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Archive for the 'Georgia Mountain Market reVIEWS' Category
Like real estate, it appears that foreclosure activity is a local phenomenon, too.
As reported by RealtyTrac.com, more than half of all foreclosure-related activity in 2009 came from just 4 states:
1. California
2. Florida
3. Arizona
4. Illinois
More than 1.4 million filings made in 2009 are attributed to the above states. Furthermore, each ranks in the Top 10 for 2009 Foreclosures Per Capita.
The other states are Nevada, Utah, Georgia, Idaho, Michigan and Colorado.
Versus 2008, foreclosures are up 21 percent nationwide and that’s a big number, but a deeper look at RealtyTrac’s annual reports reveals a more positive undertone on the housing market.
1. 40 states fell below the national Foreclosures Per Capita average in 2009
2. Foreclosure activity fell on an annual basis in 10 states as compared to 2008
Foreclosures are still prevalent, though, and buying homes in foreclosure in Blairsville, Blue Ridge, and Ellijay Georgia continues to be big business. First-time buyers, move-up buyers, and real estate investors each are bidding aggressively.
Distressed homes account for one-third of home resale activity, according to an industry trade group.
That said, buying foreclosures can be tricky.
First, properties are often sold “as-is” and the cost of repairs may unwind the home’s status as a “value buy”. Furthermore, a lender may require specific fixes to be made prior to closing and that, too, costs money.
Second, buying a foreclosed home in Georgia isn’t as streamlined as buying a “normal” home. Closing on a foreclosure can be a 120-day process or longer. A 4-month time-frame may not fit your schedule.
And, third, finding foreclosures can be difficult. Despite the growth in foreclosure search engines, it still takes a good real estate agent to uncover the best homes at the best prices.
Read the complete foreclosure report and take a peek at RealtyTrac’s foreclosure heat maps. If you like what you see, Contact Me or give me a call at 706.994.8686.
There’s still good deals in the foreclosure market — you just have to know where to find them
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Just one month after touching a 3-year high, the National Association of Realtors® Pending Home Sales index plunged in November. A “pending” home sale is a home that is under contract to sell, but has yet to close.
The 16 percent drop marks the first retreat in Pending Home Sales since January of last year.
The weak Pending Home Sales data is an indication that Existing Home Sales data will be soft this month. This is because, historically, 80 percent of Pending Home Sales convert to “closed sales” within 60 days, and most of the rest close within 120.
With Pending Home Sales down, the housing market should lose some of its momentum. For today’s home buyers, this kind of slack can represent a terrific opportunity.
Home prices are a function of supply and demand; of buyers and sellers. When buyers outnumber sellers, competition leads to bidding wars, ultimately, and higher home prices overall. The imbalance can also create a sense of urgency that results in over-paying for a home.
When buyers are sparse, on the other hand, the psychology of real estate shifts.
Home sellers are keenly aware of foot traffic and requests for second and third showings. Without buyers, their homes can’t sell. They also note a lack of general feedback from the market.
It’s at this point that seller fear can creep in and it becomes a buyer’s best time to buy.
Based on November’s Pending Home Sales data, it’s clear that home sellers are in abundance right now. Home buyers have leverage.
It may not last.
With mortgage rates easing lower this week, the federal home buyer tax credit still in effect, and the Holiday Season officially over, buyers are getting back to business in Blairsville and everywhere.
Plus, with the tax credit deadline of April 30, 2010 fast approaching, buyer activity should increase over the next 4-6 weeks.
The market looks ripe for a buy but don’t rush it. Take your time and bid right. But when you’re ready, be ready — once the market momentum shifts back to sellers, you might lose all that leverage you built up through the winter.
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2010 is just a few days old and already the “experts” are making predictions for the year.
Housing calls and mortgage rate predictions run the gamut:
- Home prices will fall in 2010
- Home prices will rise in 2010
- Mortgage rates will rise in 2010
- Mortgage rates will rise by a lot in 2010
Given how varied their outlooks, it’s clear that the professionals have no better view of the future than the amateurs. An expert can make an educated guess, but it’s a guess nonetheless.
Last year, Wall Streeters predicted a 25% pullback in home prices. 12 months later, we know prices didn’t fall. Wall Street also predicted higher mortgage rates for 2009. That prediction was fulfilled.
There’s a lot of talk on CNBC and elsewhere about what’s coming in 2010. Before you take those predictions to the bank, just remember that analysts do a much better job interpreting data from the past than projecting it into the future.
The only thing that’s certain right now is that mortgage rates are historically low, the government is giving tax credits to qualified buyers, and there’s a lot of good “deals” in housing. Make the most of what’s out there today because it will take 12 months for us to look back and know which predictions were right and which were wrong.
Until then, predictions are just opinions and guesses.
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I hope that you enjoy this Fall Newsletter from Blairsville Realty. Robert Rogers, Broker and Owner of Blairsville Realty stays on top of the Real Estate Market here in Union County. He decided that it would be a great idea to keep not only the customers and clients of Blairsville Realty, but all Buyers, Sellers and anyone that is interested in what is exactly going on in our local market.
Please take a few minutes and look over our latest newsletter. It is packed with a lot of great information and I know that you will find it very informative. Should you have any questions or concerns after reading our Report, please feel free to Contact Me, or simply pick up the phone and call me at 706.994.8686. As always, thanks so much for visiting me on “The Porch” today. Please come back and visit often.
Make it a GREAT day!
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Much like the Fannin County Residential Market Report, we have some positive news as well as some not so good news. I would like to begin with the not so good news and end this post on a positive note. Seller’s are continuing to be plagued with the Foreclosure and Short Sale Markets. The median Sold Price for Union County is down 25%. That is a change of almost $50,000 from October of 2008. Our average days on market for the Homes For Sale In Blairsville, GA. is up 35%. Since August of this year, we have seen a decrease each month in the number of days on market which is again mostly due in part to the number of Foreclosures and the aggressive pricing that the Banks are placing on their REO’s.
That’s all for the negative, isn’t that nice? Now for some good news. The number of Homes Sold in Blairsville Georgia continues to climb. Union County home sales are up 18%, which sounds a lot better than if I were to say 4 more than October of 2008. It is still positive news any way you slice it. The Residential Inventory in Union County is decreasing each month, down 15% or 137 fewer Homes For Sale this October. The number of Homes that are Under Contract or that have gone Pending is also up 7%, a change of 2 from last October. With new construction still very slow, our number of new properties listed are way down, 37% which is 40 less new listings than we had a year ago. This may not sound like good news, but I actually believe it is. We have a lot of old inventory that we desperately need to get rid of so that more and more new construction can begin again. Finally, our Absorption Rate is down 17%. This tells us the number of months that it would take to sell all the Residential Inventory that we currently have at current market conditions. Right now that number is 23 months.
Thanks so much for coming up on “The Porch” for another North Georgia Mountain Market Report. I really appreciate it and hope that you do come back again real soon. If you know of someone looking to Buy or Sell North Georgia Mountain Real Estate, I would be grateful if you would pass along to them My Contact information. Even better, forward them this post or a link to The Front Porch View.
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Well there is some Good and Bad news for the 3rd Quarter Residential Sales in the Fannin County Real Estate Market. Some Good News, the number of Homes Sold in and around Blue Ridge are up 26% from September a year ago according to the sales data from our Northeast Georgia MLS. Also the number of Homes that have gone Under Contract year over year is up a whopping 62%, a change of 15 more Homes. Another bit of Good News is that our inventory is slowly coming down as well. We have experienced an 11% decrease in the number of Homes For Sale in Blue Ridge, GA. to only 995 on the market compared to 1,118 in September 2008.
Now for the Bad News which actually isn’t all that bad. We continue to fight against the Banks and the troubles that they are causing as well. Home values continue to be driven down mostly due in part to the Short Sales and Foreclosures. I have mixed emotions about that actually. Some of our local Banks are really working hard to involve the local Realtors, while yet others seem to want to do it all on their own. Either way, they didn’t ask to be in this Real Estate Crisis either. Yes we all know they issued a lot of Bad Loans, but if we all would have had a Crystal Ball, I am sure most of us, if not all of us, would be in a different situation. The Median Sales Price of Fannin County Residential Homes is down 15%. That price is $208,000, which is much higher than the neighboring counties such as Union County and Gilmer County. The Average Days on Market is also up 31% to 132 days. This is the average number of days that a Home is on the market before it actually sells. I firmly believe that Pricing is 80% of Marketing these days, and if you are not priced right, and I mean aggressively against the competition, you are likely to see your Days on Market to be even higher than that.
Below you will find detailed Graphs and Charts gathered through our Northeast Georgia MLS. Feel free to Call Me at 706.633.8186 or Contact Me if you have any questions or concerns about anything I have said in this Market Report. If I can assist you with any of your North Georgia Mountain Real Estate needs, I would be grateful for the opportunity to speak with you about that.
Thanks so much for visiting me on “The Porch,” and I hope you come back and visit me again real soon.
Make it a GREAT day!
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For May, the Case-Shiller Index showed home values up in 15 of its 20 tracked U.S. markets. It’s the first time in nearly 3 years that the index showed such strength and a signal that home prices may be turning higher for good.
According to a Case-Shiller Index spokesperson, “this could be a signal that home price declines are finally stabilizing.”
However, just because the Case-Shiller Index indicates home values are stabilizing, doesn’t necessarily make it true. Real estate is a local phenomenon and the Case-Shiller Index tracks just 20 U.S. cities. Here in the North Georgia Mountains, we have seen a steady increase practically from the first of the year beginning in February. In Towns, Union, Fannin and Gilmer counties our Median Sales Price has dropped 12% but appears to be stabilizing. Even better news, we have experienced a 10% increase in the number of homes sold, and a 49% increase in the number of homes under contract. It sure looks like we can begin to say that we have reached or at least are very near “The Bottom.”
Residents of every other town are unaccounted for.
Additionally, even within the 20 tracked cities, there are distinct neighborhoods and pockets that are under-performing the general market — just as there are those that are over-performing. The Case-Shiller Index can’t get that granular.
Despite its imperfections, the Case-Shiller Index remains a helpful, broader measurement of U.S. real estate. Economists believe that housing led the U.S. into the recession and they believe housing will lead us out, too.
If that’s true, May’s figures are the next step in the right direction.
Please come back to “The Porch” often for updated North Georgia Mountain Real Estate Market Reports. If you have any questions or concerns about anything in this article, please contact me at 706.994.8686. or you can email me at Chad@EmailMyRealtor.com.
Make it a GREAT day!
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Fannin County experienced a slight increase in Median Sales Price by 1%. The Residential Median Sales Price is $232,500, rise of $1,500 from May of 2008. The number of Cabins Sold in Blue Ridge and surrounding areas had a decrease of 17 units, down 47% from the 37 that were Sold in May of 2008.
On a good note, the number of Homes For Sale in Blue Ridge, GA. is down 5% from this time last year. There are 1007 Homes For Sale, compared to the 1059 that were on the Real Estate Market in May of 2008. The number of New Properties Listed is also down 4%. I have also included a chart showing the Supply and Demand of the Blue Ridge Residential Real Estate Market. The Great News is that the number of Cabins and Homes Under Contract in Fannin County increased 13% to 35 which will make for a very good June when all of these properties close.
The Average Days on Market of Homes Sold in Blue Ridge did not see any change and stayed at 116 Days. The Month’s Supply of Inventory has also decreased 16% to 25.1, down from 30 in May of 2008.
Thank you as always for coming to “The Porch” for your North Georgia Mountain Real Estate Advise. If there is a specific question that you have pertaining to anything you have seen in this Blue Ridge Georgia Real Estate Market Report, or if you have a Real Estate related question or concern you would like for me to address, please Contact Me or call me at 706.994.8686. I would be grateful for the opportunity to assist you with all your North Georgia Mountain Real Estate needs.
Click Here for a in depth and comprehensive May 2009 Union County Real Estate Market Report.
Make it a GREAT weekend!
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The North Georgia Real Estate Market continues to improve. For the third straight month, we continue to see improvements in Union County. This Residential Market Report will show you that the number of Homes For Sale in Blairsville, GA. continues to slowly come down. This is good news for all the builder’s in Union County. As Realtors continue to reduce our inventory, New Home Construction can then begin to resume at a little bit faster pace.
Although the number of Homes Sold in Blairsville Georgia is going to show a decline of 41% from May of 2008, we have seen a slow but positive increase in the number of Sales during the past several months. Take a look at the number of Homes Under Contract and you will see that we have experienced a matching 41% increase in Pending Home Sales. Our Median Sales Price continues to move downward due mostly in part to the number of Foreclosures that we have been experiencing much like may other States.
Union Counties Residential Month Supply of Inventory has declined 31% from where we were in May of 2008. Our Average Days on Market is slowly increasing to 15o Days which is a 15% increase.
Should you have any questions or concerns about this or any other North Georgia Mountain Real Estate Market Report, I welcome your call at 706.994.8686, or you may email me at Chad@EmailMyRealtor.com.
Make it a GREAT day!
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As this week’s signal that home buyers are returning to the market, both Existing Home Sales and New Homes Sales posted improvement versus month-prior figures this April.
According to the National Association of REALTORS, the number of Existing Home Sales rose by 130,000 units in April.
New Home Sales rose by a modest 1,000 units in April.
As a twist in the story, however, although sales activity is rising, the available housing inventory is rising faster.
Versus March 2009, there were 300,000 more homes for sale in April — an increase of 9 percent. In addition, the “housing supply” rose to 10.2 months, its highest level since October.
This is good news for home buyers, of course, because home prices are a product of Supply and Demand. Depending on local conditions, buyers may find themselves in a position to demand lower sale prices or additional seller concessions.
The housing market has not fully rebounded but it continues to show signs of strength. With a few more months like March and April, it’s reasonable to assume that home buyers will lose some of their leverage for contract negotiation.
When that happens, expect home prices to rise.
Please come back to “Th Porch” soon for an updated Real Estate Market Report for the North Georgia Mountains. I will be posting a market report for Residential Inventory as well as Residential Sales in Blairsville, Blue Ridge, and the Ellijay areas. In addition to that, I will be posting the same reports for Vacant Lots and Acreage sales in those same areas.
Meanwhile, if I can answer any Real Estate related questions or concerns on Homes For Sale in Blairsville, Ga. or Cabins for Sale in Blue Ridge or Ellijay Georgia, please do not hesitate to call me at 706-994-8686, or simply send me an email at Chad@EmailMyRealtor.com. I look forward to hearing from you real soon.
Make it a GREAT weekend!
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