Housing Market shows signs of improvement - WALB.com, Albany News, Weather, Sports

Housing Market shows signs of improvement

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THOMASVILLE, GA (WALB) -

Unemployment is dropping, the stock market is breaking records, but what is the state of the housing market?

National figures show home prices are starting to increase in many larger cities.

South Georgia realtors say, while there is reason for optimism, it's still not time to celebrate.

For all markets, whether it's housing, job, or even grocery, consumer confidence is everything.

"We're not out of the woods yet. There is still a lot of people that have lost value in their homes over the last five or six years and it's going to take a long time for that to recover," said First Thomasville Realty Owner Mills Herndon.

Stock market numbers are reaching all time highs with positive reports nationally for jobs, manufacturing, and even housing.

But Herndon says when it comes to housing, south Georgia is not quite there yet. "We tend to kind of lag behind in our local market as far as those types of scenarios. We were not quite hurt as bad as some of the bigger markets so you are going to see some of the appreciation come back to bigger markets quicker."

South Georgia realtors say while the number of foreclosures in our area is diminishing, they are still driving the market.

"They've got to get flushed out of the system. They bring comps down. They bring values down and hold them down. But we are not seeing quite as many as we were seeing," said Herndon.

Herndon says in order for the foreclosures to slow down, unemployment and underemployment needs to improve.

"Some bright spots on the horizon as far as some new potential businesses coming to town and that will employ some people. And that always helps when people start looking for houses."

Herndon says while times are still tough for sellers, if you can get the right financing, now is still a great time to buy.

 

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