According to a news report from the National Association of Realtors (NAR), existing home sales are expected to trend upward in 2008. A recovery for new home sales is expected in 2009.
I decided to check the stats for myself in my area of the North Georgia Blue Ridge Mountains and found that in fact, existing home sales for 2007 totaled 1017 versus new home sales which totaled 577 (counties included in this analysis are: (Fannin, Gilmer, Union, Towns and Pickens)
Now that we have 2007 behind us and have a year's worth of data to analyze, we are able to make better projections about what might lie ahead for 2008. The news is better in some instances and there are signs that markets are stabilizing. On the Georgia Association Realtors (GAR) website, I read that nearly two-thirds of the U.S. metro areas are showing signs of price increases as of December 21, 2007. Also, Lawrence Yun, National Association Chief Economist said, "the worst part of the credit crunch has already worked its way through the data... mortgage conditions have improved"... Read more at: GAR
Consumers should understand the importance of how local market conditions will vary and make their decisions accordingly. Consult your local area Realtor who has access to actual home sales and know their target market better than anyone. For more information about current real estate market conditions for the North Georgia Blue Ridge Mountains or your specific zip code, please contact Donna in Blue Ridge.
Donna Yates, Realtor
North Georgia Blue Ridge Mountains
http://www.move2northgeorgia.net/
706-633-0644 cell
donna@ellijay.com
Georgia Realtor assisting home buyers and sellers nationwide. Primarily serving the North Georgia Blue Ridge Mountains: Fannin, Gilmer, Union, Towns and Pickens counties
Copperhead Lodge in Blairsville Georgia - Not Just a Bikers Resort
Fannin County (Georgia) Property Taxes due December 20th !
Eatin' is Good in the Neighborhood ! Inspection of Local Restaurants in Fannin County
Low Interest Rates Get You a Cozy Log Cabin Just in Time for Christmas in Dixie! (edited)
North Georgia Blue Ridge Mountains Market Watch (Edited)
Santa Claus Lights Up Blue Ridge ! (Edited)
Blairsville: Another Great Mountain Town to Visit - North Georgia Blue Ridge Mountains
Canoe Your Way Through the North Georgia Blue Ridge Mountains
Rekindle Fond Christmas Memories and Make New Ones in the North Georgia Blue Ridge Mountains
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2008 ActiveRain Corp. All Rights Reserved
Hi Donna Great post Have a great New Year I am sure we will work together in 08
Charlie: I am sooo looking forward to doing business together in 2008! Thank you.
Donna, The prices seem to be SO local consumers should not believe everything they read. I recently heard about an area of Rhode Island that I had a summer house in and the prices have skyrocked there! These overall predictions do not work in many areas....thank you for letting us know about your area.
Carole: True, that's why I want to encourage potential buyers to consult with a local Realtor and get the real deal in a particular market. Hope your new year was fun and wishing you the best in 2008.
The NAR forecast is promising and I do hope it's accurate. In my local area activity has definitely increased over the last 4 weeks. Hopefully this trend will continue throughout 2008.
Derrick: I am ready to see more positive thinking and results too. I noticed how many programs are on TV that really are designed to bring people down and it's ridiculous. What happened to light hearted humor and making people forget the downers in life for a change. We need a overhaul from TV to our own mindset and just imagine what how much better we would feel and accomplish if we could just be positive. Thankyou for yoru comment.