Georgia Mountain Home Buyer’s reVIEWS Category
New Home Supply Almost Gone In North Georgia
If you plan to buy of new construction in North Georgia sometime in 2012, don’t expect today’s low prices. Like everything in housing of late, the market for newly-built homes appears to be stabilizing and, in some markets, improving.
As foreshadowed by this month’s strong Homebuilder Confidence survey, the Census Bureau reports that the number of new homes sold rose to a 6-month high in October, climbing to 307,000 units on a seasonally-adjusted, annualized basis.
A “new home” is a home that is considered new construction. It’s the opposite of an “existing home”.
Home buyers are comparing new construction to home resales and liking what they see. At the current sales pace, the nation’s complete new home inventory would now be depleted in just 6.3 months. This marks the lowest home supply since April 2010 — the last month of the last year’s federal homebuyer tax credit.
Here in the North Georgia Mountain Real Estate Market however, the picture is much different. Below is a break down of each county we serve and how the “new home” sales are stacking up. This data was taken from the Northeast Georgia Board of Realtors® MLS. You will see below the the number of new homes being sold in each county since June 1st of this year. The numbers are very low due mostly in part to the number of Foreclosures For Sale that continue to somewhat dominate the market.
- Fannin County – 24 New Homes of 237 Homes Sold or 10% of the Market
- Gilmer County – 7 New Homes of 222 Homes Sold or 3% of the Market.
- Towns County – 6 New Homes of 83 Homes Sold or 7% of the Market.
- Union County – 13 New Homes of 221 Sold or 6% of the Market.
Of the 1,921 Homes currently For Sale in these 4 counties, only 99 are New Construction. That is only 5% of the market share.
North Georgia Mountain Residential Market Update October 2011
This Mountain Market Minute Edition is for Residential, Single Family Detached Sales covering Fannin, Gilmer, Towns, and Union Counties in the Mountains of North Georgia. The data compiled in this North Georgia Mountain Real Estate Market Report is taken from the Northeast Georgia Board of Realtors® MLS.
If you have any questions or concerns with any information in this Market Report, or if you would like any additional information on any property of interest in the North Georgia Mountains, please Contact Me or simply pick up the phone and call me at 706.994.8686 or email at [email protected]
What’s The First Thing You Should Do After A Home Purchase?
Did you remember to handle the most basic safety precaution for your new home?
When people buy homes — in Blairsville, Blue Ridge or wherever — , there’s a tendency to think “Big Picture” on home improvements. Flooring, painting and furniture are common “just-moved-in” purchases, as are cable television and utilities packages.
The most important move-in purchase, though, may also be the least expensive — deadbolts for your doors.
Every home has at least one — and sometimes up to dozen — keyed points of entry. And until you change those locks, there’s no telling just how many people may have access to your home.
For example, your home’s prior owners may have shared house keys with any/all of the following people :
- Real estate agents
- Neighbors and friends
- Parents, brothers and sisters
- Home cleaning service
- Dog walkers and pet sitters
Those keys will still gain entry into your home until you change the locks. This is why your first act homeowner should be to replace all your home’s keyed entries with new locks and/or deadbolts.
Locks and deadbolts come in a variety of designs and finises, with varying price points. A basic single-cylinder, keyed deadbolt costs less than $15, and a powerful digital-entry, keyless system sells for $200-plus. There are a bevy of models at prices in between, too.
Regardless of which lock system you choose, don’t procrastinate on installation. Ideally, your locks should be changed on the same day of purchase, as close to closing’s completion as possible.
Hardware stores carry most deadbolt varieties and many can be installed with just a screwdriver. For complicated installations, talk to a locksmith.
Closing At The Start Of September? Watch Out For Labor Day.
Home sales have heated up, according to the National Association of REALTORS®.
More homes are going under contract this summer than went during the winter or spring seasons. Many of these homes are scheduled for late-August/early-September closings.
If your home is among them, plan ahead.
Like for the rest of the U.S. workforce, Labor Day is a popular vacation time in the real estate, title and mortgage industries. Closings come together more slowly when the parties involved are on holiday. In addition, when issues arise, they are often slower to resolve because not everyone is “present”.
Therefore, if you’re under contract to buy or sell your home, or have a refinance in-process with a lender, get proactive with your home and your loan. Finalize your approval as quickly as possible.
Here are some tips to help your loan clear faster:
- Prepay your first year of homeowners insurance, effective your closing date. Provide proof of payment to your lender.
- Document and deposit all gifts and retirement withdrawals to be used at your closing as early in the process as possible.
- Get Power of Attorney forms signed by all parties, and lender-approved, if applicable.
- When your lender makes a paperwork request, fulfill the request within 24 hours.
There are steps you can take to make your closing go more smoothly, too.
First, if your transaction is purchase, don’t leave your walk-through for the last-minute. Schedule it for as early as reasonable. This way, if there’s an issue, there’s ample time to resolve it. Remember, it’s harder to solve problems when one or more parties to the transaction is away on vacation.
Second, if you have planned time off between now and your closing, make it known, and be reachable in the event of emergency by phone, email or both.
Lastly, if possible, avoid scheduling your closing for the Friday before Labor Day or the Tuesday after. Real estate, title and lender offices are notoriously short-staffed and overworked on these two days. Routine tasks take longer than usual.
You can’t stop people from going on vacation, but you can plan for it. It would be foolish not to.
Searching For A Foreclosure? 5 Things You Need To Know
If you are searching our Real Estate Listings in the North Georgia Mountains, chances are you are paying particularly close attention to Bank Owned Properties. Foreclosures are somewhat dominating the North Georgia Real Estate Market, and to me that is not necessarily such a good thing. As a matter of fact it is not a good thing as it continues to drive down home values in the Blairsville, Blue Ridge, Hiawassee and Ellijay. In some counties in North GA, Foreclosed Homes are making up over 50% of the Real Estate Sales while making up less than 10% of the Market Share.
Dealing with the frustrations of a Foreclosure Transaction has been on the agenda of most Brokerages Sales Meetings for the past year or so. It seems very few transactions dealing with Bank Owned Real Estate go smoothly. However, there are a few things that you need to be aware of that will better prepare you for the experience. And speaking of experience, it is always a good idea to ask your Realtor® how much experience they have had recently in dealing with Foreclosed Homes In Georgia. If you are not currently working with a Realtor®, I would very much appreciate the opportunity to assist you with all your North Georgia Mountain Real Estate needs.
Below are 5 Things You Need To Know before beginning your search for Foreclosures In North GA.
1. Foreclosures Are Not Always The Best Deal On The Market.
I can’t tell you how many times I get calls on my cell phone or in the office from potential Home or Cabin Buyers, and they ask me to send them ONLY Foreclosures that meet their criteria. What is it about the word “Foreclosure” that makes a Home Buyer think that they are the only good deals in the market? Is the media? Do you have other Licensed Real Estate Agents telling you that they are the best deals? What about Financial Advisers, are they telling you to buy only Foreclosures?
There are a lot of homes that are being offered on the open market by home owners that are really good deals. What about the custom and speculation home builders? They are doing everything they can to make ends meet and in doing so are building cabins and homes that they are selling at exceptionally great deals. However, the Bank Owned Homes are making it next to impossible for these builders to sell their homes at a profit margin that I would consider to be “making a living!” But they are doing it, and sellers that truly want to sell their homes are doing it because they do not have a choice. They have to compete with the Banks and the “Big Guys” Fannie and Freddie, but they are doing. I can say one thing for sure, it isn’t always easy for Real Estate Agencies and it’s Agents to convince the sellers that they have to sell their homes in most cases less than what they may have paid for it only a few years earlier. As I mentioned earlier, Foreclosures are currently making up less than 10% of the total market share. That means that 90% of the Homes and Cabins For Sale in the North Georgia Mountains are NOT Foreclosures. That not only gives you more choices, but it also gives you the opportunity to purchase a home and actually sit across the table from the person or persons you are buying it from. Surely out of that 90% of Properties For Sale, there has got to be some sellers that have priced their properties aggressively enough that they are standing toe to toe with the Banks and “The Big Buys!”
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