As the official first day of “Summer” approaches and the days are getting a little hot here in Augusta, it reminds of the summer 3 years ago when I first started my real estate career. This period seems to me a very sweet period for me in Real Estate. Phones were ringing, people were happy and Augusta Homes were selling! Then as all cycles in life, the “financial crisis” brought all of this a halt that October. I know that real estate is a lot like life, there will be ups & downs.
While the phones stopped ringing almost immediately, things still didn’t seem that dismal here in Augusta. After all, we have Fort Gordon, the Medical College of Georgia and few manufacturing companies like Club Car, John Deere, E-Z-GO and Proctor & Gamble that helps stabilize the Augusta economy. After all, this wasn’t Miami but a few years later we are still feeling the effects of this recession. While the Augusta Housing Market hasn’t plummeted into the abyss like the one in Miami, local home owners are feeling the effect.
Augusta home sellers and home buyers are feeling the effects from the mortgage crisis and fall out. Home sellers are having a tough time competing in a declining market. While home buyers have a huge choice of homes for sale in Augusta, they are having a tougher time qualifying for a mortgage.
As I learned at a Short Sale seminar this week, if you look out your front door to the 4 houses on the right and then look at 4 houses to the left at least 2 home owners are most likely having trouble paying their mortgage. The scary thing is that only 30% of foreclosed homes were listed for sale before being foreclosed! 70% of home owners didn’t seek help or didn’t know they could seek help. If you are even 1 payment behind or know that you are about to get behind, please ask a realtor for some help! We can provide valuable information and help get your house sold before you get to the foreclosure stage. Just remember condition and pricing are everything. Warning: You are now in a beauty pageant and price war all at the same time! Meaning you have to look your best and be priced low. Think Beauty on a budget.
Home Buyers are all looking for a great deal and they are able to get those deals. There are new homes being built at rock bottom prices here in Augusta. There are short sale homes and foreclosure homes also available in this real estate market. The toughest part of the home buying process is the mortgage part right now. You have to have good, solid credit and most banks require a 620 minimum credit score for the best interest rates. Enjoy these low real estate prices and low-interest rates now, because as the economy starts to recover at least one of those will rise.
Summer is upon us and with that comes increase activity in the real estate market not just here in Augusta, GA but across the country. Please remember that houses are still selling, people are still buying property and banks are lending money – just be a little patient during the process of buying or selling any Augusta Homes. Also, please consider hiring an agent to represent you and your best interest in your next real estate transaction either as your listing agent or your buyer’s agent.
Have a wonderful Summer!Susan MacEwen, Realtor Your Augusta Home Hunter! Keller Williams Realty Augusta Partners Mobile: 706-294-6795 Office: 706-868-3772 x207