George Real Estate Group Radio Broadcast

Revolutionizing Real Estate: Adam Smith's Principles in Hendersonville's Market

• George Real Estate Group

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How can the principles of Adam Smith's "The Wealth of Nations" revolutionize the real estate market in Hendersonville, North Carolina? Tune in to this week’s episode as we unpack the latest trends in the stock market and new inflation data, dissecting their impact on interest rates and the Federal Reserve's cautious stance due to labor market concerns. With fall ushering in high demand for properties, we reflect on the recent success of the Apple Festival and delve into how our team at the George Real Estate Group leverages specialized roles inspired by Smith’s theories to enhance efficiency and streamline the buying and selling process.

Explore how the division of labor within our team translates to superior client experiences, and get updated on the dynamic Henderson County real estate landscape where average home prices have soared beyond $550,000. We offer insights into how decreasing interest rates and various mortgage options like VA, USDA, and FHA loans are influencing buyer affordability. Additionally, learn how life's unexpected events can steer real estate decisions and mark your calendar for an exciting open house extravaganza featuring six incredible properties across Western North Carolina. Plus, don’t miss our Hometown Hero Series every Friday morning, where we honor the local apple growers who make our community unique.

Speaker 1:

Hello friends, thank you so much for being here. This is the George Real Estate Group podcast, which is a production of our live weekly radio shows hosted on multiple radio stations here in Hendersonville, north Carolina. The George Real Estate Group serves Western North Carolina and upstate South Carolina and it is a privilege to share positive news about our local real estate market and community. Thanks so much for subscribing and, of course, if you have any real estate questions or if we can help you in any way, be sure to reach out. Visit us at georgerealestategroupradiocom for more information. Good morning and welcome to the George Real Estate Group live radio broadcast here on WHKP Every Thursday morning, bringing you positive news about the local real estate market community. Grateful to be here with you on this Thursday, september 12th. What a beautiful day. It is Grateful to be here with you.

Speaker 1:

So much going on in the real estate world. We're going to dive into some of those numbers. I mean certainly a lot of news going on in the stock market, the investors jumping around between the new inflation data, the presidential debate. Stocks jumped for a third straight day. Um, also, you know, this time of year people are coming in, they're, they're enjoying the weather, they're, they're looking at the leaves, they're they're. Our area is in high demand and you might can feel that with the traffic. Still, we had the incredible Apple Festival, you know. The good news is what we're seeing in regards to the real estate market and the interest rates, and that's certainly going to be a topic of discussion. I mean, the consumer price index fell for a fifth straight month in August, a 2.5% down from 2.9% in July, approaching the Fed's 2% target. This news is very positive towards an interest rate cut this month, but they're predicting it might be a smaller quarter point reduction as opposed to half a point. Um, because of the housing actually housing being a component that remains, continues to remain high because of the supply and demand and we talk about that here on the radio show. Um, but the the feds, you know, continue to worry about the labor market. Um, just fascinating if you're tuning in and we'll dive into this. But if you're tuning in, the feds continue to worry about the labor market. Just fascinating If you're tuning in and we'll dive into this. But if you're tuning in for the first time ever, the George Real Estate Group's located in Flat Rock, right next to the bakery our great friends. At the bakery. You also have Hubba Hubba Barbecue. You have Campfire Grill, our friends at the Wrinkled Egg and Dogwood and just thankful to be there on Rainbow Row and Flat Rock.

Speaker 1:

We've been there for a number of years serving not just Flat Rock but we serve Western North Carolina, all the surrounding counties. We also serve the surrounding counties of Greenville County and Spartanburg County. We have agents that live in South Carolina that can help if you're considering maybe you're considering moving there, maybe you're considering selling there. I mean, we can facilitate and handle at the highest level, whether it's buying or selling or investing in real estate, whether it's Western North Carolina or upstate South Carolina. We'd love to interview for the job. You know Western North Carolina or upstate South Carolina we'd love to interview for the job. You can give us a call at 828-393-0134, 828-393-0134. Find us online at realestatebygregcom.

Speaker 1:

We also podcast all of our radio shows, all of our radio shows and including our Hometown Hero series, which we do every friday morning at 8 45. We've been doing that for a number of years. We are going to continue to honor uh amazing people and those in the community making a difference. The, the apple growers uh of henderson county is our, our hometown, our hometown hero this Friday. There's actually 16 packers, 90 growers, 1,500 plus apple workers. They're bringing in over 3 million bushels of apples this year economic impact revenue of over $30 million, and so we're going to have a conversation about our amazing apple growers tomorrow morning. But you can go to our podcast. I mean, you can listen back on different hometown heroes that we've honored throughout the years. That's on our podcast. You can find it on your favorite podcast platform, whether it's Apple, amazon, alexa, spotify, wherever you listen to your podcast.

Speaker 1:

We subscribe and connect with us. Our website for our company, realestatebygregcom. We'd love to connect with you or stop by our office and then just classic, call us. Call us at 828-393-0134, 828-393-0134. We'd love to connect with you. We are helping so many people. We have incredible inventory, we have incredible agents, we have incredible team here at the Georgia Real Estate Group. We have full-time closing coordination and listing management. We have our broker in charge. We have so many processes. This is interesting.

Speaker 1:

I heard about a book called Wealth of Nations and I heard one of the stories where, again, when you think of division of labor and just the story of the economies of different, you know of the economic history, right, but a book called, you know, wealth of Nations, and they talk about just the assembly line or division of labor. Actually, the book was actually, you know, written in 1776. And it's actually considered, you know, one of the most influential books in history of economics and it really laid the foundation of modern capitalism. But I bring up the division of labor and because we're doing this at the George Real Estate Group, I mean just a simple example of if there's 18 steps to make a pen, you could have the same person building doing those 18 steps and guess what? They might be able to make one pen a day. Well, when you have the division of labor, it actually causes specialization and tasks and it actually increases in productivity and efficiency. Right, if you have 18 different people doing each of the 18 steps to make a pen, they could make 50 or 100 pens a day versus one person doing all 18 steps and doing one pen a day. You know it's really the division of labor, you know, causes efficiency, productivity, higher quality output and it also provides expertise and speed. And so when you think about division of labor, this book was just fascinating, the Wealth of Nations, you know it was written by Adam Smith, again first published in 1776, you know. But it talks about the division of labor and so we actually it's. You might not think about that in today's, you know just a concept to think about.

Speaker 1:

But you know, traditionally in real estate you have one agent typically doing everything and there's not just 18 steps in real estate, there's hundreds of steps. Now we certainly don't have hundreds of people doing each individual step, but we have different people in different roles specializing along the process. I mentioned closing coordination. I mean it's the agent you know working through the, you know helping the client, whether it's you know the selling process or buying process. But you know, and there's so many steps that are involved there. But once the home gets under contract, there's a specific person on our team handling the closing coordination. And again, that closing coordinator has expertise, speed, higher quality than, again, one agent trying to do all the steps of the process. We've been doing the team approach for a number of years and one of the interesting you know feedbacks are people are like oh, this is, you know it's more common now than it was when I first started the team originally, you know, over a decade ago. But you know, having a different person in each role really can help make the process smoother, increase the quality of it, but again, one person trying to do everything versus people in different roles. And so what happens is the oh.

Speaker 1:

Where I was going with this is that clients might say, well, I, you know, I don't understand, but people think that they want, maybe they want to hire a specific person, but really it's more about what does that person represent? And for us, you know, when you call us, you're calling us. You know, maybe not because of me or because of a specific agent, but it's what the standard we represent represent. And when certain roles of the process are handled by agents or staff members that specialize in it, they can uh, they're, they're going to actually bring the standard higher. And so, you know, our clients don't necessarily care who. They care who, how it gets done, but if you really dive into it, you really care about the standard that we represent, not the specific person getting a certain thing done. So we have a closing coordinator that works with everything from the lenders to the attorneys, to the inspections, with both sides of the transaction the buyer's agent, the listing agent, the sellers, the buyers I mean there's so many pieces of the puzzle that happen in a selling process and then we have a listing management, and so listing management, once you decide, if you decide to put your house in the market, there's so many steps that are involved there, from the professional photography to the, you know, getting the property ready, to getting the MLS information, to processing the data and putting it together and getting it approved, and you know.

Speaker 1:

So again, division of labor allows specialization and also higher quality work, and so it was just an interesting, you know, economic thought, you know of the Wealth of Nations, interesting book, and it's not just. I mean, you have the different concepts, the division of labor, you know the invisible hand, have the different concepts, the division of labor, you know the invisible hand. Actually, you know, smith suggests that individuals, by pursuing their own self-interest, unintentionally promote the overall good of society in a free market. This invisible hand guides resources to where they're most needed and encourages innovation. Back to innovation and expertise. Back to innovation and expertise.

Speaker 1:

There was this, apparently, with the fire truck. There was a person that had to undo the water pipe on the fire truck and because that was his one job he discovered, and for his own self-interest to make his job easier, he created. This is very early on at the beginning of the fire industry, firefighting industry, where he developed a rope that he could pull the pipe and open it up so much quicker. Again, it was innovation. I mean there was a bit of self-interest there to make his job easier, but he was an expertise in it. And again, division of labor.

Speaker 1:

Again, there's a lot of concepts that he talks about. He talks about the role of government. You know he, you know Smith, was a proponent of free markets. He did believe in certain roles for government. He argued that government should provide public goods that cannot be efficiently or, excuse me, effectively handled by private markets, such as defense, justice, infrastructure. He also supported government intervention to prevent monopolies and ensure competition. But it's an interesting book. You know, sometimes I bring up different books that I'm reading.

Speaker 1:

But again, even just realizing in our own company at the George Real Estate Group, how we have the division of labor and then how we create efficiencies and we work to get better in each of the aspects of the buying and selling process, it's a system, it's a model that we follow and it's duplicatable, it's repeatable. We're here to help our clients. I mean it's really about our clients and our the relationship and helping our clients navigate through the buying and selling process. It's not the market's the market. The economy is the economy, the interest rates are the interest rates, but real estate is life driven. It's it depends on. It could be a really positive reason why you're buying or selling. It could be a challenging reason. We've had the privilege of walking through and helping over 1,400 families throughout the years buying and selling, and we're so grateful for the opportunity to help our clients.

Speaker 1:

You can give us a call directly at 828-393-0134, 828-393-0134. Find us online at realestatebygregcom. Stop by our office at 2720 Greenville Highway there in Flat Rock. We have an exciting open house extravaganza scheduled this weekend and we're going to talk about. We have six properties that we're opening this Sunday two to four across Western North Carolina. Primarily. Majority of them are in Henderson County. One is in Buncombe County and I'll share with you these six open houses. And, of course, you can go to realestatebygregcom. You can see our different listings that we have and the inventory we have, and you can see the homes that we have open and we're going to be posting them on social media here shortly and giving more information. Follow us on Facebook or Instagram. You can see what we have going on and I will dive into that.

Speaker 1:

But before we do that, just a quick snapshot of our market the average single family home price in Henderson County. This morning it just tipped over $550,000 and $28. $550,028. And that's the average price over the last 12 months in Henderson County for single-family homes and we continue to average about 123 homes a month selling. It's really interesting. In August there were more homes that were sold this August than the previous August. It does look like we're about on par to sell as many homes this year as we did last year. So it's remaining steady.

Speaker 1:

The inventory levels have gone, increased a little bit. They're at 462 active single family homes on the market. So the inventory levels are increasing. Demand's remaining strong but because of the supply and demand, prices have gone up. We've had 8% appreciation in Henderson County. The average single-family home price right above $550. Also, about a third of our, over a third of our sales with single-family homes are purchased with cash and again, that would be just part of the dynamic.

Speaker 1:

The interest rates are the interest rates there's. About two-thirds of buyers are getting loans. Interest rates have come down. I mean they are in the low sixes for a 30-year mortgage and of course there's so many different factors that are involved your credit score, your down payment but for well-qualified buyers you can get in the low sixes and then we're going to see what happens with the feds when dropping interest rates. So, again, so many factors that are involved, but we've had the privilege of helping over 1400 families with their real estate needs.

Speaker 1:

If you're curious what your home is worth, if you're curious you know, do you sell before you buy? Do you buy before you sell? Most of our business is word of mouth and if you know somebody that we can help, we'd be honored to interview for the job. Just in the last seven days more of a snapshot of the market there's been 41 new listings. There's been 41 homes go under contract. This is single-family homes. The thing that's probably one of the highlights to bring up is there was 55 price drops. It's over 10% of the active single. Bring up is there was 55 price drops. It's over 10% of the active single-family homes on the market have had price drops in the last seven days, but some 10% of the inventory went under contract. I mean 41, you know went under contract. There was 36 homes that closed in the last seven days. So again. The market is moving. We continue to see activity. Buyers are out buying, you know the inventory levels is remaining strong. So again, across the board, it's a healthy market and back to life happening. Therefore, real estate happens and we're walking alongside with our clients. So this Sunday our team at the George Real Estate Group is hosting six houses for an open house extravaganza. This Sunday, two to four. You can find more details on our social media. We'll be posting that, but you can also just go to realestatebygregcom and we have some incredible homes. If you've been curious about the new listing we have at 2622 Greenville Highway.

Speaker 1:

This home has some history. It was Flat Rocks Historic, the patent store building, and it's been known through its storied past and now it's available. It's this original portion of the house was built in the 1830s and it once housed a general store and post office. It's really fun. The poet, musician and Pulitzer Prize-winning author, carl Sandburg, is said to have mailed his manuscripts from this location. He was also known to socialize at the general store's informal music gatherings. The property is actually the last 15 months has been a very successful Airbnb. It's a three-bedroom home, large open concept and whimsical backyard porch hot tub. The property boasts original hardwood floors and plaster walls, has an updated kitchen and bathrooms. Again, it's thoughtfully done, preserving the historical integrity of the beautiful and one-of-a-kind home. This home is one of the six homes available this Sunday, 2 to 4, 2622 Greenville Highway. It's a beautiful blue building, so original portion was in the 1830s and then addition was made in the 1920s. So great property there that we have available for an open house.

Speaker 1:

Another great open house that we have, and this home is up in Weaverville 22 Alabama Avenue. 22 Alabama Avenue opened this Sunday in Weaverville. Alabama Avenue opened this Sunday in Weaverville. 1937 bungalow, four bedrooms, two bath. It's a beautifully updated home just blocks from the downtown. Weaverville four bedrooms, two bath, blend of modern comforts and timeless characters. It has an additional loft area currently used as a fourth bedroom, has flexibility in the floor plan, also has a basement and attic, so tons of storage space, fenced-in yard, private oasis, perfect for relaxation and or entertainment. So furnishings are potentially available for negotiations. It's a rare turnkey opportunity but this home, 22 Alabama Avenue in Weaverville, is going to be open 2 to 4 as well.

Speaker 1:

Another property that we have open is 26 Chariot Court in Hendersonville, in Hunters Crossing, very desirable neighborhood. This is a three-bedroom, three-bath, brick resident Offers just the convenience of the location. Great location, close to town, but it has an and and has a new roof in 2022. New water line to the house um it it had. They've removed the popcorn ceilings. They've replaced the septic tank in 2018. So many you know features of this home Three bedrooms, three bath. It's also open this Sunday. 2,300 square feet home. A great price at $525. One of the six homes that we have available. We also have an open house at 60 Kenross Drive in Flat Rock. This home also had a price reduction, a $15,000 price reduction.

Speaker 1:

This is a cottage in Bon Clark and just in the heart of Flat Rock Four bedrooms, three baths. Also has an additional bedroom and bathroom and a guest house. Plenty of room to spread out. This property could be a great second home, primary home, investment property, could be a short-term rental and it has all the amenities of Bonk Clark. And this property is now at $450. So great inventory.

Speaker 1:

Again, wanting to give you just a snapshot of the different homes, another one of the six homes. Another one of the six homes that we have available 124 Sky Village Lane in Laurel Park. This is a four-bedroom, three-bath, beautiful one-level 1956 home, classic, one-level ranch. One-level home, level ranch, one level home, long range of views of Blue Ridge Mountains at your doorsteps. I mean it is beautiful hardwood floors, wood-burning fireplace, incredible sunroom with sliding glass doors everywhere and then heated by a gas stove and it's just minutes from everything you need. Close to Jump Off Rock. Also close to downtown, hendersonville, laurel park, 124 sky village lane is another one of the beautiful homes that we're going to have available for our open house extravaganza. Open house extravaganza this sunday two to four.

Speaker 1:

And then the final one that we have is at 23 leafwood lane in zirconia. This, this is also a one-level home 20, excuse me, 2,063 square feet, built in 2003. Wonderful property $439. This is a great deal in Zirconia, also going to be open this Sunday. And this has almost two acres 1.97 per the tax records, 1.97 acre lot Just so much space. The floor plan is great. It has an en suite bath, garden tub, double sink, separate shower, kitchens, open, stunning brick face, wood burning fireplace. The floor plan is wonderful. It's all one level living. If you're looking for a four bedroom home built in 2003, this is wonderful. 23 leafwood lane in zirconia.

Speaker 1:

So we're going to have all this information up on our social media. You can follow us on facebook, george real estate group, but we will be putting up more information about our open houses. Certainly, if you just go to uh, you know our company website, realestatebygregcom, you can see the open houses that we have on our featured listings Six open houses this Sunday. Six open houses this Sunday. It's going to be a lot of fun. We're grateful, excited, and that's just a sampling of the homes that we have available with our team at the George Real Estate Group, with our team at the George Real Estate Group. If you're just curious and want to look at any of our properties, if you're curious what your home is worth, if you want to have a conversation there's no pressure, there's no cost, there's no obligation you can give us a call at 828-393-0134. 828-393-0134. Find us online at realestatebygregcom.

Speaker 1:

As I was sharing with you just the snapshot of the market the average single-family home price in Henderson County is at $550. We've been averaging 123 homes a month selling. There's only 462 available and over a third of the homes that have sold in the last 12 months were purchased with cash. The market is moving regardless of the interest rates. Although interest rates are dropping, that's creating some breathing room for buyers, the ability to get something more affordable. You know the buyers can, their dollars can go further and it's just talking with.

Speaker 1:

If you're going to get a mortgage. We have wonderful lender partners that can qualify you, that can pre-qualify you, that can set you up for success to understand where you're comfortable at, from a monthly standpoint, how much you're looking to put down. There's different programs available. Certainly, think of the classic 20% down, but there's also programs available for 0% down. There's a couple government programs there, whether it's the VA loan program or USDA loan program. The FHA only requires three and a half percent down.

Speaker 1:

But with the mortgage rates going down it's, you know, almost you know the back of the top. I mean it was significantly higher. I mean, if you remember, you know, a year ago interest rates you know were in the high, mid to high sevens and it's great. It's gradually been going down and it's allowing buyers to afford more. We're seeing also a lot of people are holding on to those homes that you're currently in with. Maybe you had a two or a three or a four percent interest rate, but I wouldn't be surprised if interest rates get into the fives again and that would be amazing. But we are in the low sixes right now for a 30 year.

Speaker 1:

I did hear of a lender If you want information, give us a call. We did hear of a lender, uh, offering a 20 year mortgage in the fives. So there are uh, there are uh programs like that available and, of course, depending on your down payment, depending on your credit, so many components that go into play there. But interest rates are coming down. So, because interest rates are coming down and a lot of sellers are saying, hey, maybe when it was in the sevens we weren't going to consider it, maybe when it's in the sixes maybe, but if it drops into the fives, we're willing to to find a home that that meets our needs better and and at some point you know you can only hold on if the home doesn't work for you, regardless of the interest rate you're in. You know that's where you know people are making decisions to change, to find properties. Maybe you're downsizing or maybe you're upsizing it, whatever it might be. Uh, you know, that's where you know it a lot more people are considering selling and and even you know it's, it's okay, it was a beautiful thing to get into those twos and the threes and the fours. But if the home's not working for you, it doesn't matter what the interest rate is. If the home's not working for you or your life situation changed or maybe it's a, you know your home, your family's growing and again it's a wonderful, positive reason why you're buying or selling.

Speaker 1:

We also walk alongside with our clients where the challenges happen. It could be a death or a divorce or a job loss. I mean, this is real life and so, regardless of the economy, regardless of the election, regardless of the interest rates, real estate happens. Because life happens, life is happening. Therefore, real estate will always happen and at the George Real Estate Group, we are honored to walk alongside with our clients and the market's the market.

Speaker 1:

But we are here to advocate for our clients. We're here to facilitate, we're a fiduciary for our clients and there's no pressure, there's no cost, there's no obligation to have a conversation or consultation to discuss what you're looking to do. We'd welcome it. Whether it's a phone call or a Zoom call or an in-person, come by our office in Flat Rock. Give us a call at 828-393-0134. Find us online at realestatebygregcom. Also, subscribe to our podcast. You can find it on your favorite podcast platform and that'd be just grateful for the opportunity to connect with you, and tomorrow morning every Friday morning at 845, is the George Real Estate Group Hometown Hero Series. We'll be here tomorrow morning with Randy Houston having our Hometown Hero interview. Have a great day, have a great week and tune in tomorrow morning.

Speaker 2:

The George Real Estate Group is here with us and we're talking about interest rates, which are well.

Speaker 1:

There's some really good news about them. There were some great interest rates. The rate on the 30-year fixed mortgage fell to 6.55% last week, according to the Mortgage Bankers Association. It marked the biggest weekly decline in two years and the rate was at its lowest since May 2023.

Speaker 2:

We're expecting even lower interest rates ahead later on in the fall, tell us about the inventory of homes in our area.

Speaker 1:

We have great inventory. It's still low, but that means there's available opportunities for you as a buyer and it's also a great time to sell. The interest rates are helping move the inventory. Buyer demand is strong. Our average single-family home price in Henderson County is up 8%. You can give us a call at 828-393-0134. Find us online at realestatebygregcom and be sure to subscribe to our podcast.

Speaker 2:

Thank you for listening to the George Real Estate Group podcast. Tune in next time for more industry news updates and real estate tips. You can reach Greg, the George Real Estate Group, at 828-393-0134 or at realestatebygregcom.