Rogers speaks to Albany realtors
Home sales in southwest Georgia have remained virtually constant from this time last year.
And realtors are still saying it's a buyer's market.
According to the Georgia Home Sales Report/Affordability Index, homes in Albany and Lee County are spending 17 fewer days on the market than this time last year.
"Market has been very active in Albany and Lee and the south Georgia area," said local realtor, Patsy Martin.
Martin says we never had too much of a bubble. Not like the rest of the nation, or Georgia even. Commissioner Bill Rogers with the Georgia Real Estate Commission reflects on the beginning of the downturn in 2008.
"We had a lot of loans that shouldn't have been made and that's exacerbated the problem," said Rogers.
Martin says home values are back to where they were in 2002. And if you're looking to buy, you've got plenty of options whether it's an existing home or new construction.
"Interest rates are at an all time crazy low, inventory is unbelievable," said Martin.
However, if you're a seller, things will be a little difficult. Martin says the key is "right-pricing".
"You realize that even though your house appraised at $200,000 in 2005 or 2006, that we need to price that house about 20% below what you paid," said Martin.
Rogers is surprised the overall market hasn't rebounded as quickly after the recession as it has after past recessions. He says it has taught a new generation of homebuyers a valuable lesson.
"It will, I think, slow everybody down a little bit, make everybody be a little more conservative," said Rogers.
Nationally, home sales are up 13.4% from May of last year.