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Homebuilder confidence is soaring on a National Level, but what about in the North Georgia Mountains?
For the fourth straight month, the National Association of Homebuilders reports an increase in its Housing Market Index. The index climbed 4 points to 25 this month – its second four-point gain since October.
With home sales activity increasing across all four regions, the monthly HMI has now nearly doubled in value since June 2011. The HMI is now at a 55-month high.
The Housing Market Index itself is a composite reading; the result of three home builder surveys sent by the National Association of Homebuilders to its members monthly. Home builders report back on current single-family home sales volume; projected single-family home sales volume for the next 6 months; and current buyer “foot traffic”. Read the rest of this entry »
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Foreclosure filings are fewer these days, according to foreclosure-tracking firm RealtyTrac.
In December 2011, the number of foreclosure filings nationwide fell 9 percent from the month prior. Not since November 2007 has foreclosure activity been this sparse across the country. The drop does not appear to be seasonal, either.
Last month’s foreclosure filings were down 20 percent from December 2010 with “foreclosure filing” defined to include any one of the following foreclosure-related events : (1) The serving of a default notice, (2) A scheduled home auction, or (3) A bank repossession. As a result of a unexpectedly strong year-end, 2011’s annual foreclosure rate was the lowest in 4 years.
Here in the North Georgia Mountain Real Estate Market, Foreclosures at one time was nearly 50% of our market share. Over the period of the last 6 months covering Gilmer, Fannin, Union and Towns Counties, Foreclosures only made up 34% of our market share. They may not sound all that great, however the good news is that number continued to go down each month through the end of the year. Read the rest of this entry »
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Will your North Georgia Mountain Home gain value over the next 12 months? Nobody can know for sure of course, but should recent housing trends continue, there’s concrete cause for optimism.
The housing economy has suffered since 2007, knocking home values down nearly 20% nationwide and an average of almost 35% here in the North Georgia Mountain Real Estate Market. And while some areas have fared better as compared to others but, in general, home values are down.
Mortgage rates are down, too, and that’s good news for buyers in Blairsville and Blue Ridge, GA. The combination of low rates and low prices has led home affordability to an all-time high. As you’ll hear in this 4-minute interview with NBC’s The Today Show, carrying a mortgage costs 25% less per month as compared to just 3 years ago.
Some other notes from the interview include :
- There are more buyers out looking for homes today, which leads to more sales
- The housing market is expected to get gradually better, month-by-month, in 2012
- Foreclosures will continue to be a big part of the housing market
With housing supplies shrinking, buyers throughout North Georgia may find their best “deals” today — before the Spring Buying Season begins in February.
However, we can’t forget that housing markets are local — not national. Each town and neighborhood has its own market drivers and prices where you live may have already started to climb.
For accurate, up-to-date data on the housing market, Contact Us or give us a call today at 877.633.8186.
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As the new year begins, there are no shortage of stories telling us what to expect in 2012. Housing finished 2011 with momentum and mortgage rates closed at the lowest rates of all time. Some expect those trends to continue through the first quarter and beyond. Others expect a rapid reversal.
Who’s right and who’s wrong? A quick look through the newspapers, websites and business television programs reveals “experts” with opposing, well-delivered arguments views. It’s tough to know who to believe.
For example, here are some “on-the-record” predictions for 2012 :
- Home prices will rise in 2012 (says Freddie Mac)
- Home prices will fall in 2012 (says CBS News)
- Mortgage rates will rise in 2012 (says American Banker)
- Mortgage rates will fall in 2012 (says the LA Times)
The issue for buyers, seller, and would-be refinancers in Blairsville and nationwide is that it can be a challenge to separate a “prediction” from fact at times.
When an argument is made on the pages of a respected newspaper or website, or is presented on CNBC or Bloomberg by a well-dressed, well-spoken industry insider, we’re inclined to believe what we read and hear. This is human nature. Read the rest of this entry »
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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.
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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]
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257 Sims Road Hiawassee, GA. 30546
MLS# 212967
Please Contact Chad Lariscy at 706-994-8686 or [email protected] for more detailed information regarding this Lake Chatuge Cottage For Sale in Hiawassee, GA.
Listing Courtesy of Mountain Realty
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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]
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This is a Brand New Foreclosure For Sale located in a Gated Cabin Community not too far from Blairsville, GA. Incredible North Georgia Mountain Views from this 3 Bedroom, 3 Full Bath Cabin featuring a Detached 2 Car + Garage, Covered Front Porch, which has been very well maintained. Cathedral Ceilings, Rock Fireplace, Open Loft Area, and a Full Finished Basement.
The Price Has NOT Been Determined On This Property.
Please call me, Chad Lariscy at 706-994-8686 or email me at [email protected] for more detailed information or to be placed on a list to be notified as soon as this property hits the MLS and a price has been determined.
Related articles
- 54 Rocky Road – New Foreclosure For Sale In Blairsville, GA. (thefrontporchview.com)
- Recent Price Reduction On This Blairsville Foreclosure For Sale (thefrontporchview.com)
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