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 shortage of supply. Statistically, in a given year, most homeowners who are selling will list in April, May and June. In 2020, we lost pretty much all of April and May due to area shutdowns due to Covid-19. A few listings have trickled onto the market since then, not enough to get to a normal supply of homes, about five months supply. Supply in all price points is between one and two months or less. 

This short supply of housing inventory is why we see multiple offers and often higher than list price as a sales price. Many might think that meant that you sold for too little, when in reality, it was buyers with pent up demand waiting on listings to hit the market.

If you are considering a move, I would be happy to talk with you about the next steps. I have been in real estate, licensed since 1988, and I have never experienced a year anything similar to 2020. I am happy to put my experience, marketing skills and negotiating expertise to work for you.  Take a look here at listings I have marketed recently.

Here are a couple of examples of Lake Lanier homes that were listed with multiple offers, then contracts more than list price within days of listing.

This listing sold for $25,000 over list price, at $1.775 million. See more at

This listing had a better than full price contract with a back up contract also within days of listing. More at


 Kim Waters - The Norton Agency - Associate Broker/Partner




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