The home market in the greater Boone area has never been like this before — the smallest home inventory I’ve seen since I started in real estate 21 years ago. Prices are rising, though not galloping up. As a buyer, it can be hard to find a home. Most of the homes we are selling are older [most older than 2008 when the recession hit us and new home construction crawled to a snail trying to make its way through frozen molasses], many are much older than 2008. Buyers, be prepared for some difficult repairs when you have your home inspection. As most of you know, I have my home listings pre-inspected [how else can you price a home, if you don’t know the full condition?] but no other realtors here do that [as far as I am aware], so you can be in for a bumpy road at your home inspection point. A larger proportion of our homes under contract are not making it to closing because of repair issues. With only a couple exceptions, new home construction is being offered in the above $500K range.
The land market is certainly stronger than all those years of recession. However, it hasn’t moved ahead like the home market. Moved ahead some; but we still have a larger inventory of land. It’s a grea time to be a land buyer.
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