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Incredible Foreclosure For Sale Overlooking Lake Chatuge
Bank Owned Home For Sale In Hiawassee Georgia
This is an incredible home very convenient to downtown Hiawassee and rock throwing distance to Lake Chatuge and Fun World! This home features spacious parking area for guests, a 2 Car Attached Garage, 4 Covered Porches, ad a View that will absolutely knock your socks off. Very Large and Roomy Main Level, perfect for entertaining guests. Upscale Gourmet Kitchen featuring Custom Cabinets, Low Voltage Lighting, Granite Counter Tops and space for a 48″ Built-In Refrigerator, 48″ Professional Range and Hood. 4 Potential Master Suites, 2 Upstairs on either side of the Spacious Loft, 1 On the Main Level and 1 on the Basement Level. The First of 2 Basements is Finished with a Second Complete Kitchen. There is a Second Unfinished Basement just waiting for your ideas.
If you have any questions about this Mountain Lake View Home For Sale, or if you would like to schedule a Private Showing please Contact Me at 706-994-8686, or Email me at [email protected]
Home Price Index Shows Values Down 19 Percent From Peak
Home values dropped for the sixth straight month in March 2011, according to the Federal Home Finance Agency’s Home Price Index. The Home Price Index is a government-sponsored home value tracker.
The HPI report is the latest in a string of “falling home values” stories — a trend that’s troubling home sellers across Hiawassee, Ellijay and nationwide.
However, although the Home Price Index says home values are falling, that doesn’t necessarily mean that they are. Like most statistics in the housing sector, the Home Price Index is plagued by poor methodologies and a lack of timeliness.
In short, the Home Price Index is flawed. In three ways.
The first big flaw in the Home Price Index is that it only measures the values of homes with mortgages backed by Fannie Mae or Freddie Mac. Homes financed via FHA, or via other means are specifically excluded from the calculation. For today’s purchase market, that leaves more than 1 in 4 homes “uncounted” — a big percentage of the market.
Second, the Home Price Index determines home values by measuring price change from sale to subsequent sale. This eliminates new homes — a major market segment.
And, lastly, the Home Price Index reports on a 60-day delay; we’re only now seeing data from March. This two-month lag renders the HPI a trailing indicator for the housing market instead of a forward-looking one. If you’re a home buyer looking for market insight, the HPI can’t give it — it’s out-dated and out of season.
Despite its shortcomings, though, we can’t ignore the Home Price Index completely. It’s among the most thorough home valuation models available, and it’s used in public policy discussions. When the HPI says prices are down, Wall Street and Capitol Hill take notice, and that trickles down to everyday life on Main Street.
Since peaking in April 2007, the Home Price Index is off 19.1 percent.
New Home Sales Crater In January
Not all housing reports are sunny, it seems.
In its monthly New Home Sales release, the U.S. Department of Commerce showed a 13 percent drop-off in annualized new construction sales between the months of December and January.
It’s the biggest one-month drop in New Home Sales since May 2010.
In addition, the supply of new homes for sale spiked higher to 7.9 months last month. ”Home supply” is defined as the amount of time it would take to sell the complete “for sale” inventory at the current pace of sales.
In December, the supply measured just 7.0 months,
Don’t fret the news, however. For buyers of new construction in Hiawassee and Blairsville, GA., falling New Home Sales figures can be terrific. Weaker markets put pressure on the nation’s home builders to sell their respective homes more quickly. To reach that goal, builders often discount prices and/or offer free upgrades to buyers.
Some of that action may already be in effect.
Despite falling volume, the New Home Sales report showed that new homes are selling faster than in recent months. The median time required to sell a newly-built home dropped to 7.8 months in January – a figure well below January 2010’s reading of 13.9 months.
It suggests that builders are getting better at locating buyers, and moving property.
Therefore, if you’re shopping for a new construction and see one worth buying, get to it. Not only will the home likely sell soon if it’s priced right, but an increase in mortgage rates will make the home more expensive to finance.
Every 0.250% increase to rates adds $15 monthly per $100,000 borrowed.
Related articles
- Pending Home Sales Rises To 6-Month High (thefrontporchview.com)
- Lake Chatuge Houses For Sale In Hiawassee GA (thefrontporchview.com)
New Home Sales Reach 8-Month High
Sales of new homes rose sharply in December, posting a 17.5 percent gain from the month prior.
According to the Department of Housing and Urban Development, New Home Sales climbed to 329,000 in December, besting November by close to 50,000 units on a seasonally-adjusted annual basis.
Last month’s reading is an 8-month high for New Home Sales, and the latest in a series of signals that housing is improving in Hiawassee, Blairsville and around the country.
Note that December’s Existing Homes Sales and Building Permits reports also showed marked gains last month, climbing 12 percent and 6 percent, respectively.
Furthermore, an interesting pattern is emerging in the price points of home sales. The highest levels of relative growth are occurring within the “move-up buyer” segments. Entry-level price points are lagging the market, as a whole.
December’s New Home Sales data breaks down by price point as follows:
- Homes under $200,000 : 36% of the market (-9% from November)
- Homes between $200,000-$299,999 : 32% of the market (+7% from November)
- Homes between $300,000-$499,999 : 27% of the market (+7% from November)
Luxury homes accounted for less than 5% of the newly-built home market, suggesting that Georgia homeowners are either not “buying new” as frequently, or are choosing to renovate their existing properties instead.
The 2010 housing market finished on a tear, and that momentum is carrying forward into 2011. Expect the spring season to show strongly, putting pressure on home prices to rise.
Coupled with rising mortgage rates, the long-term cost of home ownership is unlikely to be as low as it is today.
Related articles
- Will We Have A Strong Winter In 2011? (thefrontporchview.com)
- Pending Home Sales Rises To 6-Month High (thefrontporchview.com)
- Home Supplies Plummet Putting Pressure On Prices To Rise (thefrontporchview.com)
Home Inventory Dwindles Into The New Year
Existing Home Sales jumped another 6 percent in November, the report’s third month of improvement since bottoming in July.
According to the National Association of REALTORS®, a quarter-million more existing homes were sold during the annual period ending in November as compared to October. An “existing home” is a home that cannot be considered new construction.
Additionally, the national housing supply dropped by a full month. At the current pace of existing home sales, the complete stock of homes for sale will be exhausted in 9.5 months.
November’s strong housing data is yet another signal to buyers in Hiawassee and Ellijay that the housing market’s foundation has been rebuilt, and that a rebound is imminent. It’s helped that there are great “deals” on which for buyers to pounce.
In November, Short Sales and Foreclosures accounted for one-third of all existing homes sold, and carried an average price discount of 10 percent and 15 percent, respectively, as compared to non-distressed sales.
Repeat buyers continue to power the market, too, representing more than half of all home buyers.
- First-time buyers : 32% of all buyers
- Investors : 19% of all buyers
- Repeat buyers : 51% of all buyers
This breakdown suggests that housing has regained its footing. First-Time Home Buyers can’t support a market long-term like repeat buyers can and, as compared to 12 months ago, the percentage of repeat buyers is now up 14 points.
Home Buyers take note. Raw sales volume is rising and available inventory is dropping. Basic supply-and-demand tells us that this will lead home prices higher. Furthermore, mortgage rates are rising quickly, increasing the cost of home ownership.
If buying a home is a part of your plan for 2011, consider accelerating your purchase time frame. Existing homes account for more than 80% of homes sold nationwide. If the market keeps improving like this, your home affordability will worsen.
Home Resales Boom Just Before Tax Credit Ends!
Existing Home Sales rose in March, as expected. U.S. home buyers closed on 7 percent more homes as compared to February.
Furthermore, versus March 2009 — a month many people equate to the low point of the U.S. economy — sales volume was up 16 percent.
“Existing home sale” is the technical term for a home resale; a home previously inhabited by a person. It’s the opposite of a “new home sale” which is a sale of a newly-constructed home.
Existing Homes Data is tracked by the National Association of Realtors® and a closer look at the March data reveals some other interesting notes:
- Year-over-year sales are higher for the 9th straight month
- Real estate investors represented 19 percent of all homes purchased
- First-time home buyers account for 44 percent of all buyers
Also worth noting is that the supply of available homes is down on a broader basis. At the current rate of sales, the existing home inventory will be exhausted in 8 months.
Despite banks releasing foreclosures and REO into the North Georgia Mountain market, that’s still one half-month less from February.
North Georgia Foreclosure Sales Percentages % YTD
- Fannin County – Blue Ridge, GA. 28.70% Homes SOLD 108 / Foreclosures 31
- Gilmer County – Ellijay, GA. 41.03% Homes SOLD 78 / Foreclosures 32
- Union County - Blairsville, GA. 37.04% Homes SOLD 81 / Foreclosures 30
- Towns County – Hiawassee, GA. 46.43% Homes SOLD 28 / Foreclosures 13
When supplies drops, home prices tend to rise. It suggests an underlying strength in housing that should support home prices through the next few months — especially as the home buyer tax credit finishes working its way through the system.
That said, real estate markets are local. You shouldn’t assume that what’s happening on the national level is also happening here at home. Be sure to check with your real estate agent about local market conditions before making a decision to buy or sell.
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2009 Georgia Mountain Fall Festival
2009 Georgia Mountain Fall Festival
When: October 9th -17th
Where: Georgia Mountain Fairgrounds in Hiawassee Georgia
Come to the Georgia Mountain Fairgrounds in Hiawassee Georgia for the Georgia Mountain Fall Festival. Arts, crafts & exhibits. Clogging, singing, authentic mountain demonstrations, pioneer village, kiddie rides and a new show, Kay Rosaires Big Cat Encounter. Regional food and lots of fun for the whole family. Also included in this is the Ole Time Fiddlers Convention.
With its mild temperatures and beautiful scenery there is no better place to be than the North Georgia Mountains in the Fall.
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