Asheville, North Carolina, and the surrounding Blue Ridge Mountains offer peaceful days, a temperate climate, stunning views and an eclectic nightlife. It’s no wonder vacation homes are in high demand here. If you’ve been thinking about buying a vacation property in the mountains of Western North Carolina, the time to act is now. All the leading market indicators suggest that your window of opportunity — for great deals on vacation homes, loans and tax benefits — are winding down.
But the window hasn’t entirely closed. You still have time to buy a vacation home in maybe the strongest sales market seen in decades. But this year may be the last to reap the benefits of a low interest rate market. Whether you’ve already had your eye on Asheville or are narrowing down your choices, Asheville offers a promising opportunity that exceeds the national market.
Here are four distinct reasons to buy a vacation property in Asheville:
1. Asheville Appears in Every “Best of” List
Asheville tops list after list for eating, drinking, living, visiting and exploring. It was named the #1 U.S. destination you need to see in 2017 by Lonely Planet. Though it may be a small mountain city of only 80,000, it’s ranked above with top destinations such as Atlanta and Denver.
Asheville has been listed in publications including Frommer’s, U.S. News & World Report, THRILLIST, TripAdvisor.com, MSN Money and Garden & Gun. It’s a top destination that isn’t showing any signs of letting up. Buying an Asheville vacation home now means you’re sure to have your own little slice of hard-to-get heaven down the road.
2. Interest Rates Are Predicted to Go Up
At the end of 2016, mortgage rates saw a sharp increase. With stronger-than-expected economic data, future interest rates may rise even higher, compared to 2016. But many predict this may happen on a smaller scale in 2017 and the rates may rise less than originally predicted.
Even when the rates do go up, they’re liable to still be historically low, especially in comparison to rates before 2008. This is good news for those looking to buy the perfect vacation property in 2017. But these rates won’t last forever.
3. Buyers Are Interested
In the past year alone, home values have gone up 9.4 percent in Asheville and are predicted to grow another 3.9 percent in the next year. This small mountain city has seen an influx of inhabitants, but there’s still room for you — as long as you decide to act.
With median home prices around $242,700, the area has higher prices than the national average, but they remain reasonable for vacation property. There’s also high demand for vacation rentals, and it’s very easy — and common in Asheville — to have some of your mortgage payments supplemented by temporary vacationers.
4. Inventory Is Dropping
The housing inventory within the city limits is dropping faster than the Asheville market has seen in decades. The year ahead might be your last chance to get in on this opportunity. Vacation property in Asheville is a relatively safe buy due to the city’s growing popularity and interest rates that are still incredibly low.
If you’re ready to begin, start your process by talking to Zack Adam of Prime Mortgage Lending of West Asheville (dba PrimeRate Mortgage Lending, Inc.). Available at 828-348-1907, Zack knows the market, the players and the industry. He can connect you to everyone you need to find the vacation property that meets your needs and feeds your soul.