“How is the Real Estate Market?”
Working in the real estate industry, we are often asked the question, “How is the Real Estate Market?” With so much national media attention on the housing market, it can be confusing. The decision to purchase a home may have been put on the back burner for some. There are those that are simply confused by the reports and others that are simply afraid. Here in Northeast Georgia, that is unfortunate. There is no better time to be a consumer and/or an investor. Unlike some portions of the nation, the Athens area market conditions are ripe for the picking. In a nutshell, now is the time to buy!
Currently, a consumer has many housing options from which to select. While prices are extremely competitive, recent statistics have shown that prices are not dramatically dropping as they are in some parts of the country. Our area continues to enjoy a steady appreciation in housing prices. According to the Athens Area Association of REALTORS® Multiple Listing Service, the average Oconee County residential sold price was $279,615 in 2005. In 2007, the MLS reports that the average sold price rose to $321,207. In Clarke County the MLS residential reports show that the average residential sold price in 2005 was $184,119. In 2007, that average rose to $189,934. Madison County has also had a strong increase in prices with an average residential sold price in 2005 at $159,753 and increasing to $164,758 in 2007. In addition, the MLS shows that Oglethorpe County prices held strong with an increase from 2005 at an average price of $149,263 to $160,472 in 2007.
Secondly, interest rates remain low. Today, you can find a 30 year fixed loan with an interest rate below 6%. We have not seen rates this low in years. Despite the national media focus on the “interest only” loans and the impact of their misuse, there are many different loan products available. The fact is that a consumer still has options and should call a reputable lender to educate themselves on those options. For example, there are wonderful first time homebuyer programs, programs for teachers, police personnel, fire personnel, and many more. It is worth looking into to take advantage of the rates.
High inventory and low interest rates are a great combination for consumers and/or investors. The outlook is positive for this area – a fact that has attracted positive media attention from publications such as Money Magazine and Progressive Farmer. The predictors indicate that the market will thrive in Northeast Georgia.
“This sale won’t last.” Take advantage of these interest rates while you can and while you have your choice of the market.