Lake Oconee Homes Sales: Review 2017 and Forecast 2018

Happy New Year! We hope you and your family had a wonderful Holiday Season. Now that 2018 is here, we are all setting our business goals for the year. We worked with many of you in buying or selling homes in the Georgia’s Lake Country in the past and hope to work with you again soon. As we look toward 2018, we are ready to help you, your family, or friends if purchasing a Lake Oconee home this year is your New Year’s resolution. The time is right for Lake Country real estate. Here’s a look at last year and some predictions for 2018.

2017 Results from Lake Country Real Estate Sales Show Growth

Lakeside Home Sold in 2017

According to the Lake Country Multiple Listing numbers the total real estate dollar volume for 2017 increased some 24% over the total for 2016 with the average transaction sale price increasing just over 16% – prices are coming back. The biggest gains were in gated/golf community home and lot sales, both lakefront and off water. However, non-gated lakefront and off water home sales also showed healthy increases indicating a strong market for “affordable” first and second homes.

2018 Predictions for Real Estate Sales

A survey of real estate and economic advisers across the US reveals an overall positive prediction for home sales in 2018. Realtor.com published on January 4, 2018 an article by Holly Amaya urging potential home buyers to enter into the housing market in her article entitled “3 Best Reasons to Buy a Home in 2018 (but You’d Better Hurry)”

Her points are:

1. Rates are going up

2. Prices are climbing, but not crazily fast

3. Inventory levels will begin to increase

Click Here for Complete Article

Speaking of mortgage rates, the Atlanta Journal reported on January 12th, that the average rate on a 30 year mortgage increased to 3.99. (Up from 3.95)

Lakefront Cottage for Sale in 2018

Another help for the local real estate market is that the new US Tax Law leaves the state of Georgia a good place to buy a home: the deduction cap to the property for state, and local taxes will not hurt in low-tax Georgia. Also, the interest deduction on second homes remained in the tax code – great for resort areas like Georgia’s Lake Country.

With the strong sales we saw in 2017 we expect an early replenishment of available inventory – new listings coming on the market. With an improving economy and continued favorable interest rates, more and more buyers will start their property search earlier so they can be in that new home by Spring. The whole nation awaits the Amazon HQ2 selection to be revealed and the Atlanta area is still in the running. The Lake Country will certainly be impacted if it’s selected. 2018 will be a great year to either buy or sell – just be sure to start early.

To evaluate your buying or selling potential in Georgia’s Lake Country in 2018 call or email us – we’ll talk it over and give you our free evaluation. Don’t miss your chance to be a part of the prime real estate year in 2018 at Lake Oconee!

For more information about any Lake Oconee Homes for Sale, call Suzie (706-347-1115) or Jim (706-453-6253) Before 2018 is over, enjoy owning a home or lot at Lake Oconee!

RE/MAX Lake Oconee

706-453-7777

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