The national median home price fell in April by $5,000. However, locally, experts say homes are increasing in value.
The local Dougherty and Lee county market hit rock bottom in January, according to Gary Eller, President of the Albany Board of Realtors. Eller says there were only 43 home closings in January 2009. The market has made a big turnaround, however, with 75 home closings just last month. Since homes are selling faster, inventory has gone down, which means builders will start new home construction that will create more jobs.
The Obama Administration is helping out, offering an $8,000 tax credit for first time home buyers. In addition, the state of Georgia is also offering an incentive that could total $1,800.