Unemployment rate up in North Georgia: Impact on real estate?

Unemployment rates rise and the Dow goes down 700+ points on 10/15/08. This news has got to be devastating for those who own property and are trying to sell. People are in a definite holding pattern here when it comes to buying homes. At least  North Georgia Real Estate has not been devasted as much as other areas like Florida, Nevada, Michigan and California to name a few.

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Dow Jones Plunge

But I am a glass is half full kind of gal and the GOOD news is that we are at or very close to the bottom of this market, especially if you are talking to investors and Realtors working with investors as they are actually starting to see multiple offers on properties. I was just talking with a national real estate investment trainer today about this very thing and he confirmed that he is seeing this trend in many places across the country including right here in North Georgia www.coachingbypeter.com  This is a very good sign. "If people wait to follow the pack that are buying up these properties, then they have already missed some of the greatest opportunities" Coach Peter said.

You have to ask yourself as a buyer do you want to wait longer and miss out or be safe and wait, just to make sure you are really buying at the bottom. That choice is really up to you, but you have to be comfortable with that decision and not be hitting yourself over the head because you did not make your move sooner.

Real Estate in North Georgia has been more flat than declining. We had great annual appreciation over the past many years that many sellers were expecting would continue. Many people thought we were in a declining market across the board...why? Because they started to see people reduce the price of their homes. Well what was  actually happening was CORRECTION in the market not a decline.

Sellers were adding the typical annual appreciation to their homes, which was in the 5-10% range depending upon your area in North Georgia, however they had to reduce their listing price by 5-10% back to the previous year's selling prices for similar homes. No question some areas did decline in selling prices compared to last year, but there were many home values that remained flat or what we in the Real Estate Business call a STABLE market.

In summary, we are riding a roller coaster right now and everyone has to hold on tight for the ride. Once the end of the track is in site, our vision on all of this uncertainty will clear up and we can make smart decisions when it comes to buying and selling real estate in North Georgia.

Is North Georgia Real Estate on your mind? Mary will keep you in the loop!