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Archive for the 'Georgia Mountain Real Estate VIEWS' Category
According to the Standard & Poors Case-Shiller Index, home values rose 5 percent in June versus the month prior, and 4 percent from a year earlier. It’s the 16th consecutive month in which Case-Shiller reported an increase in home values and the third straight month of outstanding results.
That said, homeowners and Home Buyers in Blairsville and Blue Ridge would do well to temper Case-Shiller enthusiasm. The June figures are issued on 60-day delay and, over the last 60 days, housing data has been lackluster at best.
- Existing Home Sales are down 27 percent
- New Home Sales are down 12 percent
- Homebuilder confidence is down
Stories like these highlight a key weakness of the Case-Shiller Index — it’s out of date as soon as it’s published. Because of this, the Case-Shiller Index relevance to everyday Americans is muted. People don’t buy homes in the “60 days ago” real estate market, after all.
June is ancient real estate history to buyers and sellers in the North Georgia Mountains.
However, the Case-Shiller Index does have its place. As the most widely-followed, private-sector housing tracker, the index is used to help make policy decisions and to shape Wall Street’s expectations of the economy. This means that a strong Case-Shiller reading can cause mortgage rates to rise, and a weak Case-Shiller reading can cause rates to fall.
Tuesday, mortgage rates fell.
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There are few things in life as exciting as buying a North Georgia Mountain Home. However, since homes are one of the largest purchases most of us will ever make, home buyers should take reasonable steps to protect themselves in the home buying process. This series of posts will contain some general suggestions on how buyers can do this.
The information that I am providing to you is taken from Form F-13 Protect Yourself When Buying A Home from the Georgia Association of REALTORS®, Inc.
1. Read And Keep A Copy Of Any Signed Contract.
A Purchase and Sale Agreement is a legally Binding Contract. It should be read in its entirety by the Buyer before it is signed to ensure that it reflects the business agreement of the parties. Verbal promises not included in the contract are generally unenforceable. Buyers should comply with all time deadlines in a contract since missing a deadline can leave the Buyer in breach of contract. Getting an early start on arranging such things as inspections and financing is the best way for Buyers to avoid missing deadlines. The Buyer should also keep a complete copy of any contract that he or she has signed in the event a dispute arises regarding the authenticity of the contract.
Please check back soon for the second way to protect yourself when buying a home. Should you have any questions or concerns before then, please feel free to Contact Me, or call me at 706-994-8686 for any Real Estate advice you might be seeking.
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With home prices holding firm and mortgage rates still dropping, home affordability is reaching new heights.
According to the quarterly Home Opportunity Index as published by the National Association of Home Builders, more than 72 percent of all new and existing homes sold between April-June 2010 were affordable to families earning the national median income.
It’s a slightly higher reading as compared to last quarter, and the second highest reading in the survey’s history.
As with all aspects of real estate, however, home affordability varies by locale.
For example, 97.2% of homes sold in Syracuse were affordable for families making the area’s median income, earning the New York city its first “Most Affordable Major City” designation. Indianapolis was the first quarter winner.
On the opposite end of the spectrum, the “Least Affordable Major City” title went to the New York-White Plains, NY-Wayne, NJ area for the 9th consecutive quarter. Just 19.9% of homes are affordable to families earning the local median income, down 1 percent from last quarter.
The rankings for all 225 metro areas are viewable on the NAHB website but regardless of where you live, buying a home is as affordable as it’s ever been in history. Furthermore, because home values are in recovery and mortgage rates may rise, the market is ripe for home buyers in The North Georgia Mountains.
All things equal, buying a home may never be this inexpensive again. If you were planning to purchase later this year, you may want to move up your time frame.
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One day after the National Association of Realtors® released the softest Existing Home Sales report since 1995, the U.S. Census Bureau released a similarly-weak New Home Sales report.
Americans bought just 276,000 newly-built homes in July. That marks the fewest units sold since the government started keeping records in 1963.
In addition, although new home inventory actually dropped 2,000 units in July, the slowing sales pace still managed to push the national supply higher by 1.1 months. At July’s rate of sales, the nation’s new home inventory would be exhausted in just about 9 months.
None of this news should surprise you, though. It’s all been foreshadowed for weeks.
First, Single-Family Housing Starts have dropped in every month since April. A “housing start” is a when a home starts construction and, because fewer homes are under construction, we should expect fewer homes to be sold.
Second, Building Permits are down. The number of new permits peaked in March and have fallen 23 percent since.
And, lastly, home builder confidence ranks at its lowest levels since early-2009. A contributing factor in that pessimism is dwindling buyer foot traffic.
Regardless, there’s two sides to the story. Although the New Home Sales data looks bad for builders, it can be terrific for you. This is because new homes are more likely to be discounted when the sales cycle favors buyers.
Coupled with ultra-low mortgage rates, the cost of buying a newly-built home in Hiawassee may have just become cheaper.
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I just came across this article on Best Places To Buy Second Homes In The United States. For those of you who are wary of Buying a Second Home given the current slow down in the U.S. Real Estate Market, a recent report by RealEstateJournal.com provides some encouraging information.
Guess who is #2? You guessed it. Blairsville Georgia right here in the North Georgia Mountains. If you are looking to Buy a Home For Sale, or a Cabin For Sale for a nice get-a-way or place to vacation, please give me a call at 706-994-8686 or Contact Me for a list of Great Properties For Sale in Blue Ridge, Blairsville, Ellijay and Hiawassee.
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The number of home resales plunged by 1.4 million units in July, according to the National Association of Realtors® Existing Home Sales report.
It’s a drop of 27 percent from June; single-family home resales are at the report’s lowest levels since May 1999.
Furthermore, because of the sharp drop in sales volume, home inventories are spiking.
Homes for sale nationwide fell just short of 4 million units in July and, at the current sales paces, it would take 12.5 months for the existing inventory to be absorbed.
Home supply was just 8.9 months in June.
For home sellers in Hiawassee, Blairsville and Blue Ridge, the Existing Home Sales report is a bit of bad news. North Georgia Mountain Home Buyers are still waiting for the “bottom.” Fewer sales and larger inventories put negotiation leverage in the hands of the buyers which, in turn, creates downward pressure on home prices. It may also increase time-on-market.
For home buyers, however, the data is decidedly welcome. After a stimulus-driven spring buying season that favored sellers, the summer and early-fall market seem to favor buyers. More choices and more leverage is a positive.
It helps that home affordability is up, too.
Although there’s reports that home values are rising, their modest gains are more than countered by the ongoing rally in mortgage rates. Freddie Mac says that 30-year fixed rate mortgage rates are at their lowest levels in history and, at today’s rates, every one-eighth drop in mortgage rates roughly offsets a 1.5% increase to home price.
Mortgage rates are down 0.75 percent since mid-April.
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My Broker emailed a link to all of the agents in our office this morning concerning New Listings. The article reveals just how crucial the First Week can be for online marketing. Click here to see the stats and to read the article written by The Wall Street Journal.
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Click Here For Additional Information
Subscribe to Blog Contact Me Search for Homes Daily List Alert
Click Here For More Information
Subscribe to Blog Contact Me Search for Homes Daily List Alert
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