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With home prices still relatively low and mortgage rates trolling near their all-time best levels, it’s no surprise that home affordability is extraordinarily high in The North Georgia Mountains and most U.S. markets.
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 January-March 2010 were affordable to families earning the national median income.
It’s the second highest reading in the survey’s history.
Of course, on a city-by-city basis, home affordability varies.
In the first quarter of 2010, for example, 98.7% of homes sold in Bay City, Michigan were affordable for families earning the area’s median income and in Indianapolis, the percentage was almost 95 percent.
Indianapolis has held the top quarterly ranking for close to 5 years now.
On the opposite end of the spectrum, the New York-White Plains, NY-Wayne, NJ region earned the “least affordable” metropolitan area for the 8th consecutive quarter. Just 20.9% of homes are affordable to families earning the local median income.
The rankings for all 225 metro areas are available on the NAHB website but regardless of where your town ranks, home affordability remains high as compared to historical values but it likely won’t last long. Home values are recovering in many markets and mortgage rates won’t stay this low forever.
All things equal, buying a Home For Sale in Blairsville, or a Cabin For Sale in Blue Ridge may never come this cheap again. If you were planning to buy later this year, consider moving up your time frame.
Please Contact Me or give me a call at 706.994.8686, and I will share with you some Affordable Vacation Homes For Sale in the Beautiful North Georgia Mountains.
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The National Foreclosure Rate is Finally Falling.
According to foreclosure-tracking firm RealtyTrac.com, the number of foreclosure notices dropped 2 percent between April 2009 and April 2010.
2 percent may not seem like much, but it’s the first time in the history of the RealtyTrac report that the annual Foreclosure rate has dropped.
To be sure, Foreclosure rates remain elevated — more than 300,000 were reported last month, but default notices appear to be approaching a plateau.
The RealtyTrac report shows some other interesting statistics, too:
- 6 states accounted for more than half of April’s bank repossessions nationwide
- For the 40th month in a row, Nevada topped the nation’s foreclosure rate
- Foreclosure rates dropped in both California and Arizona, 2 foreclosure hot-spots through 2009
The good news for housing doesn’t stop there. 9 of the top 10 leading metropolitan areas for foreclosure-related activity showed a drop in annual activity. Only Reno, Nevada showed an increase.
Buying distressed homes is big business, according to the National Association of Realtors®, accounting for 35 percent of all home resales with a typical discount ranging near 15 percent on value.
But with the discount comes some caution. You need to know how buying a foreclosed can be different from buying a non-foreclosed home.
For example, distressed properties are often sold as-is and may have defects that render them “un-lendable”. Secondly, “quick closings” aren’t usually possible with bank-owned homes — you’re often at the bank’s schedule and mercy.
And, lastly, not all foreclosed homes are searchable online. You’ll usually find more stock if you work with a real estate agent versus searching online.
The RealtyTrac foreclosure report is thorough and can help you gauge what’s happening on a state-by-state level, and in the nation’s largest metropolitan areas. Once you’ve done your research, give me a call at 706.994.8686 about what to do next.
There’s still good deals in the foreclosure market — you just have to know where to find them. You can begin by looking for Foreclosures For Sale In Blairsville or Foreclosures For Sale in Blue Ridge.
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More than 60 percent of U.S. homes are “over-assessed”, says an industry trade group. Homeowners in Blue Ridge, Blairsville, Ellijay and Hiawassee pay more in property taxes than they otherwise should have to. You might be one of them.
Have you considered fighting your real estate tax bill?
In this 4-minute piece from The Today Show, you’ll learn:
- When to file your tax bill dispute for the best chances of winning
- How to pull your “property card” and check for tax bill-raising errors
- What to do if the taxing authority turns down your request
Most importantly, you’ll learn that don’t need to hire an attorney to fight your tax bill. You just need to be prepared. Do your research and make your case. It’s estimated that nearly half of all contesting homeowners are successful.
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When: Saturday April 24, 6 – 9 P.M.
Where: Riverstone Medical Center
Taste of Blue Ridge
3rd Annual! Local restaurants will provide food, the event will also include a silent auction, a live auction, wine tasting and music. Hours are from 6 – 9 p.m. Expanded venue with more room inside and a large tent outside. Ticket prices are $30.00 in advance and $40.00 at the door.
Get Your Tickets in Advance and $ave $10
Great Food, Beer and Wine
For more information call 706-838-4783
Live Music by the “Boomers”
Proceeds to benefit the Humane Society of Blue Ridge
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When: Saturday April 17th, 2010
Where: Mercier Apple Orchards
Hwy 5 North 1.5 miles on the left.
Merciers will be hosting a “Apple Blossom Tour” on Saturday from 10:00 AM to 5:00 PM… We encourage everyone to come out and see the apple blossoms, the strawberry fields, the cherry blossoms, see the old 1925 “apple house”, and more… Free Event. Now of course you can’t leave there without at least one fried pie!
For More Information, Please Visit Their Website or call Mercier Orchards at 706-632-3411
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Fewer homes went under contract in January as the housing market continues to limp through the winter months.
According to the National Association of Realtors®, the Pending Home Sales Index fell to its lowest level in 3 quarters this January. By contrast, in October 2009, the index had touched a 3-year high.
The Pending Home Sales Index measures the number of homes that have gone under contract to sell, but have yet to close nationwide. It’s compiled using data from more than 100 regional listing services and 60-plus brokerages — the sample set encompasses 20 percent of all home resales in a given month.
Economists have come to rely on the Pending Home Sales Index because of its high correlation to actual home sales. 80% of all home marked “pending” close within 60 days. Many of the rest close within 120.
Therefore, when we see Pending Home Sales show weakness like it did in January, we can infer that home resales will remain weak through the spring.
But will they really?
- Fewer sales should drag down home prices, bringing more buyers into the market
- Mortgage rates are still very low, but are poised to rise in just a few weeks
- The home buyer tax credit requires buyers to be in contract by April 30, 2010
In other words, there’s a confluence of factors that could lead to a rush of sales in Blue Ridge and Blairsville and around the North Georgia Mountains over the next two months, reversing the housing market’s recent momentum.
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Hope everyone has a very Happy and Safe Halloween. Remember, if you are in the North Georgia Mountains, we have the Halloween Safe Zone in Blue Ridge, GA. and Halloween On The Square in Blairsville, GA. These are really great events for Halloween here in our North Georgia Mountains.
Trick Or Treat!
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Fireworks Celebration at Lake Blue Ridge
When: Saturday July 4th, 2009 4:00 P.M. til Dusk – Fireworks Begin!
Where: Lake Blue Ridge Marina
Honestly, this is one of the Best Fireworks Shows in all of North Georgia! Beautiful setting just off of the shores of Lake Blue Ridge , with hundreds and hundreds of boats floating close by, it is a spectacular sight to see. If you are in Blue Ridge, you do not want to miss it!
515 east to Windy Ridge Road (Conoco station & Kentucky Fried Chicken) go to flashing red light turn left, follow Old Hwy 76 to the Marina
Barbeque and live music from 4:00 p.m. to 6:00 p.m. Fireworks display at dusk.
For more information, call 706-632-2618
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Arts In The Park
Presented by the Blue Ridge Mountain Arts Association
Blue Ridge, Georgia
Memorial Day Weekend
May 23rd – May 24th
10:00 A.M. to 5:00 P.M.
$3.00 Admission and Children under 12 are Free
Bring your family and friends to the 33rd Annual Arts in the Park Festival. Located in beautiful Blue Ridge, Georgia , at the foothills of the Appalachian Mountains, this event draws about 15,000 people each Memorial Day weekend. The festival features more than 150 Fine Arts, Crafts, and Food booths and this year some special events and activities to celebrate our 33rd anniversary.
Make this a great Memorial Day weekend by sharing it with us here in the North Georgia Mountains. Come spend a few days and see our picturesque Lake Blue Ridge, hike part of the Appalachian Trail or take a ride on the Blue Ridge Scenic Railway . Come visit us – you’ll be glad that you did!
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