New homes sales steady in Lee despite market slump - WALB.com, South Georgia News, Weather, Sports

New homes sales steady in Lee despite market slump

July 27, 2007

Lee County -- The housing bubble has popped and the nation has been hurting just trying to recover. But Lee county hasn't been affected.

"It all comes down to location, location, location. Lee county has a lot to offer for the population with the amenities that it has like the services and the schools," said Life Style Realty developer, Gary Eller. 

Business with developers building custom homes and those following pre-made floor plans have remained steady. Three years ago Lee county was averaging 36 new home permits a month.

The numbers haven't changed much today. "And the current pace in lee county is that there is still averaging 31 or 32 single home permits per month, which tells me the market is till steady," said Eller.

But developers who aren't so lucky still have options. "If the house is not selling, everything reflects on the bottom line which is price -- which means you may have to do a price reduction," said Eller. 

If you lower the price to the point that you are losing money; you can change your technique. "You can always rent the house until the market recovers in that area," said Eller.

Whether you are buying a new or existing home, it all comes down to your credit. "If your credit is good, you can always get a fixed rate mortgage and that is always the best way to go," said Eller.

There are plenty of programs willing to help you finance the home you want regardless of the market slump.

Most people that are buying new homes in the area are current homeowners looking to upgrade to a bigger house. The average price spent on a single family home in the area is $185,000.

feedback: news@walb.com?Subject=NewHomes/DR

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