Readers we are fortunate to live in what is a little bit of paradise. When people ask me about living at Lake Oconee? I reply, it is like being on vacation all the time.
Yes, we live in a small community that is tucked away in a quiet secluded part of the beautiful state of Georgia.
When first moving here 26 years ago, much of the community was mainly wooded. We have watched Lake Oconee grow and have seen people move here from all over the United States.
Twenty-six years prior, we saw people moving here to buy second homes and investing in land for their future primary homes.
Today, real estate is seeing a whole new outlook in the buying and selling market. People are moving away from the big cities and looking for smaller towns and communities to retire or raise their families. Buyers are being attracted to this little bit of paradise because of the quality of living the area has to offer.
With the influx of people searching for a home in this area, it has caused a shortage in listings. The shortage of homes we are seeing are mainly homes on the lake.
As the analysts predicted, “The sales recovery is strong as buyers were eager to purchase homes and properties that they had been eyeing during the shutdown. This revitalization looks to be sustainable for many months as long as mortgage rates remain low and job gains continue.” (Lawrence Yun, chief Economist for the National Association of Realtors)
Existing home sales post record increase in June. The increase was the largest one-month jump since the 1960s.
Sales increased to a seasonally adjusted 4.72 million homes last month, according to data from the National Association of Realtors. The sales spike, which follows three months of decline, is the biggest one-month increase in records dating back to 1968. However, sales are still down 11.3% from the same time last year.
Previously-owned homes make up the majority of the housing market. The median existing home price also rose last month to $295,300 up 3.5 % from a year ago. The increase marked the 100th straight month that home prices have risen.
The number of homes for sale remained depressed in June as buyers were wary of putting their homes on the market during the pandemic. The number of homes on the market rose slightly last month compared to May but, was still down 18.2% from a year prior.
“Home prices rose during the lockdown and could rise even further due to heavy buyer competition and a significant shortage of supply.” According to Lawrence Yun.
Buyers are out there, and there is a need for sellers.
NOTE: Some of the information included in this article was taken from Clair Hanson, staff writer News Week, and Lawrence Yun, Chief Economist National Association of Realtors.
THOUGHT FOR THE DAY: Everyday may not be good … but there is something good in every day. (Alice Moore Earl)