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”.

The NAHB then results compiles the surveys into a single reading.

In January, home builders reported improving sales conditions across all three categories :

• Current Single-Family Sales : 25 (+3 from December)
• Projected Single-Family Sales : 29 (+3 from December)
• Buyer Foot Traffic : 21 (+3 from December)

The Housing Market Index corroborates recent U.S. government data that suggests housing is mending in Georgia. Both Housing Starts and New Home Sales have out-performed expectations of late, it’s been shown, and the stock of new homes for sale nationwide is dwindling.

Here in the North Georgia Mountain Real Estate Market, new homes for sale are more than dwindling, they are almost non-existent. Out of 1,757 Homes currently listed within our Northeast Georgia MLS, only 79 are either Under Construction or Completed New. That is only 4.5% of the Market.

All of this, of course, is happening as demand from buyers heats up.  Foot traffic through builder homes is higher than it’s been in more than 3 years, say the builders — a time period that includes the duration of the 2010 home buyer tax credit.

It’s no surprise, therefore, that builders expect a strong 2012.

Jobs data is improving, mortgage rates remain low, and housing momentum is building. For home buyers in Blairsville and Blue Ridge, however, it may spell higher home prices ahead. Big demand and small supply creates scarcity and scarcity correlates to rising prices.

If you’re shopping new homes, the best “deal” may be the one you find today. Contact Us today to begin your North Georgia Mountain Home Search.

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.

One reason why the year may have closed so strongly is that Nevada, California, Michigan and Arizona — four states typically associated with high rates of foreclosures — each posted big drops in foreclosure filings between November and December, plus double-digit drops between December 2010 and December 2011.  In fact, among the country’s top 10 states for foreclosure activity, nine showed an annual foreclosure filing reduction. Only Delaware worsened.

It’s also noteworthy that just 4 states accounted for half of last month’s total foreclosure filings.

• California : 25.8 percent of all foreclosure filings
• Florida : 12.0 percent of all foreclosure filings
• Michigan : 6.4 percent of all foreclosure filings
• Illinois : 6.2 percent of all foreclosure filings

Foreclosures are heavily concentrated, in other words. By contrast, the last 1% of activity is spread across 14 states.

As a  home buyer searching in the North Georgia Mountains — first-timer or investor — foreclosures can be a great way to find value.

According to the National Association of REALTORS®, distressed homes typically sell at “deep discounts“ as compared to like, non-distressed homes. However, when you buy a foreclosure home from a bank, it’s different from buying a home from a “person”. Purchase contract negotiations are different and months may pass before your closing is approved.

If you’re buying foreclosure, therefore, seek the help of a professional real estate agent. Real Estate Agents have experience working in the process-heavy world of Foreclosures and can help you come out ahead.

Related articles

• Foreclosure Rate Continues To Drop For A Year (thefrontporchview.com)

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.

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.

However, we must force ourselves to remember that any analysis about the future — whether it’s housing-related, mortgage-related, or something else — are based on a combination of past events and personal opinion. Predictions are guesses about what might come next — nothing more.

For example, at the start of 2009, few people expected the 30-year fixed rate mortgage to stay below 6 percent, but it did. Then, at the start of 2010, few people expected the 30-year fixed rate mortgage to stay below 5 percent, but it did.

All we can know for certain about today’s market is that both mortgage rates and home values are low, creating favorable home-buying conditions in and around the North Georgia Mountains and nationwide.

At that start of last year, few people expected mortgage rates to even reach 4 percent. Today, rates “with points” price in the 3s. What 2012 has in store we just can’t know.

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.

By building only to meet new demand, builders are keeping home supplies in check, and home prices stable. They’ve also found a niche market – 80% of homes sold last month sold for less than $300,000.

Split by region, the Census Bureau reports October’s New Home Sales as follows :

• Northeast Region : +0.0% from September 2011
• Midwest Region : +22.2% from September 2011
• South Region : -9.5% from September 2011
• West Region : -14.9% from September 2011

Unfortunately, the data may be incorrect.

Although the October New Home Sales report says that sales climbed 1.3 percent last month, the government’s data was published with a ±19.7% margin of error. This means that the actual New Home Sales reading may have been as high as +21.0 percent, or as low as -18.4 percent. Because the range of values includes both positive and negative values, the Census Bureau assigned its October data “zero confidence”.

As home buyers, then, we can’t take our market cues from the published data. Instead, we should look to other metrics including Housing Starts data and the aforementioned homebuilder confidence survey. Each points to strength in the new home market, and foretells higher home prices in 2012.

If you’re in the market for new construction, consider writing an offer soon. Home prices remain low and mortgage rates do, too — a combination that keeps home payments low. Next year, that may not be the case.

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 Chad@TheMountainLifeTeam.com.

]]> http://thefrontporchview.com/2011/11/13/north-georgia-mountain-residential-market-update-october-2011/feed/ 0 http://thefrontporchview.com/2011/11/13/257-sims-road-hiawassee-ga-30546-new-lake-chatuge-cottage-for-sale/ http://thefrontporchview.com/2011/11/13/257-sims-road-hiawassee-ga-30546-new-lake-chatuge-cottage-for-sale/#comments Sun, 13 Nov 2011 13:44:37 +0000 Chad Lariscy http://thefrontporchview.com/?p=3975

257 Sims Road Hiawassee, GA. 30546

MLS# 212967

Please Contact Chad Lariscy at 706-994-8686 or Chad@TheMountainLifeTeam.com for more detailed information regarding this Lake Chatuge Cottage For Sale in Hiawassee, GA.

Listing Courtesy of  Mountain Realty

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 Chad@BuyMountains.com.

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 Chad@BuyMountains.com 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.

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