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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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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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The Pending Home Sales Index failed to rebound from a cliff-dive in May, falling by another 3 percent more in June. The index remains at record-low levels.
A “pending home sale” is a home under contract to sell, but not yet closed. The data is culled from local real estate associations and large brokers and accounts for 20 percent of all purchase transactions in a given month nationwide.
The Pending Home Sales Index is a future indicator for the housing market; there is a high correlation between the PHSI and the monthly Existing Home Sales report. This is because of the relatively large sample set used for the PHSI, and because 80 percent of homes under contract close within 60 days, according to the National Association of Realtors®.
June’s Pending Home Sales Index is weak by most measures, but if you’re a home buyer in Blue Ridge or Blairsville, the headlines aren’t so bad. Fewer home sales can push negotiation leverage to the buy-side of a transaction.
Plus, there’s other positives in the market for today’s buyers:
- Home supplies are up, which creates competition among sellers
- Builder confidence is down, which leads to “free” upgrades and incentives
- Mortgage rates are low, which increases cash flow and disposable income
All things equal, the current home buying conditions haven’t been this favorable in years.
The falling figures in June’s Pending Home Sales Index hint that home sales will be down through the rest of the summer and into early-Fall. However, mortgage rates may not and higher mortgage rates can do more to change a monthly payment that a small reduction in home price.
If you’re planning to buy a home later this year, consider moving up your time frame.
It’s an excellent time to be a buyer in the North Georgia Mountains.
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When: July 30th – 31st 2010
Where: Downtown Blairsville, GA.
Green bean lovers are invited to the 1st Green Bean Festival in Downtown Blairsville on July 30th and 31st. Activities will be on Town Square, at the Union County Civic Center, the Union County Canning Plant, and the Mountain Life Museum. Shuttle service between locations will be provided on Saturday, July 31.
9:00 a.m. Monday, July 26th – 4:00 p.m. Thursday, July 29th
Canning Contest
Youth Talent Competition – sign up by 5:00 p.m. Friday, July 23rd
Friday, July 30, 2010
10:00 a.m. Green Bean Seminars at GMRE Center
5:00 p.m. Diamond Beauty Pageant Registration
6:00 p.m. Little Miss Bean Sprout and Little Mr. Leather Britches
7:00 p.m. Friday Night Concert at the Old Courthouse
8:30 p.m. Outdoor Square Dance with Caller Mike Arnold and music by the Country Cousins
Saturday, July 31, 2010
Canning Plant Tours, Green Bean Pizza-Eating Contests, Misty Mountain Quilt Guild’s Exhibit & Lessons, Going Green Expo, Tractor Show, Butt-Mock House & Payne Cabin Tours, Old Tools Display, Enota Farm Animals, Kids’ Interactive Area, Live Entertainment, Stringing, Snapping, Looking & Cooking!
7:00 a.m. to 5:00 p.m. Union County Farmers’ Market and Country Craft Fair on Town Square for one day only
8:00 a.m. Red Cross sponsored Fun Run registration at Season’s Inn
9:00 a.m. Fun Run begins
10:00 a.m. Other activities begin
10:00 a.m. Youth Talent Competition at Civic Center
12:00 p.m. Green Bean Recipe Contest
4:00 p.m. Awards Ceremony at Civic Center
If you have questions or need additional information, please contact Janet Hartman – manager@downtownblairsville.com or 706-994-4837.
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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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