Savannah Homes: Fewer Homes Sold
About a thousand fewer from April 07 to April 08 than from April 06 to April 07, although the average sale's price has remained steady around $265,000.
If my database is any indication, there is backed-up demand for homes in Savannah -- I'm getting 5-7 requests a day for information on Savannah Ga real estate from buyers saying they will buy anywhere from 3 months to a year down the road.
The national economic situation seems to have put a damper on buying, especially this past year, but it also seems to be imminent that buyers will be entering the Savannah market to seriously look for homes. My prediction has been this summer that we'll start seeing a gradual increase in buying, but it might be 2009 before we see any significant increase. After the elections there is a possibility that the psychological effect will be improved and everyone will be somewhat comfortable with whatever new direction is taken.
It's been a confusing housing market all over the country for the past two years, but I see it bottoming out, prices adjusting, and backed-up demand loosening. Most of the people who have rented waiting to see what's going to happen will be more confidant purchasing a home, especially in Savannah where the prices haven't taken any huge drops. But then we didn't rise sharply like other areas during the housing boom, although we did see healthy appreciation in some areas.
In a way we needed this adjustment because home prices were rising too quickly to sustain. The market has a way of adjusting itself when it overheats. I feel sorry for homeowners who were severely affected by the downturn -- I pray their situations improve.
One lesson many have learned is that buying a home takes a lot of planning and it's best to have some investment in the home, and to have a safe, sensible mortgage. If anyone is planning at this point and would like a free consultation, I'll be glad to share what I've learned the past 14 years of ups and downs in the housing market. Email me: Mike@MikeFarmerRealty.com