It seems that ever since October 2008 when the term “Bail Out” was in the news every five minutes people seemed to think that the Greater Augusta GA Metro Area was about to go bust. While the real estate market may be a little down, it hasn’t gone bust. I won’t say that Augusta is more protected than other areas in the country, but it is a little more stable than the harder hit areas in California, Texas and Florida. You may ask, why is that? Well, Augusta has a couple of things going for it that some areas may not. Augusta has a large military facility located about 15 miles up the road at Fort Gordon. The Downtown Area has the advantage of being home to the Medical College of GA and a regional VA Medical Center. These two business sectors continually bring a fresh supply of people to the Augusta area. We also have several manufacturing facilities in the area as well as the Savannah River Site.
While housing prices have dropped a little over the past year, most good real estate agents have prepared their sellers for this and they have adjusted the price to reflect the current market. I do want to make a note that most houses are now priced at the correct level. Please do not get confused when listening to the nation news and decide to make a very low offer for a house. For example: A 10 year-old home that is listed for sale in Evans, GA currently at $298,900 in a neighborhood that supports this pricing won’t sell for $235,000 plus closing costs. A listing history will show that this house was listed prior to October 2008 for $329,900. Just like with the stock market, the home seller has adjusted their asking price down. If a house is bank owned you will have better chance of getting that good deal, but I don’t know of any houses in our area with 3,000 square feet in immaculate condition that has sold for $50,000.
The current market trends in the Augusta Area including Evans GA, Martinez GA, Grovetown GA, and North Augusta SC are expected to increase during the summer months. It is definitely a buyer’s market since there are currently 4,319 residential properties for sale as of June 20, 2009. The average sales price of home in Columbia County for the month of May 2009 was $189,843. If you need a current market analysis for your home, please give me a call. I will be very happy to assist you.