Moving to Asheville from Jacksonville, FL was quite a shock. In 2007 Jacksonville Real Estate was spiraling down hill at record pace. When we moved here, it was not anything like Florida's market. Their are many sellers that are starting to get realistic. I just looked at a house that is spec builder by a very reputable builder. The house has been sitting and is priced well over $1million. They are now trying to lease it for under $3000 per month.....they are getting realistic with "stopping the bleeding". Right now, we are in the phase of everyone trying to HOLD the Value. The bottom line is that there are many sellers who will take drastically less....and those are the REAL DEALS! My advice, work with a professional and don't be afraid to Make Offers.

http://www.OfficerRealty.com

Be patient. This housing crash will eventually come to an area near you.

just wanted to say thanks from your honesty for everyone who has answered thus far. the cecile's hyped us up waaay too much (the cecile's own biltmore estate) thats why so many people bought here and the bs that our chamber of commerce writes is all in cecile's mind (jack cecile). I'm one of those "disgruntled" natives. Anyhow, I do thank all of you for your answers and explanations.

I am not in your area - and if you need a great agent, I can hook you up. I have had a few friends move to that area in the past couple years.

To answer your questions -
1 - if the houses are selling, that is market value even if you don't agree with it.
2 - if the houses are not selling, then the sellers are in denial.

MORAL OF THE STORY - Fair market value is the price at which a home SELLS in an arms length transaction. It's never more and never less, no matter what anyone else tells you.

Real estate is extremely local and can vary by neighborhood, zip code, etc. - that's why you need a LOCAL agent. Don't believe the headlines.

I am not in your area - and if you need a great agent, I can hook you up. I have had a few friends move to that area in the past couple years.

Kyle,
I live in Haywood county and we were just marked by Fannie Mae as a declining market. While our prices have only declined 8% since this time last year, our sales are down 40%. We are in a buyers market for now. Our sellers are finally realizing if they want to sell their properties, they have to bring their prices down to sell. Buncombe county is atually still appreciating at this point. While it is probably a buyers market, there are many people that want to live there so they are willing to pay the price. Those that have their houses way overpriced will soon realize they will have to lower them substantially to sell them. Asheville was still ranked in the top 10 places to live in the U.S. That is great if you own a home there, as you will still have positive equity. If we could just get some positive media going instead of all the negative, our markets everywhere will turn around! Think positive and don't believe everything you hear!

All real estate is local, and I've heard that Asheville hasn't been as hard-hit as many areas by the falling market. I can't confirm that. However, you point out that home prices are high, and the properties are NOT selling. I would infer that the power is with the buyers in Asheville right now - many more homes available than buyers, who can pick and choose. Perhaps the prices haven't caught up with concept this yet. It's hard for sellers to acknowledge that homes are not commanding the prices they were 2 years ago.