2020 has seen a challenging year to say the least. Many are asking is this the time to list or buy a home. There is a lot of uncertainty, but the good news is the median home prices are all the way up to $320,000, according to Dave Ramsey.
He stated that in April 2020 home prices grew by a teeny-tiny 0.6% compared to last year — down from the nearly 4% growth rate in March. Most likely due to the virus and market uncertainty.
But, within the third week of May, home prices moved their way back up to a 3% growth — almost to pre-COVID levels! So, there’s a chance that home prices might be regaining some momentum.
National Association of Realtors chief economist Lawrence Yun believes home prices will make their way back up to 4% growth overall in 2020. You’ll likely to see home prices continue to creep up, but they probably won’t knock your socks off with rapid growth like we’ve see in previous years.
So, how does this apply to the Lake Country area?
We are observing price increasing at rapid speed, especially lake front properties. A nice profit for many, but keep in mind, that this can lead to fewer offers. We have experienced that buyers are being cautious and do not want their purchase to be upside down in the future. There are savvy buyers out there and they expect the most for their money.
However, because of the lack of homes on the market, if a home is competitive and in top notch condition, sellers are seeing multiple offers. Seeking an experienced Realtor to do the CMA (Comparative Market analysis) is so important. With the lack of homes on the market, a home should not sit on the market too long. If it does, the home is the wrong price, or the home is not in selling condition.
It is all about pricing.
Lake Oconee is attracting people of all ages and from all different states. In the past, we were seeing more Baby Boomers (born 1946-1964) and Generation X’ers (born 1965-1976). Now we are seeing more Millennial (born1977-1994) homebuyers coming to the area. According to the Dave Ramsey Report, Millennials took the lead as the largest group (38%) of homebuyers last year. We feel this group does not necessarily apply to our area as much as Mr. Ramsey reports, but we are seeing Millennial traffic. This is most likely because families of this age group are wanting to relocate their families to an area that offers a more friendly community-minded living.
So, my dear Readers, the time is right to sell your home if you are in the market. Low interest rates and a supply and demand market can get you top dollar for your home.
THOUGHT FOR THE DAY: The best way to cheer yourself up is to cheer someone else up. (Mark Twain)