Georgia Home Prices Are Down

You have probably heard the news that Georgia leads the country in declining home values. This is due, in part, to the high unemployment rates and high number of foreclosures resulting from job loss. It is a heart wrenching situation for those experiencing the loss of a home but the situation has also created many opportunities for those in a position to buy a home. As the economy starts its rebound these buying opportunities will become fewer and fewer as home prices rebound. With interest rates low and inventory high, this is the real estate sale of our lifetime.

This example of a why this is an exceptional time to buy was provided by Ron Phipps, President of Phipps Realty in Warwick, RI. “Buyers who purchased a median-priced home five years ago with an FHA mortgage requiring a 3 percent down payment would have a monthly mortgage payment of $1,650. With today’s interest rates and median home prices, that same buyer would pay $1,150 per month—a $500 savings. That’s a savings of $6,000 per year.”

Big Canoe home prices have followed the Georgia downward  trend making this a great time to buy in this beautiful, upscale mountain community. Weekend home prices have been most effected by price reductions so weekend retreats are more affordable than they have been in the past few years.  Come the Big Canoe for a tour of our wonderful North Georgia mountain community.