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Covington Real Estate in May

Interesting Month in the May Market

 

A few interesting developments in the real estate world in Covington, Georgia took place in May…

 

1. Interest rates have begun to creep upward.  The 30-year fixed is now at its  highest level in a Home Sale Smallyear.  The rate rose in May by almost ½ point, now averaging 3.81%.  Now’s the time to buy.  Now’s the time to sell.  The rate will go higher!

 

2. One of the nation’s largest homebuilders, the Pulte Group, announced this week that it is moving its headquarters from the Detroit suburbs to Atlanta.  (Smart move?  Duh… It’s a no-brainer!  Where had you rather live and work?)  Pulte includes brand names like Centex, Pulte Home, and Del Webb.  They operate in 60 markets, and produced about 5% of all new homes last year across the U.S.  The move will mean about 300 new folks in Atlanta, and hopefully, some new homes being built in Newton and RockdaleCounties.

 

3. Inventory of homes for sale in Newton and Rockdale is still way low.  There are only 383 single family homes on the market in NewtonCounty, with 171 of those priced below $125,000.  In Rockdale, only 341 are for sale – 37% of those below $125,000.

 

4  And finally, the “millennial generation” – for most of us, that would be our kids – who will be the next generation of home buyers, say they prefer smaller homes, rather than our McMansions.  Nor do they want their homes to look like everything else on the block.  In fact, many are saying they would prefer “fixer-uppers” rather than new homes so they can put their own stamp of individuality on them.  They’re tech-driven and want their homes to reflect that with home offices, home theaters, and even a place in the kitchen for a TV rather than space for a second oven!

 

NewtonCounty had better get up to date and revise some of our ridiculous statutes and codes so builders can build smaller than 1800 sq. ft. or they’ll kill a good part of our market.

 

And by the way, home prices are rising in the Atlanta metro market – up over 19% since the first of the year.  So if you want to buy or sell your real estate, now is the time, and the best market period of the year.  Any questions…. Give me a call or text.

 

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