Just finished up a review on what happened in 2013 in Real Estate in the Mill Creek Area. With more neighborhoods in Buford overall, something was clear.
Buford is selling out of homes! The prices are going up even the higher priced homes in Hedgerows and Hidden Falls!
There is really only 2 things that can ruin a banner year for these two neighborhoods. New Construction and interest rates.
The highest priced homes in these two neighborhoods were newly built homes. Unfortunately, the average buyer will have to consider something built in 2014 vs something built before 2010 at it's earliest in this area. Creating a huge opportunity for builders.
If that wasn't enough, many sellers are waiting until Spring or Summer. If interest rates go up one point, that's like a 10% decrease in the affordability of their home as it relates to a buyer's purchasing power. So that's like a doubly whammy, you got new competition and higher costs.
That's not to mention that if your current home goes up in value (win!) the home you're moving to probably went up too! (lose).