Lack of supply in housing market causing increased property value in Southwest Ga.
LEESBURG, Ga. (WALB) - Recently, property value has increased in real estate.
“We are joined now by Leigh Windham. She is the Re/Max of Albany owner broker. And we appreciate you joining us very much, Ms. Windham. The idea of property values in real estate right now. What we understand in Lee County property values for homes have increased 30% over the last six months. Is that possible?” asked Wallace.
“That is possible, and it’s accurate. It has happened,” said Windham.
“Why this increase in prices?”
“Well, we have had a lack of supply here in our market in the last 12 months. And obviously, when there is a lack of supply, the demand goes up. And when the demand goes up, the prices have gone up. I’ve been in sales for 25 years and I can’t say I’ve ever sold or witnessed a market like we are in right now,” Windham said.
“How long is this going to last? Everybody knows interest rates are being raised by the Fed right now. Will it continue on?”
“You know, I tell folks my crystal ball broke a long time ago. But I feel pretty confident in saying this is not going to last. We are actually seeing some of the appraisals are not going through like they were. And the marker is just slowing down a little bit. Homes are sitting on the market a little longer than they were. I say a little longer, that’s five or six days when they were getting in. You know, bidding wars are soon as they went on the market. So I see how at Re/Max of Albany, I do see things slowing down and calming down a little bit. And I do feel like interest rates raising as they have has had a bit to do with it.”
“So what advice do you give somebody wanting to buy a home? And is Lee County a preferred destination? Are you hearing people saying they want to go to Lee County above other counties around Southwest Georgia?” asked Wallace.
“You know, Lee County has always been so sought after. We have wonderful neighborhoods in Lee County. We have wonderful schools in Lee County. So Lee County has always been really sought after. It’s kind of funny in my office right now. As soon as somebody gets a Lee County listing we let everybody know in one group text as fast as we can. Because of Lee County with a pool. Everybody wants it, and it’s going to sell like that,” said Windham. “My advice to people looking to buy in this market, Jim, is to come in with your strongest bid and your best offer out of the gate. People are not negotiating like they were say a year ago. And it’s really about winning. Because the people we are seeing that are looking at houses, they need a house. They are coming from another market, moving here for a job, and they absolutely need a home. So they are going in, rather than saying what’s my best strategy. How can I save as much money as possible, they are saying what do I need to do to win this deal.”
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