The market will always bid itup, but the market will talk
back to you as a seller, and sothat's where pricing the home is
so critical in getting it right.
But you can also always makeadjustments.
I mean, there's story afterstory.
I mean, for example, we had ahome hit the market recently
with our team and guess what?
Within three days, multipleoffers bidding war under
(06:15):
contract.
And then there's other storieswhere homes are on the market.
They've been on the market somesix months and then slowly
chasing the price down and guesswhat?
When it finally got to itsfighting weight, to the price
that was appropriate for themarket, we still got multiple
offers.
You might say how can you getmultiple offers six months after
(06:35):
it's been on the market?
But when you price it right,the market responds and you get
the offers, you get theactivities, you get the showings
and, again, the data is goingto talk about where the data,
the data from the market, andthis is where we're just the
messenger.
We're here to provideinformation and clarity for our
clients that are trying tofigure out what they want to do.
And so we, you get to decide asa seller.
(06:57):
Where do you want to price yourhome?
How do you want to price yourhome?
You know what is it worth toyou?
Again, to and you got to decidewhat you want to do with your
life, and there's no right orwrong to this.
It's, you know, the market'sthe market, the economy's the
economy.
Interest rates are the interestrates, but I mean, certainly
has an impact, but you, you getto decide.
Is it right for you?
Is it the right time toconsider selling?
(07:18):
But it's so interesting.
When we look at the historicaldata, I mean, oh, this is
another interesting thing.
The number of real estateagents certainly has adjusted.
I mean, in 2005, the number ofreal estate agents, according to
the National Association ofRealtors approximate membership,
it peaked out at 1.3 in 2005.
(07:40):
And then it dropped down to thebottom of their membership was
in 2012 with a million membersand then it jumped up again in
2003.
It actually got to a recordhigh of 2023, excuse me, 2023,
that membership jumped up to 1.6million and then a slight
(08:01):
decline last year.
We're going to probably seemore declines, but this is also
interesting.
You know that they say in andthen a slight decline.
Last year we're going toprobably see more declines, but
this is also interesting.
They say and this is just thenumbers 20% of the real estate
agents actually do 80% of thebusiness.
It's the 80-20 rule.
Also, 1 in 10 new licenseestoday will be in the business in
(08:24):
the next five years.
It has the highest attritionrate, only second to the
insurance industry.
Again, people getting their realestate license.
The real estate career is sorewarding and it's fascinating.
It's able to help people walkalong their life.
(08:45):
And again, whether it's they'reselling their personal home or
we're helping clients sell theirinvestment properties or their
rental properties or they'reselling an estate property, I
mean, even with the marketshifts and the downturns and
again, 2005 is when I got myreal estate license.
2005 is when I got my realestate license the market has
had these cycles and it's been,you see, a top of the market.
(09:10):
You see a downturn, you see thebottom of the market, you see a
recovery and it's going torepeat.
There's always cycles in thereal estate market and you stay
in it long enough.
You're going to see thesecycles.
I know we see cycles in thestock market and obviously, with
homes, I mean all theimplications of, I mean the, the
emotional implications of ourhomes.
(09:31):
We live there, we it's, it'swhere we raise our families or
it's where we have ourretirement or, you know, you
have your grandchildren.
I mean homes have so many, youknow.
You know there's so muchemotions connected with homes.
But again, looking at theinformation so you can decide
what's right for you, and wemeet with people all the time
that are considering buying orselling.
(09:53):
I want to say thank you to ourradio listeners, the calls that
come in each week from our radioshow, our radio shows.
We have multiple shows and, bythe way, we podcast them.
We've been podcasting now sometwo years.
We may be a little bit behindto the podcast world but already
has some 10,000, almost 11,000downloads to the podcast.
(10:13):
But we're so grateful for ourlisteners that tune in and then
people that call in and refer us.
We're so grateful for therecommendations and the referral
, the personal word of mouth,and we know radio works because,
again, the phone calls and weask people where they hear about
us, where they've got connectedto us, and so we're grateful
for that, you know.
Again back to the news and whatpeople are asking.
(10:36):
You know people are asking youknow, is the housing market
about to crash?
I mean, you know the socialmedia is saying the sky is
falling.
In the news you might have seensome scary headlines.
You know, according to datafrom a recent survey, 70% of
Americans are worried about ahousing crash in 2025.
(10:57):
And so a lot of people arepausing on buying or selling.
But you know, I would encourageyou to take a deep breath.
You know the truth is thehousing market is not about to
crash, it's just shifting andthe shift actually can work in
your favor.
The inventory levels that wehave, the low inventory levels,
(11:21):
is what's going to keep us fromcrashing.
There's just not enough supply.
There's more people than thehousing inventory.
According to Mark Fleming, thechief economist of First
American said it's justeconomics 101.
If there's a shortage ofsomething let's talk about like
a ticket to a popular concert.
(11:42):
The prices go up, and that'swhat's still happening with
homes.
We have a shortage of supply,too many buyers and not enough
homes to push.
There's not enough homes.
That's what causes prices to bestable or even to go up, and
you can see this on one of ourmore recent blogs.
(12:02):
You can go togeorgialestategroupradiocom.
You can see the graph and again, the home prices have been
holding.
They are coming down a littlebit, but if there's a shortage,
if there's a shortage, pricessimply cannot crash.
That was a comment fromLawrence Young, the chief
economist at the NationalAssociation of Realtors.
(12:23):
So, but when you see more homesfor sale, that's when you see
price growth easing up, and so,and when you see more homes
available and the inventory isincreasing, it takes some of the
intense upward pressure offhome price growth and more of a
healthier price appreciation.
(12:43):
If you look at the last 40 yearsof home prices, there's a graph
, there's a 4% trend line withreal estate, and so there are
some areas where prices arefalling.
I mean, again, it depends onyour market, but in our specific
(13:04):
market, I mean we've had aslight decline.
This is another quote fromFreddie Mac that the moderation
should continue through the restof the year.
In 2025, we expect the pace ofhouse price appreciation to
moderate from levels seen in2024, while still maintaining a
(13:24):
positive trajectory.
So they're expecting and thatmeans prices will continue going
up in some areas, just not asquickly.
So again, as a buyer, you'regoing to have more choices and
as a seller, the good news ishomes.
It's not like the prices arecrashing, but again it is more
important now than ever to priceyour home appropriately.
(13:45):
We're seeing the trends herelocally where the number of
price reductions continue toincrease.
I mean almost as many pricereductions in the last seven
days.
Price decreases, priceadjustments there's almost as
many price adjustments inHenderson County as there's been
new listings, but a veryhealthy.
(14:06):
This is so interesting.
In the last seven days, just asmany homes went under contract
as they were filling up theinventory 56 new listings in the
last seven days and 57 homeswent under contract.
That is a balanced market.
That's very healthy.
Now people are.
I do get people asking aboutwhat's happening in Buncombe
County.
(14:27):
So, just for context, theaverage single-family home price
in Buncombe County is at$674,000.
I mean some $130,000 higher inBuncombe County than Henderson
County.
Also, if you look in the last12 months.
(14:48):
Buncombe County is averagingsome 222 single-family homes a
month selling compared to our125.
So almost 100 more homes amonth are selling in Buncombe
County compared to HendersonCounty.
So their market is larger andthat's also a reflection of the
population.
Their population is greater inBuncombe County than Henderson
(15:08):
County.
And then also their inventorylevels.
I mean they have some there'sright around 900 single-family
homes available and then, basedon the number of homes selling,
they have a four-month average,a four-month supply of single
family homes on the market.
(15:28):
So both Henderson County andBuncombe County still are
experiencing a seller's market.
When you look at that based onwhat an economist would say
economist says six months supplyis considered balanced.
More than six months is abuyer's market, less than six
months is the seller's market.
We are still technically in aseller's market, although we're
experiencing the pricessoftening.
(15:49):
The average price in BuncombeCounty is up some $40,000
compared to the previous 12months.
Henderson County that number isonly up some $10,000 when you
look at the current 12 monthsversus the previous 12 months.
I know that number's only upsome $10,000 when you look at
the current 12 months versus theprevious 12 months.
I know I'm jumping around, Iknow there's a lot of facts, a
lot of stories, information I'msharing with you.
(16:10):
I guess all that to say.
Again, we study the market.
I try to with a radio show tobring just some clarity.
The market is still movingregardless of the interest rates
.
The market is still movingregardless of the interest rates
.
The market is still movingregardless of the stock market.
We have a healthy market inHenderson County and Buncombe
(16:31):
County.
The sky is not falling.
We had a tremendous outpouringof people at our open houses
this past weekend.
We had three open houses onSunday, we had an open house
last Thursday and the activityis strong.
I'm just trying to reportwhat's happening in the trenches
(16:52):
or boots on the ground.
I mean, we are every single dayhaving conversations with
buyers and sellers and it's notabout the interest rates, it's
about what's going on in theirlife.
They have their family growing,or their kids are going off to
college, or we have the familythat's retiring, or we had the
conversation with the familythat lost a loved one and
(17:15):
they're selling the estateproperty.
There's so many real lifesituations why people are buying
and selling and it's theirchoice.
They don't have to do any ofthis, but they want to do it,
and so the people are.
People are still moving aheadwith their life, um, you know,
and, and that's why real estateit's not.
(17:36):
I mean, it's so important.
And this is where hiring a realestate professional, hiring a
real estate broker, like theagents at the George real estate
Group, we can provide clarityand information and we can help
you decide what's right for you.
But we know it's about what'sgoing on in your life and there
can be really compelling reasons.
There can be beautiful, joyfulreasons and happy reasons why
(17:57):
you're buying and selling.
There can be also some soberingmoments.
It can be some challengingmoments.
Maybe it's you're moving toselling.
There can be also some soberingmoments.
It can be some challengingmoments.
Maybe it's you're moving to getcloser to your kids in another
state, you're downsizing, you'reretiring, you're moving into a
retirement community, you lost aloved one, it could be a
divorce.
I mean, there's reallychallenging reasons why people
(18:18):
are still buying and selling,and there's positive reasons too
.
All these things are happening,and so the conversations that
we're having with clients everysingle day is about life.
It's just real life.
And then we bring in thecontext of the market and the
numbers and provide clarity sothat people can decide what's
right for them.
And then we're there to supportour clients and to advocate
(18:41):
them and to facilitate what thatlooks like.
And we're helping our clientswith investment properties and
we're helping our clients with1031 exchanges and commercial
property and raw land andselling lots.
We're helping people with everysituation you can imagine and
(19:01):
we keep learning, we keepshowing up every day and we are
so grateful to help our clientswith real estate.
And so if you're thinking ofbuying or thinking of selling or
thinking of investing in realestate, I love the saying you
know, don't wait to buy realestate.
You buy real estate and wait.
You know, don't wait to buyreal estate, you buy real estate
(19:22):
and wait.
You know, don't wait to buyreal estate.
Um, you, you buy real estate in, in, in weight, um, you know,
and that speaks to the long-termperspective on the appreciation
um of of houses.
Actually, I was looking it upagain the it was they.
They say that statement was, itwas contributed, was attributed
to probably Will Rogers.
(19:45):
And again, it's not abouttiming the market.
You can't time the stock marketbut you know, if you stay in it
long enough, you're going tosee appreciation, even with the
ups and downs.
Same thing about real estate.
We know real estate appreciatesover time, and it's also the
wealth building mindset you know.
(20:06):
When you invest in real estateand hold onto it long-term, you
often build equity and wealth,and it's slowly but surely.
You know the the because of theups and downs of the housing
market.
You know you.
And also, if you buy rental andreal estate rental real estate
you know the rents, you chargerent.
(20:27):
And again, you know that that'sa, that's a part of it too.
Also, real estate is one of thebest hedges against inflation.
You know your mortgage staysfixed while the value and income
potential of your asset rises.
And so you know, we know, thatlong-term owning real estate is
one of the best things that youcan do.
(20:47):
You know and it's not just aquote, you know it's a strategy,
and so it doesn't matter if themarket's hot or cold, owning
property is one of the mostproven paths for long-term
wealth.
And so and then there's part ofthe strategy too is, if you own
real estate, you own investmentproperties.
You know how do you think aboutwhat that looks like long-term.
(21:09):
And and again, there's uh, youknow strategies with 1031
exchanges and your, your rentalportfolio.
There's so many different pathsand we can talk about those
things, and so I encourage youto call us, give us a call,
828-393-0134.
Find us online atrealestatebygregcom.
Follow us on social mediaFacebook and Instagram.
(21:31):
We also podcast over radio shows.
You know, and I you know, we'reso grateful, we have so much to
be thankful for.
We're excited and we'reenthusiastic about helping and
meeting with our clients everysingle week, every single day.
We've had so many conversationsand to our listeners, are so
thankful for the referrals andthe recommendations and the
(21:53):
connections.
And we know that you'relistening because, again, we get
the phone calls every week, andso you can call us 828-393-0134
.
Find us online atrealestatebygregcom.
We have some great new listings.
We already some of the listingsthat we were sharing with you
last week are already undercontract multiple offers.
The market is moving Again.
(22:13):
If you're, if you hearsomething on the news about the
housing or real estate market,you know, give us a call.
You know, find out what theactual numbers and story that,
what the story is.
The market is moving.
We, we again.
Already the first quarter thisyear, there was more homes sold
in Henderson County the firstquarter this year than last year
7% increase in the number ofhomes sold, single family homes
(22:36):
sold and again, inventory levelsare stable.
I mean in the last seven days Imean this, this is, I think,
the most telling story of all inthe last seven days in
Henderson County there was 56new single family home listings,
there was 57 homes that wentunder contract and there was 50
price drops, um and and and,then there was 36 homes closed.
(22:59):
I mean again, we have a veryhealthy market, you know, here
in Henderson County.
So, in regards to your personalsituation, whether it's selling
a personal home, a residentialhome, or maybe you're
considering selling your realestate, you know investment
property or land or commercial,or you know, if you've heard
about 1031 exchanges but want tolearn more, we have solutions
(23:20):
for that and can help walk youthrough those tax strategies.
And then, finally, if you'rethinking about a career in real
estate, you might say what inthe world I mean?
But we are growing.
We're helping more people.
We've helped more people thisyear than we did last year and
we were growing our team at theGeorge Real Estate Group.
So if you thought about acareer in real estate, give us a
call at 828-393-0134.
(23:43):
If in real estate, give us acall at 828-393-0134.
If you have your real estatelicense or thinking about
getting your real estate license, you know, certainly give us a
call.
And again, so grateful.
Now we're here every Fridaymorning as well, sponsoring the
Hometown Hero series, and soexcited tomorrow morning to have
as our hometown hero tomorrowmorning Kate Carlton.
She's the executive director ofthe United Way of Henderson
(24:03):
County and during Helene, youknow Kate helped create a path
forward in organizing reliefefforts for Henderson County.
You know, again, the reliefefforts are still going on.
There are areas in our countythat are going to be years in
the recovery effort and there'sso many individuals facing
challenges still, and so wewanted to honor Kate as our
(24:23):
Hometown Hero this week.
She's going to come in tomorrowmorning at 845, and we're going
to have a conversation with her, with myself and Randy Houston.
Again, we're here every Fridaymorning at 845, sponsoring the
Hometown Hero series and if youknow somebody that you'd like to
nominate, certainly reach outto WHKP, nominate them, reach
out to us.
We're glad to have theconversation and hear amazing
(24:45):
stories and we have more storiesthat we're going to be sharing
as well throughout the springwith our Hometown Heroes series.
But thank you so much fortuning in this Thursday morning.
Sorry about the technicalchallenges we had, but have a
great day, have a great Thursday, happy Easter this weekend as
well, and we'll see you tomorrowmorning.
(25:12):
If the story I shared with youstopped you in your tracks,
you're not alone.
People have been asking whathappened next.
Dr Robbins' car had plungedinto a freezing river and asa
teenager underwater anddisoriented.
She remembered a survival tipBlow bubbles and follow them.
They will rise to the surface.
(25:33):
She did, but when she reachedthe top, expecting air, she
slammed into solid ice, out ofbreath and nearly out of
strength.
She kept moving desperately,searching for a break, and just
when she thought she couldn't goon, a stranger appeared and
pulled her to safety.
It's a powerful reminder.
(25:53):
We can do hard things, but wedon't have to do them alone.
At the George Real Estate Group, we're here to help you through
life's transitions, whetheryou're buying, selling or just
trying to figure out your nextmove.
The George Real Estate Group,because the right guide makes
all the difference.
Speaker 2 (26:11):
Thank you for listening to the George Real
Estate Group podcast.
Tune in next time for moreindustry news updates and real
estate tips.
You can reach Greg, the GeorgeReal Estate Group group at
828-393-0134.
So with that average sales price of $5.43, the
previous 12-month price is at$5.35.
So we're coming down a littlebit from the price peaking out
at $5.51 here in HendersonCounty and the demand is staying
steady, I mean over the last.
I mean, here's the interestingthing If you look at the
(00:30):
historical real estate market in2024, they were saying the
number of homes sold in theUnited States was just right at
4 million.
It's actually the lowest levelsince 1995.
And again, there's so manyfactors that go into play there
the mortgage rates, the limitedhousing inventory, the record
(00:53):
high home prices.
Now the median home priceacross the United States was at
$407 for the United States.
But let's put things inhistorical perspective.
There's some in regards to theinterest rates.
I mean interest rates peakedout in 1981, 44 years ago
Actually, I was born in 1981.
(01:13):
And the average interest ratein 1981 was at 18.63% for a
30-year fixed.
It went down.
The historical average.
The lowest recorded average wasin January 2021 at 2.65%.
So many people that I knew said, listen, that's just free money
(01:34):
.
And then in 2023, rates surgedup to 8% in October, marking a
23-year high.
And as of April 2025, theaverage 30-year fixed mortgage
rate stands at 6.81%.
Again, it's the rising bonds,it's the market volatility, but
(01:54):
just again the impact of theinterest rates.
But one in three one in threesingle-family homes sold in
Henderson County are stillpurchased with cash.
One in three single-familyhomes sold in Henderson County
are still purchased with cash.
One in three single-familyhomes sold in Henderson County
are purchased with cash.
But if you look at the number ofhomes sold in 2005, 20 years
(02:15):
ago, there was over 7 millionhomes sold.
It crashed in 2008 with only4.1 million homes sold.
Isn't that interesting?
Here we are in 2025, but in2024, the number of homes sold
was the same as in 2008 withagain the crash.
(02:38):
But we weren't saying this wasa crash with the market in 2024,
but the number of distressedhomes being sold in 2008 was
almost 40%.
But isn't that interestingwhere the prices are now holding
(02:58):
in the high?
I mean we are still athistorical highs for our average
price being sold.
But isn't that interesting?
In 2008, there was 4 millionhomes sold.
Here.
In 2024, there was 4 millionhomes sold, the lowest, actually
, since 1995.
2008 still wasn't even thelowest and then things recovered
(03:22):
and then the highest salesincreased into 2021 with those
mortgage rates and the low twosand threes and the fours and
then really the last two yearswe've been holding around that 4
million homes sold in theUnited States.
The thing is part of thatchallenges the low inventory,
(03:43):
inventory levels.
As of late 2024, only one point, um only 1.15 million homes
were on the market, which isbelow the historical average of
1.98 million so that's why theprice.
This is why, even though, if youlook at 2008, which was the
bottom of the market in regardsto, there was four million
(04:05):
something 4,100,000 homes soldin 2008, but prices were at an
all-time low, how can our pricesbe where they're at right now?
The difference is supply anddemand.
Even though the demand is lower, the amount of homes available
when you have low inventorylevels.
That's why you see prices keepgoing up and prices have been
(04:28):
holding, although prices aresoftening.
And specifically in HendersonCounty, this is so wild.
In the last seven days there'sbeen 56 new listings, but
there's also been 50 pricedecreases.
But this is some great news 57homes have gone under contract
(04:49):
in the last seven days inHenderson County and then 36
homes closed in the last sevendays.
So it seems to be that we haveflattened out in a sense, in the
number of.
I mean literally the last twoyears we've been averaging
around 125 single-family homes amonth selling in Henderson
County.
125 single-family homes a monthselling in Henderson County,
(05:12):
and that's really been the lasttwo years.
The inventory levels haveremained low and right now, as
of this morning, only 477 activehomes on the market, and so the
supply and demand, but we areseeing the prices come down.
The average single family pricehas come down some $8,000 from
(05:34):
the peak earlier this year andit might be a downward trend of
where prices are going.
Certainly, the price reductionsare a trend that we're paying
attention to as well, and whenwe're talking to sellers, that's
why pricing the home correctlyfrom the beginning so incredible
(05:54):
.
Now.
You can't underprice anything.
The market will always bid itup, but the market will talk
back to you as a seller, and sothat's where pricing the home is
so critical in getting it right.
But you can also always makeadjustments.
I mean, there's story afterstory.
I mean, for example, we had ahome hit the market recently
with our team and guess what?
Within three days, multipleoffers bidding war under
(06:15):
contract.
And then there's other storieswhere homes are on the market.
They've been on the market somesix months and then slowly
chasing the price down and guesswhat?
When it finally got to itsfighting weight, to the price
that was appropriate for themarket, we still got multiple
offers.
You might say how can you getmultiple offers six months after
(06:35):
it's been on the market?
But when you price it right,the market responds and you get
the offers, you get theactivities, you get the showings
and, again, the data is goingto talk about where the data,
the data from the market, andthis is where we're just the
messenger.
We're here to provideinformation and clarity for our
clients that are trying tofigure out what they want to do.
And so we, you get to decide asa seller.
(06:57):
Where do you want to price yourhome?
How do you want to price yourhome?
You know what is it worth toyou?
Again, to and you got to decidewhat you want to do with your
life, and there's no right orwrong to this.
It's, you know, the market'sthe market, the economy's the
economy.
Interest rates are the interestrates, but I mean, certainly
has an impact, but you, you getto decide.
Is it right for you?
Is it the right time toconsider selling?
(07:18):
But it's so interesting.
When we look at the historicaldata, I mean, oh, this is
another interesting thing.
The number of real estateagents certainly has adjusted.
I mean, in 2005, the number ofreal estate agents, according to
the National Association ofRealtors approximate membership,
it peaked out at 1.3 in 2005.
(07:40):
And then it dropped down to thebottom of their membership was
in 2012 with a million membersand then it jumped up again in
2003.
It actually got to a recordhigh of 2023, excuse me, 2023,
that membership jumped up to 1.6million and then a slight
(08:01):
decline last year.
We're going to probably seemore declines, but this is also
interesting.
You know that they say in andthen a slight decline.
Last year we're going toprobably see more declines, but
this is also interesting.
They say and this is just thenumbers 20% of the real estate
agents actually do 80% of thebusiness.
It's the 80-20 rule.
Also, 1 in 10 new licenseestoday will be in the business in
(08:24):
the next five years.
It has the highest attritionrate, only second to the
insurance industry.
Again, people getting their realestate license.
The real estate career is sorewarding and it's fascinating.
It's able to help people walkalong their life.
(08:45):
And again, whether it's they'reselling their personal home or
we're helping clients sell theirinvestment properties or their
rental properties or they'reselling an estate property, I
mean, even with the marketshifts and the downturns and
again, 2005 is when I got myreal estate license.
2005 is when I got my realestate license the market has
had these cycles and it's been,you see, a top of the market.
(09:10):
You see a downturn, you see thebottom of the market, you see a
recovery and it's going torepeat.
There's always cycles in thereal estate market and you stay
in it long enough.
You're going to see thesecycles.
I know we see cycles in thestock market and obviously, with
homes, I mean all theimplications of, I mean the, the
emotional implications of ourhomes.
(09:31):
We live there, we it's, it'swhere we raise our families or
it's where we have ourretirement or, you know, you
have your grandchildren.
I mean homes have so many, youknow.
You know there's so muchemotions connected with homes.
But again, looking at theinformation so you can decide
what's right for you, and wemeet with people all the time
that are considering buying orselling.
(09:53):
I want to say thank you to ourradio listeners, the calls that
come in each week from our radioshow, our radio shows.
We have multiple shows and, bythe way, we podcast them.
We've been podcasting now sometwo years.
We may be a little bit behindto the podcast world but already
has some 10,000, almost 11,000downloads to the podcast.
(10:13):
But we're so grateful for ourlisteners that tune in and then
people that call in and refer us.
We're so grateful for therecommendations and the referral
, the personal word of mouth,and we know radio works because,
again, the phone calls and weask people where they hear about
us, where they've got connectedto us, and so we're grateful
for that, you know.
Again back to the news and whatpeople are asking.
(10:36):
You know people are asking youknow, is the housing market
about to crash?
I mean, you know the socialmedia is saying the sky is
falling.
In the news you might have seensome scary headlines.
You know, according to datafrom a recent survey, 70% of
Americans are worried about ahousing crash in 2025.
(10:57):
And so a lot of people arepausing on buying or selling.
But you know, I would encourageyou to take a deep breath.
You know the truth is thehousing market is not about to
crash, it's just shifting andthe shift actually can work in
your favor.
The inventory levels that wehave, the low inventory levels,
(11:21):
is what's going to keep us fromcrashing.
There's just not enough supply.
There's more people than thehousing inventory.
According to Mark Fleming, thechief economist of First
American said it's justeconomics 101.
If there's a shortage ofsomething let's talk about like
a ticket to a popular concert.
(11:42):
The prices go up, and that'swhat's still happening with
homes.
We have a shortage of supply,too many buyers and not enough
homes to push.
There's not enough homes.
That's what causes prices to bestable or even to go up, and
you can see this on one of ourmore recent blogs.
(12:02):
You can go togeorgialestategroupradiocom.
You can see the graph and again, the home prices have been
holding.
They are coming down a littlebit, but if there's a shortage,
if there's a shortage, pricessimply cannot crash.
That was a comment fromLawrence Young, the chief
economist at the NationalAssociation of Realtors.
(12:23):
So, but when you see more homesfor sale, that's when you see
price growth easing up, and so,and when you see more homes
available and the inventory isincreasing, it takes some of the
intense upward pressure offhome price growth and more of a
healthier price appreciation.
(12:43):
If you look at the last 40 yearsof home prices, there's a graph
, there's a 4% trend line withreal estate, and so there are
some areas where prices arefalling.
I mean, again, it depends onyour market, but in our specific
(13:04):
market, I mean we've had aslight decline.
This is another quote fromFreddie Mac that the moderation
should continue through the restof the year.
In 2025, we expect the pace ofhouse price appreciation to
moderate from levels seen in2024, while still maintaining a
(13:24):
positive trajectory.
So they're expecting and thatmeans prices will continue going
up in some areas, just not asquickly.
So again, as a buyer, you'regoing to have more choices and
as a seller, the good news ishomes.
It's not like the prices arecrashing, but again it is more
important now than ever to priceyour home appropriately.
(13:45):
We're seeing the trends herelocally where the number of
price reductions continue toincrease.
I mean almost as many pricereductions in the last seven
days.
Price decreases, priceadjustments there's almost as
many price adjustments inHenderson County as there's been
new listings, but a veryhealthy.
(14:06):
This is so interesting.
In the last seven days, just asmany homes went under contract
as they were filling up theinventory 56 new listings in the
last seven days and 57 homeswent under contract.
That is a balanced market.
That's very healthy.
Now people are.
I do get people asking aboutwhat's happening in Buncombe
County.
(14:27):
So, just for context, theaverage single-family home price
in Buncombe County is at$674,000.
I mean some $130,000 higher inBuncombe County than Henderson
County.
Also, if you look in the last12 months.
(14:48):
Buncombe County is averagingsome 222 single-family homes a
month selling compared to our125.
So almost 100 more homes amonth are selling in Buncombe
County compared to HendersonCounty.
So their market is larger andthat's also a reflection of the
population.
Their population is greater inBuncombe County than Henderson
(15:08):
County.
And then also their inventorylevels.
I mean they have some there'sright around 900 single-family
homes available and then, basedon the number of homes selling,
they have a four-month average,a four-month supply of single
family homes on the market.
(15:28):
So both Henderson County andBuncombe County still are
experiencing a seller's market.
When you look at that based onwhat an economist would say
economist says six months supplyis considered balanced.
More than six months is abuyer's market, less than six
months is the seller's market.
We are still technically in aseller's market, although we're
experiencing the pricessoftening.
(15:49):
The average price in BuncombeCounty is up some $40,000
compared to the previous 12months.
Henderson County that number isonly up some $10,000 when you
look at the current 12 monthsversus the previous 12 months.
I know that number's only upsome $10,000 when you look at
the current 12 months versus theprevious 12 months.
I know I'm jumping around, Iknow there's a lot of facts, a
lot of stories, information I'msharing with you.
(16:10):
I guess all that to say.
Again, we study the market.
I try to with a radio show tobring just some clarity.
The market is still movingregardless of the interest rates
.
The market is still movingregardless of the interest rates
.
The market is still movingregardless of the stock market.
We have a healthy market inHenderson County and Buncombe
(16:31):
County.
The sky is not falling.
We had a tremendous outpouringof people at our open houses
this past weekend.
We had three open houses onSunday, we had an open house
last Thursday and the activityis strong.
I'm just trying to reportwhat's happening in the trenches
(16:52):
or boots on the ground.
I mean, we are every single dayhaving conversations with
buyers and sellers and it's notabout the interest rates, it's
about what's going on in theirlife.
They have their family growing,or their kids are going off to
college, or we have the familythat's retiring, or we had the
conversation with the familythat lost a loved one and
(17:15):
they're selling the estateproperty.
There's so many real lifesituations why people are buying
and selling and it's theirchoice.
They don't have to do any ofthis, but they want to do it,
and so the people are.
People are still moving aheadwith their life, um, you know,
and, and that's why real estateit's not.
(17:36):
I mean, it's so important.
And this is where hiring a realestate professional, hiring a
real estate broker, like theagents at the George real estate
Group, we can provide clarityand information and we can help
you decide what's right for you.
But we know it's about what'sgoing on in your life and there
can be really compelling reasons.
There can be beautiful, joyfulreasons and happy reasons why
(17:57):
you're buying and selling.
There can be also some soberingmoments.
It can be some challengingmoments.
Maybe it's you're moving toselling.
There can be also some soberingmoments.
It can be some challengingmoments.
Maybe it's you're moving to getcloser to your kids in another
state, you're downsizing, you'reretiring, you're moving into a
retirement community, you lost aloved one, it could be a
divorce.
I mean, there's reallychallenging reasons why people
(18:18):
are still buying and selling,and there's positive reasons too
.
All these things are happening,and so the conversations that
we're having with clients everysingle day is about life.
It's just real life.
And then we bring in thecontext of the market and the
numbers and provide clarity sothat people can decide what's
right for them.
And then we're there to supportour clients and to advocate
(18:41):
them and to facilitate what thatlooks like.
And we're helping our clientswith investment properties and
we're helping our clients with1031 exchanges and commercial
property and raw land andselling lots.
We're helping people with everysituation you can imagine and
(19:01):
we keep learning, we keepshowing up every day and we are
so grateful to help our clientswith real estate.
And so if you're thinking ofbuying or thinking of selling or
thinking of investing in realestate, I love the saying you
know, don't wait to buy realestate.
You buy real estate and wait.
You know, don't wait to buyreal estate, you buy real estate
(19:22):
and wait.
You know, don't wait to buyreal estate.
Um, you, you buy real estate in, in, in weight, um, you know,
and that speaks to the long-termperspective on the appreciation
um of of houses.
Actually, I was looking it upagain the it was they.
They say that statement was, itwas contributed, was attributed
to probably Will Rogers.
(19:45):
And again, it's not abouttiming the market.
You can't time the stock marketbut you know, if you stay in it
long enough, you're going tosee appreciation, even with the
ups and downs.
Same thing about real estate.
We know real estate appreciatesover time, and it's also the
wealth building mindset you know.
(20:06):
When you invest in real estateand hold onto it long-term, you
often build equity and wealth,and it's slowly but surely.
You know the the because of theups and downs of the housing
market.
You know you.
And also, if you buy rental andreal estate rental real estate
you know the rents, you chargerent.
(20:27):
And again, you know that that'sa, that's a part of it too.
Also, real estate is one of thebest hedges against inflation.
You know your mortgage staysfixed while the value and income
potential of your asset rises.
And so you know, we know, thatlong-term owning real estate is
one of the best things that youcan do.
(20:47):
You know and it's not just aquote, you know it's a strategy,
and so it doesn't matter if themarket's hot or cold, owning
property is one of the mostproven paths for long-term
wealth.
And so and then there's part ofthe strategy too is, if you own
real estate, you own investmentproperties.
You know how do you think aboutwhat that looks like long-term.
(21:09):
And and again, there's uh, youknow strategies with 1031
exchanges and your, your rentalportfolio.
There's so many different pathsand we can talk about those
things, and so I encourage youto call us, give us a call,
828-393-0134.
Find us online atrealestatebygregcom.
Follow us on social mediaFacebook and Instagram.
(21:31):
We also podcast over radio shows.
You know, and I you know, we'reso grateful, we have so much to
be thankful for.
We're excited and we'reenthusiastic about helping and
meeting with our clients everysingle week, every single day.
We've had so many conversationsand to our listeners, are so
thankful for the referrals andthe recommendations and the
(21:53):
connections.
And we know that you'relistening because, again, we get
the phone calls every week, andso you can call us 828-393-0134
.
Find us online atrealestatebygregcom.
We have some great new listings.
We already some of the listingsthat we were sharing with you
last week are already undercontract multiple offers.
The market is moving Again.
(22:13):
If you're, if you hearsomething on the news about the
housing or real estate market,you know, give us a call.
You know, find out what theactual numbers and story that,
what the story is.
The market is moving.
We, we again.
Already the first quarter thisyear, there was more homes sold
in Henderson County the firstquarter this year than last year
7% increase in the number ofhomes sold, single family homes
(22:36):
sold and again, inventory levelsare stable.
I mean in the last seven days Imean this, this is, I think,
the most telling story of all inthe last seven days in
Henderson County there was 56new single family home listings,
there was 57 homes that wentunder contract and there was 50
price drops, um and and and,then there was 36 homes closed.
(22:59):
I mean again, we have a veryhealthy market, you know, here
in Henderson County.
So, in regards to your personalsituation, whether it's selling
a personal home, a residentialhome, or maybe you're
considering selling your realestate, you know investment
property or land or commercial,or you know, if you've heard
about 1031 exchanges but want tolearn more, we have solutions
(23:20):
for that and can help walk youthrough those tax strategies.
And then, finally, if you'rethinking about a career in real
estate, you might say what inthe world I mean?
But we are growing.
We're helping more people.
We've helped more people thisyear than we did last year and
we were growing our team at theGeorge Real Estate Group.
So if you thought about acareer in real estate, give us a
call at 828-393-0134.
(23:43):
If in real estate, give us acall at 828-393-0134.
If you have your real estatelicense or thinking about
getting your real estate license, you know, certainly give us a
call.
And again, so grateful.
Now we're here every Fridaymorning as well, sponsoring the
Hometown Hero series, and soexcited tomorrow morning to have
as our hometown hero tomorrowmorning Kate Carlton.
She's the executive director ofthe United Way of Henderson
(24:03):
County and during Helene, youknow Kate helped create a path
forward in organizing reliefefforts for Henderson County.
You know, again, the reliefefforts are still going on.
There are areas in our countythat are going to be years in
the recovery effort and there'sso many individuals facing
challenges still, and so wewanted to honor Kate as our
(24:23):
Hometown Hero this week.
She's going to come in tomorrowmorning at 845, and we're going
to have a conversation with her, with myself and Randy Houston.
Again, we're here every Fridaymorning at 845, sponsoring the
Hometown Hero series and if youknow somebody that you'd like to
nominate, certainly reach outto WHKP, nominate them, reach
out to us.
We're glad to have theconversation and hear amazing
(24:45):
stories and we have more storiesthat we're going to be sharing
as well throughout the springwith our Hometown Heroes series.
But thank you so much fortuning in this Thursday morning.
Sorry about the technicalchallenges we had, but have a
great day, have a great Thursday, happy Easter this weekend as
well, and we'll see you tomorrowmorning.
(25:12):
If the story I shared with youstopped you in your tracks,
you're not alone.
People have been asking whathappened next.
Dr Robbins' car had plungedinto a freezing river and asa
teenager underwater anddisoriented.
She remembered a survival tipBlow bubbles and follow them.
They will rise to the surface.
(25:33):
She did, but when she reachedthe top, expecting air, she
slammed into solid ice, out ofbreath and nearly out of
strength.
She kept moving desperately,searching for a break, and just
when she thought she couldn't goon, a stranger appeared and
pulled her to safety.
It's a powerful reminder.
(25:53):
We can do hard things, but wedon't have to do them alone.
At the George Real Estate Group, we're here to help you through
life's transitions, whetheryou're buying, selling or just
trying to figure out your nextmove.
The George Real Estate Group,because the right guide makes
all the difference.
Speaker 2 (26:11):
Thank you for listening to the George Real
Estate Group podcast.
Tune in next time for moreindustry news updates and real
estate tips.
You can reach Greg, the GeorgeReal Estate Group group at
828-393-0134.
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