Great Quality of Life Creates Higher Real Estate Demand

JEAN M BERNARD RUSSO In 2020 Boone and the High Country are seeing growth in demand on top of an already healthy real estate market. Great Quality of Life Creates Higher Real

Estate Demand

BY LESLIE EASON

Boone and its surrounding areas are known for their laid-back feel, four distinctive seasons and outdoor enjoyment. While the High Country has a large percentage of second homes, Boone has more primary homes than our other towns because it is the business center of the High Country and home to Appalachian State University.

The Boone area offers a broad variety of home styles and neighborhoods. You can find everything from starter homes to large mountain homes and from farmhouses with acreage to condos for students at ASU. What is not common in this area are large subdivisions with similar homes.

In 2020 Boone and the High Country are seeing growth in demand on top of an already healthy real estate market. There is increased interest in investing in second homes and a de-

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sire to move away from larger cities and enjoy a good quality of life. The ability to work from home has made this possible for more homebuyers. This has resulted in sellers’ market conditions.

2020 MARKET FACTS

The Boone real estate market results for 2020 have been driven by a higher demand coupled with lower inventory. Total real estate sales volume is up by 42.4 percent. Inventory has been tighter as sellers decided to sit out the market due to COVID 19 concerns.

Median price for homes and condos in Boone from January through September of 2020 is $350,000 and average price is at $425,457 year to date, up 22.8 percent and 19.8 percent,

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Median price for homes and condos in Boone from January through September of 2020 is $350,000 and average price is at $425,457 year to date, up 22.8 percent and 19.8 percent, respectively.

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respectively. This does not mean that individual homes are 20 percent higher, but rather there is limited lower priced inventory to bring the averages down. For Watauga County overall the median price is $325,000 and average price is $394,236. Homes in Boone are selling at 97.8 percent of list price on average.

In Boone we are seeing a short time on market, with good listings going under contract in under 30 days, sometimes within a couple of days. We expect the market to be active through the winter months.

NEIGHBORHOODS AND AREAS

Visitors to Boone often wonder where to find the homes they see online and in magazines. A large portion of the homes in Boone are tucked away in small subdivisions and neighborhoods. With the mountain terrain and numerous back roads, it is difficult to really know where to find many of these homes. If you are interested in purchasing a home and want to get a feel for these neighborhoods, your best bet is to contact a local Realtor to represent you as your buyers agent. The seller pays the Realtor’s commission, so there is no cost to you.

Boone is the largest town in the High Country. The High Country is often referred to as the Boone area. Boone is located in the center of Watauga County and is bordered by Blowing Rock on the south, Banner Elk on the southwest, Deep Gap on the east, Vilas and Sugar Grove to the north and west and Todd and Zionville due north. If you are performing searches for real estate online, it is helpful to know the names of these towns and that they are part of this area.

Within Boone town limits there are great established neighborhoods near ASU off King Street, above Earth Fare going toward Howards Knob and near the New Market Shopping Center. Take 321 through the town and there are neighborhoods past the hospital and golf course and along Deerfield and Bamboo Roads.

Heading out of town, there are neighborhoods off of 321 toward Blowing Rock and along the Blue Ridge Parkway north. These neighborhoods include Sorrento, Goshen Valley, Grandview and Greystone.

If you take 105 South from the main intersection at Wendy’s, there are neighborhoods in an area called Foscoe as you are headed to Banner Elk. The largest developments there are Echota (condominiums) Hound Ears Country Club and Twin Rivers.

North on 194 from New Market Center toward Todd are River Ridge and Waterstone along with many homes not in subdivisions.

If you take King Street out of town you will be headed toward Vilas, Zionville and Bethel.

BE PREPARED FOR YOUR REAL ESTATE SEARCH

In this competitive market it is important for home buyers to be prepared and proactive as they begin their search. Here are some tips to be ready. • Even if you are casually looking, it helps to partner with a Realtor early in the process. They can talk to you about the market and set expectations. They can also set you up on a real estate search directly from the MLS so that you see new listings as soon as they hit the market.

• Talk to a mortgage lender and begin the paperwork to obtain a pre-approval. Not only will this tell you how much you can afford, almost all sellers require a pre-approval letter with an offer. If you are a cash buyer, be ready with a proof of funds letter from your financial institution. • If you are like most home buyers, you are not living in our area, so if you see a home hit the market in which you have interest, ask your Realtor to give you a virtual tour live from the home or take a video and send it to you. Then you know if it is a home you want to come to see quickly. • Sight unseen offers: We are seeing more buyers make offers on homes without physically coming to see them due to the competitive nature of the market. While there is more risk with this option, sometimes it is the only way for out-oftown buyers to secure a home that meets their needs.

Leslie Eason is a Realtor with Keller Williams High Country Realty in Boone, NC and is the leader of the Leslie Eason Real Estate Team.

APARTMENTS AND RENTAL PROPERTIES

The rental market in Boone is dominated by student rental apartments and condos and generally follows the period of Aug. 1 through July 31. There is not a very strong selection of rental homes for families, although they can be found. Most rental properties are available through property management companies.

There are several new student-oriented apartment projects coming online in 2020.

The best bet for anyone looking for a rental property is to use these three sources: 1. There are several rental management companies. Most cater primarily to student apartments but also have other homes. Search ‘long term rentals near Boone’ on your internet browser. All of the property management companies will appear in the search. 2. Look in the classifieds section of the local papers, which are also available online. The largest classifieds section is in the Mountain Times and Watauga Democrat, and there are an increasing number of resources on Facebook. 3. Look on Craigslist Boone: https://boone.craigslist.org. Even the rental companies post their listings there. Just be aware that there are many scammers on Craigslist. If it looks too good to be true, it likely is. Never send a deposit to someone without seeing the property inside in person.

FILE PHOTO The Skyline Terrace apartment complex, located in east Boone, is designed for professionals, families and grad students.