| Well, it's time to take a good hard look at how | | | | rates in the Augusta area are hovering quite close |
| the 1st quarter of 2009 stacks up, so here goes: | | | | to the 4.65% mark, with VA and FHA rates also |
| Overall sales are down 17% on 2008 figures for | | | | well below 5% - continuing the historical lows |
| the first three months of the year. March sales | | | | we've seen for the last several months. There will |
| rebounded to 11% down on March 2008, much | | | | probably never be a period in my lifetime when |
| better than January (down 24%) and February | | | | homes are this affordable. |
| (16%) so that 17% figure may go lower as we | | | | THE BOTTOM LINE: If you are selling - get your |
| enter the better home sales months. | | | | home on the market sooner than you planned. |
| Expect April figures to decline slightly. A full week | | | | We continue to weather the mortgage crisis |
| of out-of-town guests for the Masters Golf | | | | storm and inventory is still high. This is hand in |
| tournament always puts a damper on the April | | | | hand with Gary Keller's Vision Speech from the |
| sales figures - and I expect that trend to | | | | Keller Williams Family Reunion. I'm paraphrasing, |
| continue. Since 2005, only on year saw an | | | | but he said in February that "the next six months |
| increase in residential says in April over March - in | | | | will probably be the worst economic times you will |
| 2006. Every other year in that period has shown | | | | ever see in your lifetime." With over 400,000 |
| decreased sales activity for April. | | | | ARMs adjusting in 2009, there will continue to be |
| The average sales price for March of 2009 was | | | | foreclosures at record levels. Expect things to |
| $157,959 - almost $4,500 higher than the same | | | | bottom out by August, with the housing market |
| period last year. | | | | posting a mild turnaround by the early 2010 |
| Richmond and Columbia County continue to pace | | | | months. If you're buying, you probably won't see |
| sales in the CSRA - with the west Augusta and | | | | this level of choice again for quite some time, and |
| south Augusta regions posting slightly higher totals | | | | the concessions offered by Sellers in this market |
| than the Martinez/Evans/Grovetown corridor of | | | | are phenomenal. Interest rates are still historically |
| Columbia County. Harlem and Appling continue to | | | | low - how long that will last is anyone's guess. I |
| post weak sales figures - reflecting the smaller | | | | certainly see rates continuing below 6% through |
| population of those areas of the county. | | | | at least November if not longer. |
| As of this writing, 30 year conventional mortgage | | | | |
