More good news for Savannah Ga businesses. When it's reported any company is expanding nowadays, that's good news -- maybe they are making cabinets for new Savannah homebuyers.
Savannah Ga Real Estate Blog
See sidebar for neighborhood info and photos of Savannah homes
Entries in savannah homes (6)
Above is a link to useful home improvement tips. I know in Savannah many people who can't sell their homes are fixing them up, and money is tight -- so it pays to know a few tricks to save money on materials and labor, but also to avoid the waste of time and money.
In a Realtor Mag article experts are predicting a housing shortage nationwide of about 16 million homes in the next decade. If Savannah real estate is any indication, home construction has dropped off significantly -- because builders aren't building many homes but people are still making babies, it only makes sense that there will be a housing shortage -- this will put pressure on prices again -- I just hope we're able to avoid the boom and bust cycle.
There are many more foresclosures on the market this year than last year. I've shown quite a few lately and it looks like they are moving fairly quickly at the lower prices. I have noticed, as seems to be the case usually, that these homes are not in good condition.
I always advise my clients to make sure the fix-ups for neglected foreclosures don't eat up any saving in prices. What these foreclosures will do to home values in neighborhoods with many foreclosures, it's difficult to say, so anyone buying a foreclosure needs to take falling home values in a neighborhood into account if they think they might be selling in the next few years.
Low prices never say anything about value, so make sure you are taking everything into account when looking for a foreclosure.
The picture is not a foreclosure -- I just like to add something visual to give a feel for the diversity in homestyles around Savannah.
Is it over for real estate as an investment? In Savannah, it's a mixed picture. Currently, Savannah, Ga is being affected like the rest of the country, although the prices haven't fallen as much as some places.
However, the recession is not going to last forever. Some economists believe the downturn in housing might last a couple more years, with prices going down another 10% or so. There's no way to tell what will actually happen, but when the market does turn around, Savannah is a great place to live.
One lesson from the housing bust is that homes are for living in and enjoying moreso than sure investments. However, long run, say anwhere from 8 to 15 years, real estate is probably still a good investment, seeing as how renting is the alternative.
Even if prices go down another 10% in Savannah, there are deals on the market right now owned by people in trouble with their lender which can be bought as much as 20% below the present market value, and with interest rates being historically low, that combination makes buying now a fairly safe risk. But, who knows, things could get much worse. The only think I'm pretty sure of is that it's not the end of the world, and it's not the end of real estate as an investment.
Call Mike at 912-429-3431