His firm, which is part of The Norton Agency, has broken out data by sections of Hall. In an area between West Hall High School and Cherokee Bluff High School, for example, just two of 65 properties $250,000 or lower were sold and/or closed March 16-31. A large number of the homes sold in the $300,000-$400,000 range, with many of those selling over their listing price.
Hicks said it’s not just first-time home buyers looking for lower prices.
People who have owned a home for a long time and are looking to downsize also are being affected. They may be able to sell their home at a huge profit, but they suffer sticker shock when looking at current prices.
So, a seller may get above asking price for a house, but they need to be prepared for their next residence — and quickly, as homes aren’t lingering on the market.
“It could be sold in a week and they don’t have anywhere to go,” Abernathy said. “Sellers need to find someone who can advise them the right way. They don’t necessarily need to get out of the house right away. They need to make sure their agent is helping them set the terms — whether they can rent the house back for a month while they’re transitioning to the next house or whatever.”
Market uncertainty may be one reason why apartment construction is on the rise, Hicks said..
“But rent has gone up as well and it can be just as hard to find,” she said. “If you don’t have good credit, it’s hard to even find a rental.”
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Looking for a home less than $250000? Here's what market says about that - Gainesville Times
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