There is a marvelous converging of events right now that are making this an unprecedented moment in time to buy a home in the beautiful North Georgia mountains.
After a surprising jump in median sale price last month over the previous year's price, home sales in Fannin County are down in February -- both in number of units sold, and in median sale price. There were 25 homes sold in February 2010 compared with 27 in February of last year. The median sale price this February was $185,000 compared with $232,000 last February.
Buyers have less than six weeks to take advantage of the $8,000 tax credit for first-time home buyers and $6,500 credit for repeat home buyers, as homes must be under contract by April 30.
In addition to the tax credit, interest rates have dipped since last month -- down to 4.99 percent this month compared to 5.03 percent in January and 5.13 percent in February 2009, according to Freddie Mac. These rates are as low as we are bound to see for a while, with the Federal Reserve reasserting it's intention to stop buying mortgage-backed securities as of March 31, which will inevitably lead to rising rates.
So, let's take a look at our home buying checklist:
- Tax credit -- Check
- Interest rates at unprecedented lows -- Check
- Home prices in Fannin County at their lowest point in years -- Check
What are you waiting for? What a great moment in time to buy a home in the North Georgia mountains!
| February 2009 | February 2010 | Variation | |
| Total Units Sold | 27 | 25 | -8% |
| Median Sale Price | $232,000 | $185,000 | -21% |
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