According to a news report from the National Association of Realtors (NAR), existing home sales are expected to trend upward in 2008. A recovery for new home sales is expected in 2009.
I decided to check the stats for myself in my area of the North Georgia Blue Ridge Mountains and found that in fact, existing home sales for 2007 totaled 1017 versus new home sales which totaled 577 (counties included in this analysis are: (Fannin, Gilmer, Union, Towns and Pickens)
Now that we have 2007 behind us and have a year's worth of data to analyze, we are able to make better projections about what might lie ahead for 2008. The news is better in some instances and there are signs that markets are stabilizing. On the Georgia Association Realtors (GAR) website, I read that nearly two-thirds of the U.S. metro areas are showing signs of price increases as of December 21, 2007. Also, Lawrence Yun, National Association Chief Economist said, "the worst part of the credit crunch has already worked its way through the data... mortgage conditions have improved"... Read more at: GAR
Consumers should understand the importance of how local market conditions will vary and make their decisions accordingly. Consult your local area Realtor who has access to actual home sales and know their target market better than anyone. For more information about current real estate market conditions for the North Georgia Blue Ridge Mountains or your specific zip code, please contact Donna in Blue Ridge.
Donna Yates, Realtor
North Georgia Blue Ridge Mountains
http://www.move2northgeorgia.net/
706-633-0644 cell
donna@ellijay.com
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