Market Conditions in 2011 for Augusta, Martinez, Evans, Grovetown, Fort Gordon GA Going into 2011 in the Greater Augusta market comes with restrained optimism. Rising interest rates could dampen housing demand but the last couple years have been flat in overall sales transaction volume in the area.
The new construction sales have been strong as more new players enter the market mainly from the Atlanta area. Several local builders have also adjusted floor plans, suppliers and designs to be more competitive. One of the newest players in the Greater Augusta area is Wilson Parker. As a direct competitor to Crown Communities, they are making a stand in over six subdivisions. Growth in Grovetown, GA which is very near Ft Gordon continues with brand new subdivisions and strong competition for market share among builders. Generally land prices are lower in this are area compared to Evans and Martinez contributing to lower overall prices per square foot.
The resale market continues to be challenging as large new construction homes sell at amazingly low prices. Existing home owners wanting to sell must remain in the home, rent them out or be able to sell at competitive prices. Sellers that find themselves in a difficult financial bind should call us to discuss possible options including rental management or possibly offering the home as a short sale. Short sales are becoming increasingly necessary to deal with the economic reality in real estate today.
In addition, "REO" or bank owned homes also compete for home buyers’ attention around Augusta GA. Potentially, additional foreclosed homes entering the market could push resale prices lower. Many of these homes require special financing programs or cash to buy them due to physical condition. The can be great values however it is best to work with an experienced real estate professional to avoid frustration and get the best deal possible.
As always, you can contact Drew & Christine May for all your real estate needs in the Augusta area. For straight answers and to deal with full time professionals, call 706-869-9478 today!