My Take on Today's Local Real Estate Market

My listing at 5680 Steve Black Road, Clermont GA was the most expensive listing in Hall County to go under contract since March 1, 2020. Not a Lake Lanier home, this home sits on acreage, next to a private airstrip.

STILL SELLING

Since March 1, 2020, 209 homes have gone under contract in Hall County at a price point from $84,900 to $995,000. Interestingly, my listing at 5680 Steve Black Road in Clermont was the most expensive listing that went under contract. The most expensive Lake Lanier home in Hall County that went under contract is listed at $640,900, and it went under contract on March 3, scheduled to close May 1. Overall homebuyer demand has declined in response to current economic conditions. However, locally, homes priced in the $300s and below continue to be shown and even experience multiple offer situations. Just within the past week, I've encountered multiple offer situations with a couple of buyers in this $300,000 and below price point. To illustrate this point, of the 209 homes showing pending in Hall County since March 1, only 13 of those listings are priced over $500,000, according to FMLS data. How are we selling and showing homes? I'm not showing homes that are occupied during the 'shelter in place' enacted by our governor, out of respect for the homeowners' safety and my husband's safety. However, I am showing new construction, practicing social distancing, because as real estate brokers, we are considered as essential services in regards to the coronavirus shutdown. The buyers with whom I am showing now are first time home buyers and they are most interested in new construction. I closed two newly built homes last week, one for which I represented a buyer and one that was my listing, where I represented the builder, at 8548 Feather Court, Lula GA.

This listing, new construction, was one of two new homes I closed last week, during the pandemic.

If you were thinking of buying a home before the COVID-19 crisis, don't give up. These tips will help ensure you're prepared.

CARES ACT

The stimulus package, officially named the Coronavisus Aid, Relief and Economic Security Act (CARES) was signed into law on March 27. There are many ways that the average American can benefit from this. Here's a comprehensive article from Money magazine that will let you see the varied ways Americans will benefit from this unprecedented $2 trillion coronavirus relief package. Local banks began accepting applications from small businesses yesterday, April 3, for the emergency lending fund, a cornerstone of the CARE package. This is the checklist from local Peach State Bank.

RATES RECEDE

From Joy James with Guaranty Mortgage:  Mortgage interest rates trended downward for the first time in three weeks according to Freddie Mac's Primary Mortgage Market Survey (PMMS) for the week ending March 26.  The PMMS attributed the drop to "the Federal Reserve's swift and significant effort to stabilize the market."  Freddie's analysts noted, "the combination of the Fed's actions and pending economic will provide substantial support to the mortgage markets."  

LOCAL STATS

These graphs show Hall County median sales price and months of supply, compared to our total FMLS (First Multiple Listing Service) average.

If you are interested in buying or selling a home or acreage, we can schedule a zoom call for that 'in person' feel or a phone call. 

We have recently listed several acreage tracts in Hall County and in Dawson County. Also, here's a lovely tract in Banks County.

Stay safe and stay well.

Kim Waters