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December 4th, 2009Categories: Georgia Mountain Real Estate VIEWS

Pending Home Sales Data Forecasts Higher Home Values Ahead

When a home seller accepts a contract on an MLS-listed property, the property’s status changes from “Active” to “Pending”.

This means the home is scheduled to sell, but not yet sold.

Each month, the National Association of Realtors® tallies the number of pending homes and publishes the data as the Pending Homes Sales Index report.

In October, for the 9th straight month, the index gained. It’s the longest such streak in Pending Home Sales history.

Because a “pending” home sale is just a contract between buyer and seller, it’s not as important to the economy as actual home sales.  However, the Pending Home Sales Index can be a fine predictor of future activity.

Historically, 80 percent of homes under contract “close” within 60 days, and most others close within 120 days. Recent Existing Home Sales data corroborates this.  Home sales activity is at its highest pace in nearly 3 years.

The Pending Home Sales Index does have some shortcomings, though:

1. It doesn’t account for newly constructed homes, a small but important part of the real estate market

2. It doesn’t track For Sale By Owner properties and other non-MLS listed homes

3. Its sample set is small, measuring just 20 percent of all MLS-listed sales

Despite this, however, Pending Home Sales is a terrific measure of real estate market strength.  Homes are going under contract at a dizzying pace. It’s thinning out home inventory supplies and pressuring prices to rise.

This chain reaction is what makes Pending Home Sales Index worth tracking. As the number of homes under contract increase, home prices can’t be far behind.

I am hopeful that these national statistics and predictions will hold true for the Value of Homes in the North Georgia Mountains. If I can assist you with any of  your Real Estate needs in the North Georgia Mountains, please Contact Me or just pick up the phone and give me a shout! My number is 706.994.8686. I would be grateful for the opportunity to assist you with those needs. Should you have any questions or concerns in the meantime, please bother me!

Make it a GREAT day!

Tags: mountains, Multiple Listing Service, National Association of Realtors, North Georgia, Pending Home Sales Index, Real Estate, Real estate pricing, Sales

Written by Chad Lariscy//Discussion: Please leave a comment.

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November 11th, 2009Categories: Blairsville Georgia Real Estate reVIEWS, Georgia Mountain Market reVIEWS, Georgia Mountain Real Estate VIEWS

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!

Tags: Blairsville Realty, Information, Market Report, Multiple Listing Service, Newsletter, North, North Georgia Mountains, Real Estate, Union, Union County

Written by Chad Lariscy//Discussion: Please leave a comment.

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October 28th, 2009Categories: Blue Ridge Georgia Real Estate reVIEWS, Georgia Mountain Market reVIEWS, Georgia Mountain Real Estate VIEWS

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!

Tags: Bad News, Blue Ridge, Crystal Ball, Foreclosure, Georgia, Home Sales, Market Report, Multiple Listing Service, National Association of Realtors, North Georgia, Real Estate, Residential, Short Sale

Written by Chad Lariscy//Discussion: 1 Comment »

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