Hall County
Real Estate Newsletter
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October 29, 2020 | Volume 12. Issue 19
[Sales Data: Oct 1 to 15, 2020]
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1. Over the two week period in Hall County, from October 1 to 15, 2020, Realtors have participated in selling 112 single-family homes with an average sales price of $375,322 and a median sales price of $299,000.
2. Lake Lanier Water Level: 1,071.57 as of Wednesday, October 28, 2020. Lake Lanier is 0.57 Feet Above above its full pool level.
3. Incredible Growth in Hall County’s Real Estate Economy!
Thru 3 quarters 2019:
1,986 SF home sales.
$291,992 average sales price.
Thru 3 quarters 2020:
2,289 SF home sales (15.2% higher)
$328,856 average sales price (12.6% higher)
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The demand for homes this year is extraordinary as record-breaking numbers of hopeful buyers continue to shop for homes. In a normal year, the peak homebuying season comes to a close by early fall. However, 2020 is anything but a normal year, and the housing market is no exception. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), explains:
“Home sales traditionally taper off toward the end of the year, but in September they surged beyond what we normally see during this season…I would attribute this jump to record-low interest rates and an abundance of buyers in the marketplace, including buyers of vacation homes given the greater flexibility to work from home.”
What’s drawing so many buyers to the market?
As Yun mentioned, record-low interest rates are key. Today’s rates are strengthening purchasing power for buyers, too. Sam Khater, Chief Economist at Freddie Mac, emphasizes:
“Mortgage rates today are on average more than a full percentage point lower than rates over the last five years.”
If you’re a homebuyer right now, there’s no question that you want to take advantage of this opportunity – and you’re not alone. Competition among buyers is definitely increasing as more buyers enter the market and mortgage interest rates remain so low.
Who’s planning to buy a home right now?
Today’s affordability is appealing to all generations and seems to be especially attractive to younger buyers who want to begin growing their wealth through homeownership. There’s a distinct increase this year in the percentage of those in younger generations searching for homes. The National Association of Home Builders (NAHB) notes:
“Between the third quarters of 2019 and 2020, the share of Gen Z adults planning a home purchase rose three points to 14%. Millennials, however, are the generation most likely to be considering buying a home (22%).”
Here’s a graph showing the year-over-year increase in homebuying interest by generation:
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According to Mark Fleming, Chief Economist for First American, millennials are reaching their prime home-buying years, a likely driver in this increase:
“Record low mortgage rates and millennials continuing to age into their prime home-buying years has boosted demand, but a lack of housing supply remains a challenge.”
What’s the biggest challenge for today’s buyers?
Finding a home, however, as Fleming notes above, is clearly a challenge today. Yun also explains:
“There is no shortage of hopeful, potential buyers, but inventory is historically low.”
With so many buyers actively searching for homes this year and so few houses for sale, it’s more important than ever to work with a trusted real estate professional to navigate today’s market. From pre-approval to bidding wars and guidance on down payment assistance resources, having an agent by your side might make the difference in your ability to land your dream home.”
Bottom Line
If you’re ready to buy a home, reach out to a local real estate professional to help you along the way. More buyers mean more competition, so you need an expert guide to help you stand out from the crowd.
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HOME SALES in Hall County
October 1 to 15, 2020 Home Sales in Your Neighborhood
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NEW ROOF ADDED THIS WEEK!
Beautiful and Large Ranch Home
Full Basement, Swimming Pool, Pool Shed, Workshop
845 Tall Oaks Drive $475,000
Fall in love with this rustic charmer in the heart of the city! HUGE ranch on a full basement featuring master on main, large open and updated kitchen, great room, sun room, and 2 secondary bedrooms on the main. Finished terrace level offers a family room with a second fireplace, bedroom and bath. The new privacy fence around the entire backyard creates a spectacular oasis so you can enjoy the in-ground pool, level side yard, and cabana! All of this so close to restaurants, shopping, schools, and downtown Gainesville!
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The Faces of Hall County Profile
JaLisa Dickerson
Meet Officer JaLisa Dickerson! JaLisa has been an officer with the Gainesville Police Department for the last two years. She is from Savannah, has one son and loves to play soccer in her spare time.
We want to thank JaLisa for spending time with us recently and telling us more about her life and love of Hall County. Interview by Abernathy Cochran Real Estate Group intern and Gainesville High School senior, Donangelo Marshall.
Q: Who is the most interesting person you’ve met here in Hall County?
A: “Actually, I have the pleasure of meeting Pastor Roderick Hughey, we had a very interesting conversation about the direction of law enforcement and how tough it is for me in law enforcement in the year 2020…he does a lot with the community as far as ministries and stuff and he’s a chaplain for the police department.”
Q: If you could choose anyone that is alive today and not a relative; with whom would you love to have lunch? Why? And where locally would y’all meet for this lunch?
A: “I’ve always liked to have lunch with Beyonce because she’s an amazing person. I don’t know if she eats sea foods but we can go to Atlanta Highway Seafood Market.”
Q: Where do you see yourself in 5 to 10 years?
A: “ I honestly see myself working for FEMA, which is the Federal Emergency Management, as part of the preparation team so that we can prepare for natural disasters.”
Thank you for your service to our community, JaLisa!
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Mortgage Rates are at 50 Year Lows!
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Need a MORTGAGE OFFICER, an ELECTRICIAN, a PLUMBER, an INSURANCE AGENT, an ATTORNEY, a PEST CONTROL COMPANY, a POOL COMPANY, a DENTIST, a DOG WALKER, someone that is a TSHIRT MAKER, a custom CANOE BUILDER, or a RECLAIMED WOOD TABLE MAKER? If you need a GREAT CONNECTION, please call or email us anytime. We would love the opportunity to help you make a great connection!
If we can ever help you or someone that you know in real estate, please give us a call. We are grateful for your referrals. We strive to give our clients and friends
real value in everything that we do. Thank you for your time and support!
Brad Abernathy 770-540-1548 | Regina Cochran 678-414-0646
CJ Greene 770-540-5879 | Robert Bell 770-654-0507
Ricky Lewallen 770-654-7922 | Jane Fleming 770-519-2333
Abernathy Cochran Group | The Norton Agency
770-718-5255 or 770-536-1250
The Abernathy Cochran Group is the leader in Hall County sales volume in 2019
and for the previous 9 years, too. 10 years in a row!
You get MORE with our collaboration.
We hope you CHOOSE us to sell or buy your real estate.
THANK YOU!
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