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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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There is nothing like feeling you are out in the “Boonies,” but you can walk to “Civilization!” You can get the Full Experience of Mountain Living just a few short blocks away from Downtown Blue Ridge Georgia in the Mineral Springs Ridge Community.
Mineral Springs Ridge is located near Great Food, Shopping, City Parks and even one of 4 Drive-In Theaters still operating in Georgia. Enjoy Long Range Mountain Views across Country and Town. There are many Great Outdoor Adventures here in the North Georgia Mountains, and the Aska Adventure Area in just down the road from Mineral Springs Ridge. From there you can do any number of activities, such as Biking, Mountain Biking, Hiking, Fishing, Hunting, Kayaking, and so much more! You can also Catch A Show or Hop On The Train, and take a ride along the Toccoa River and view the Indian Fish Traps along the way. There is always something going on in Blue Ridge, GA.
Mineral Springs Ridge is currently offering some really Good Deals! For a limited time, ALL Remaining Lots For Sale in Mineral Springs Ridge are priced at ONLY $25,000. That is right, Fantastic Mountain View Lots For Sale for ONLY $25,000. There is currently One Home For Sale in Mineral Springs Ridge. There are 2 New Homes that have recently began construction, and should be completed by the end of Summer 2010. There were also 2 Homes that SOLD in the community last year.
The Community is protected by Covenants and Restrictions, and there is a Home Owner’s Association. The property is served by Blue Ridge City Water, Sewer is provided by Private Septic Systems on each individual lot that the new owner(s) will be responsible for, and all Utilities are underground.
If you are looking for a place “Close To Town,” look no further than Mineral Springs Ridge. I can get you in touch with a Reputable Local Builder that will help you build the Home of Your Dreams. If you have any further questions or concerns, I would be grateful for the opportunity to answer those for you. If you would like any additional information, you can Contact Me, or simply pick up the phone and give me a call at 706.994.8686. I look forward to hearing from you soon.
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Median Sales Prices for Homes Sold in Blairsville was down 23% from April 2009, and it was also down 9% from March of this year. The Median Price of Homes For Sale in Blairsville, GA. is also down 5% , from $209,000 to $199,000.
Sales were down in April from 31 in March, to only 18 in April. That is a change of 42%. Of those 18 Homes Sold in Blairsville, 39% of them were Foreclosures. There were 21 Homes Sold in Union County in April 2009. Our Northeast Georgia MLS system is not set-up to accurately report the number of Short Sales that occurred within those sales.
There is Good News for May however. The number of Pending Sales in Union County was up 45% in April. These are properties that are currently under contract but have not closed. Typically, these properties close between 30 – 45 days. Looking back on Pending Sales in March, there were also 32 Homes Under Contract in Blairsville as in April. That means that either half of those deals fell through, or it is indeed taking a little longer with the New Changes to the Real Estate Settlement Procedures Act (RESPA) to close the transaction.
The number of New Properties For Sale in Blairsville climbed a little in March, but fell again in April. Overall, our inventory is slowly coming down bringing back into align the law of economics…Supply and Demand. We have gone from 860 Homes for Sale in Blairsville in April of 2009, to 711 available on the market in April of 2010. That is a change of 17% year over year.
The Average Days on Market (DOM) spiked 51% in the month of April to 170 days, up from 112. However with inventory coming down, and sales holding somewhat with a very slow and steady climb, our Absorption Rate is coming down. Our Month Supply of Inventory (MSI) is down 44%.
Should you have any questions or concerns with anything that you see in this report, please Contact Me. You may also call me at 706.994.8686, I will be more than happy to answer any question or concern that you may have. If I can assist you or anyone you may know that is looking to purchase a Home For Sale in Blairsville, GA., or anywhere here in the North Georgia Mountains, I would be grateful for the opportunity.
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Mountain High is a Gated Luxurious Mountain Home Community Located just outside of Blue Ridge, GA. in a small town known as Mineral Bluff. The development is less than 10 years old and features unmatched Mountain Views of Georgia, North Carolina and Tennessee.
Currently there are 10 Mountain Homes For Sale within Mountain High. These homes ooze Mountain Elegance and make incredible Rental Investments. There are currently 4 Vacant Lots Available For Purchase at this as well. Mountain High is protected by Covenants and Restrictions upholding the integrity of the development.
If you have any questions or concerns, please Contact Me, or you can simply pick up the phone and give me a call at 706.994.8686 and I will be more than happy to answer them for your. Thanks so much for learning a little more about Mountain High. Please come back and visit more often on The Porch.
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The Median SOLD Price for Homes Sold In Fannin County was down 1% or $1,500 from April of 2009. January of 2010 was a great month for Median Sold Prices, it spiked to nearly $250,000. Not much change for the Median Price on Homes For Sale In Blue Ridge. The Median Price For Sale was down 4% or $11.500. There was only 1 less Home Sold in March of 2010 over a year ago which had a total of 27 units, this was a change of 4%.
The GREAT News is that the number of properties that have gone under contract during the Month of March, but have not yet closed is up a staggering 105%! There are currently 41 Homes Under Contract in Blue Ridge, GA., a change of 21 from a year ago. This is promising news that sheds some light on what the economists that I have heard have been saying. The consensus is that we have a lot of Buyers with money in their pockets just waiting on Spring and beautiful weather. It is a gorgeous Spring Day, boy do I hope they are right!
The number of Newly Listed Homes in Fannin County is down 5%, and the Total number of Properties that are being offered For Sale is down 13%, a drop of 137 units. The number of Expired Listings, listings that were not renewed or that is not currently back on the market was also down by 7 units for a Total of a 7% change. The Supply and Demand Graph within this Residential Market Report really paints the picture of what we have been seeing here in the North Georgia Mountain Real Estate Market.
Some more good news is that the number of Days On Market (DOM) is down 21% to 122 Days. This is basically saying that of the Homes Sold In Blue Ridge, GA., they were only on the Market for a total of 122 Days before going under contract to be purchased. Also because of the number of Homes For Sale in Blue Ridge Georgia being down and the number of units that were Sold being up, the Months Supply of Inventory is down 59% to only 18 and a half months.
If you have any questions or concerns about anything that you have seen or read within this North Georgia Real Estate Market Report, please feel free to Contact Me, or simply pick up the phone and give me a call now at 706.994.8686. Thank You so much for visiting me on “The Porch.” Please come back and visit as often as you like, you are always welcome.
Make it a AWESOME day!
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There is a fascinating community located just off of The Appalachian Highway in Blairsville, GA. The Summit is comprised of beautiful Traditional Homes more conducive to full time residents of Union County. The Summit has much to offer, convenience to 515, the new Wal-Mart, and of course downtown Blairsville. This all paved community boasts breathtaking views of the Mountains in North Carolina, Tennessee. In addition to Mountain Views in North Georgia, The Summit enjoys incredible views of Lake Nottely, from canal lake all the way to the dam!
Currently within The Summit, there are 3 Homes For Sale and 10 Vacant Lots For Sale. I have also attached a copy of the Plat for you to review. Of the Restrictions within the community, I would like to point out just a few. Before you can begin any construction on a home within The Summit, you must submit your plans to the Architectural Review Board to approve the overall aesthetics of the home. The homes most contain no less than 1800 sq.ft. of heated living space, excluding any carports, garage, or basement. If the plans call for a second level, then a minimum of 1500 sq.ft. must be on the main level. All building exteriors must be completely covered with stone, brick, stucco, wood, or wood like materials. Please note that wood must be painted in Earth Tone colors. The last thing that does come up quite regularly, is the roof pitch must be no less than an 8/12 pitch excluding porches. Please consult with your Real Estate Agent for a complete list of all the Restrictions before you purchase your home or vacant lot within The Summit.
If you are not currently working with a Realtor(R), I would be grateful for the opportunity to earn your business. Please Contact Me or simply give me a call at 706.994.8686 if you have any questions or concerns on The Summit, or any other property or community located within the North Georgia Mountain Real Estate Market.
Make it a GREAT day!
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The next time you think you’ve outgrown your home, imagine what life would be like in New York City’s “skinniest home”. It’s barely wider than your wingspan.
In Greenwich Village, there’s a single-family, 3-story residence in which the interior living space width measures just 8 1/2-feet. By way of reference, that’s 4 inches more narrow than the Smart Fortwo electric automobile.
Even the home’s USPS street address hints at its size. Built on an alleyway, nestled between 75 Bedford Street and 77 Bedford Street, the diminutive home is officially known as 75 1/2 Bedford.
It just sold for $2.1 million.
Meanwhile, big price tags for little homes is nothing new. In 2008, the “Little House” in Toronto sold for the equivalent of $511 per square foot.
It is a good thing that Homes For Sale in Blairsville, GA. are not selling for an average of $512 per square foot. If so, my children would never eat!
(Image courtesy: Wikipedia)
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For the eighth straight consecutive month, national foreclosure activity in the U.S. was dominated by a small set of states.
As reported by RealtyTrac.com, more than half of October’s foreclosure-related activity came from just 4 states:
- California
- Florida
- Illinois
- Michigan
The remaining Top 10 states in terms of total foreclosure activity included Arizona, Georgia, Texas, Ohio, New Jersey, and Maryland.
Foreclosures are up 19 percent from last October, but a deeper look at the RealtyTrac report revealed two positive developments for the housing market.
- Foreclosure activity is down 3 percent from last month
- Foreclosures per Household decreased in 9 of the 10 most heavily concentrated states
Furthermore, Nevada’s foreclosure pace is down 4% from last year. This is a big deal because Nevada has long led the nation in foreclosure-related activity. Until last month, Nevada’s year-to-year foreclosure rate hadn’t fallen in more than 4 years.
It’s too soon to say that the foreclosure market is drying up, but bargains are getting harder to come by. First-time buyers and bona fide investors alike have been snapping up property at a furious pace.
According to an industry trade group, distressed homes account for nearly one-third of home resale activity.
That said, buying foreclosures isn’t for everyone.
For one, properties are often sold as-is and may be defective. The cost of repairs may negate “the deal” or “the steal” — depending on the cost of the home.
Secondly, closing on a foreclosed home can be a 3-month long process. This is because banks rarely process home sale paperwork as fast as a “person” would. A 3-month timeframe may not fit your schedule.
In the end, fundamentally, buying a foreclosed home is the same as buying a “regular” home — there’s a contract and a closing. Most of the steps in the middle, however, are different.
Read the complete foreclosure report and take a peek at the foreclosure heat maps on the RealtyTrac website. If you like what you see, talk to your real estate agent about what to do next.
There’s still good deals in the foreclosure market, but based on October’s data, they may not last through the winter.
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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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Beautiful Stone Entry Sign
The Sanctuary at Lake Nottely is an upscale gated community not far from town conveniently located to both golf, as well as you guessed it, Lake Nottely. The Sanctuary is located just under 8 miles from downtown Blairsville Georgia and not far from Murphy, NC. An absolutely beautiful North Georgia Mountain backdrop and gentle terrain makes this the picture perfect community for you and your family.
A comfortable walk through the bordering United States Forestry Service and you will be located at one of many public boat ramps on Lake Nottely. Here you and the family can launch the boat, or if you just want to take a dip in the lake to cool off, well you can do that as well.
There are currently 6 Vacant Lots available within the Sanctuary at Lake Nottely. Those prices range from $26,500 to $85,000. There are 4 Homes Available within our Northeast Georgia MLS at the time of this article. I do know of at least one other home that is not currently listed, however the present owners are willing to sell if the right Buyer comes along.
Thanks so much for taking just a minute to learn about this GREAT community right here in the North Georgia Mountains! If you have any questions or concerns about The Sanctuary at Lake Nottely or any other Blairsville area community, please do not hesitate to call me at 706.994.8686, or Contact Me. I would be grateful for the opportunity to assist you with all your North Georgia Mountain Real Estate needs.
Please be sure to check out Harbin Woods that is also gated with paved access, but leaning a little more on the “Rustic Style” of mountain living.
Make it a GREAT day!
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