Skyrocketing prices, low inventory causing turbulent housing market in the CSRA

Business & Consumer

AUGUSTA, Ga. (WJBF) – Local home prices have skyrocketed recently, leaving hopeful home buyers scratching their heads and wondering if and when they’ll land a place. When it used to take a matter of months to sell a home in the CSRA, some houses are selling just a few hours after hitting the market.

And there may not be enough homes to go around.

“Inventory is extremely low. In the CSRA last time I checked, we had around 680 listings,” Southeastern Residential managing broker, Kelly Gates said.

There’s also an influx of newcomers. With Ft. Gordon, the medical community, and soon Amazon, a lot of new faces are heading to town looking to lay roots.

“With the growth of cyber and the growth of signals at Ft. Gordon, people need to live there,” Chip Lamb of Franke Real Properties said.

When it comes to buying in a new development, the National Association of Home Builders estimates the increase in lumber prices tacks on an additional $36 thousand to the price of a new home.

“They have gone up significantly in the last year since the pandemic,” Gates said.

Many are looking to buy slightly older homes in more established neighborhoods. If you’re selling your home, it’s advised that you make sure you have a place to go before you sign those papers.

“A lot of sellers are still a little hesitant about putting their houses on the market because they don’t know where they’re going to go. And that is due to our low inventory,” Gates said.

If you’re looking to buy a home, there are some dos and don’ts.

“There’s things that you can do to make your offer,” Gates said. “Not ask for closing costs. Have your down payment and your closing costs where you can pay for those. So go in and give the seller what they want for the property and keep your contract just as clean as you possibly can.”

“Understand that in this over heated market, you have to go over a list price more often than not,” Lamb said.

Try looking for homes under your budget so you have wiggle room to offer a little over the asking price. If you can make a cash offer…do it. These offers are most attractive to sellers.

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