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Loan Limits Increase-What this Means

Since the average Lake Lanier home is in the low $600s, this could further spur buyer demand, for both primary and secondary homes on Lake Lanier and also in the North Georgia mountains. Year to date, we have seen three times the number of million dollar plus lake homes, over $1 million, than what we saw in all of 2019 (23 homes sold per FMLS). Year to date, as per FMLS, 76 homes over $1 million have closed in 2020. Median sales price of a Lake Lanier home is $625,000, for 2020, year to date, with list to sales price ratio at a median of 97.3%. The Federal Housing Finance Agency (FHFA) has announced new confirming loan limits for 2021.  In most of the US, the 2021 maximum conforming loan limit will be $548,250, an increase from $510,400,  for mortgages to be acquired by Fannie Mae and Freddie Mac in 2021.   Rising home values have made this increase in loan limits necessary. Average sales prices in the area have increased over last year's average sales price, largely due to a sho

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