We all know that summer time is typically a hot time for not just the weather but for real estate as well. This summer in Henry County was no exception. Not only are homes selling, and quickly might I add, they are selling for more. Looking back on the several posts ago, I told you that the average sold price in April was 154,000 which was an increase of about 21% from the previous year. Well July brought even better news. July’s average sold price in 2013 was 149,000. July 2014 had an average sold price of 172,500. That’s over 15% increase from the previous year. Sellers in our market are certainly enjoying the increase in value. Are you ready to list?
The big buzz in my world right now centers around a 3 letter acronym that most of us are familiar with and many want nothing to do with – HOA- homeowners associations. They’ve been around for awhile, and each one is vastly different from the next. I’ve seen some start as low as 150.00 and go up to 900.00/year. So what are the pro’s and con’s of living in a neighborhood with an HOA. Let’s examine 2 the pro’s- Community appearance. Usually the association list standards that are to be met when it comes to things like landscape, house colors, and personal property (like old vehicles and trailers) that can be parked in the driveway. So, It can preserve the overall neat appearance of a neighborhood when owners are expected to maintain nice curb appeal without a cluttered yard. And that certainly leads to higher resale value of all the homes in the community. 2nd- Amenities, amenities can range from a swimming pool and tennis courts, to simply walking trails and a pavilion. You pay for the enjoyment of having a little extra community activity. How about the Con’s to an HOA- sure there’s the yearly fee. But mostly, the biggest complaint is the rules and regulations imposed on the homeowner. For instance, being told that your mailbox has to match all the others, or that you’re fence can only be a certain style, or that your shutters can’t be fluorescent orange. Just remember though, if there’s no rules imposed on your property, there is none on your neighbor’s either. Bottom line- you decided what’s best for you. And be sure to ask about covenants and restrictions and read the details.
I read a great article from Steve Harney with the KCM Crew that does a great job explaining why it is beneficial to list your home for sale, especially if it’s something you’ve been considering.
1. Demand is about to skyrocket
Most people realize that the housing market is hottest from April through June. The most serious buyers are well aware of this and, for that reason, come out in early spring in order to beat the heavy competition. We also have a pent-up demand as many buyers pushed off their home search this winter because of extreme weather. Sellers in markets where seasonal weather is never an issue must realize that buyers relocating to their region will increase dramatically this spring as these purchasers finally decide to escape the freezing temperatures of the winters in the north.
The Atlanta area is a great attraction with the number of corporations and small businesses that are headquartered in the metro area.
These buyers are ready, willing and able to buy…and are in the market right now!
2. There Is Less Competition – For Now
Housing supply always grows from the spring through the early summer. Also, there has been a growing desire for many homeowners to move as they were unable to sell over the last few years because of a negative equity situation. Homeowners have seen a return to positive equity as prices increased over the last eighteen months. Many of these homes will be coming to the market in the near future.
The choices buyers have will continue to increase over the next few months. Don’t wait until all the other potential sellers in your market put their homes up for sale.
3. There Will Never Be a Better Time to Move-Up
If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by approximately 4% this year and 8% by the end of 2015. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30 year housing expense with an interest rate at about 4.5% right now. Freddie Mac projects rates to be 5.1% by this time next year and 5.7% by the fourth quarter of 2015.
Moving up to a new home will be less expensive this spring than later this year or next year.
Contact Southside Realtors if you’d like to get a current market analysis of your property.
From: The KCM blog
When comparing statistics from just 12 months ago, Henry county is seeing great appreciation. This is great news for homeowners who saw a drastic decline in home value since 2008 and especially for those who purchased in the height of the market. The average sold price of a home in March 2013 was 127000. March 2014 saw 21% increase to an average sold price of 154,000.