Augusta, GA (Columbia) Housing Market (Between: good credit, lenders, house prices)

[Looking For a Home]

I agree, between the local newspaper and the real estate agents association no one is reporting the general weakness in the market.

Fort Gordon is safe from BRAC, but I do think the area is overbuilt and inventory is already high and increasing everyday.

I must give them credit, the agents are trying very hard to keep bad news away from the buyers. Since this summer, this market has been declining gracefully, but over the next few months prices should fall much faster.

There should be some bargains in the Feb/Mar 08 timeframe.

Are there any other buyers out there?

[DisgustaTruth]

Having lived in The Augusta area (including Columbia County) for over 20 years.. I would NOT recommend buying a home there. The area just has too many negatives.. and there has been overbuilding in Columbia County.. don't expect to see much of a return on your investment in the Augusta housing market.. home values just don't rise..

[Looking For a Home]

Thanks for your input.

After watching this market for a couple of months, I have noticed that builders and sellers are relisting homes and decreasing the price by $5K each time instead of discounting the property. They are trying to find the right price point in this very soft market, while attempting to protect the market from a deep decline. If someone purchased a home during the boom, they are upside down.

Are any others tracking this market?

[Looking For a Home]

The market is turning the corner to a general decline.

Each week, Builders and Sellers are relisting homes at lower prices.

Just recently, you are beginning to see the open use of 'reduced price' to bring in buyers. Additionally, many sellers are upside down on many of these homes. You are also seeing more Repros on the MLS.

This is only the beginning!!!

[DisgustaTruth]

Again the Augusta area housing market has had little appreciation. A friend of ine had a home in Columbia County for 8 years and recently sold it for only 3,000 more than what she paid for it. A 3K appreciation in 8 YEARS!! YOu'd be better off putting your money in a savings account! The Augusta housing market is cheaper than those of other medium sized metro areas.. but it stays cheap.. values barely rise if at all in years. When you fator in closing costs, interest, taxes, etc.. you more often than not will lose money on your real-estate investment in the Augusta area.

[PJA]

Disgusta sucks..your friend bought a house in the wrong part of town if they were looking for appreciation. My parents bought a house out in a subdivision in Hephzibah where they paid 145,000 for it...and it's now worth 260,000. The neighborhood is still growing and houses that once costed in the mid 100,000's are now costing in the 200,000's.

[Looking For a Home]

More Bad News for the Housing Market

In addition to high inventory, declining prices, and lack of credit, we now have a home appraisal scandal!

Prices in Columbia County are coming down. October sales show an increasing gap between the list and sales prices. A number of homes had a $10K gap and this does not include any of the incentives. I found one home that was purchased in 06 for $263K, purchased by the Real Estate Firm for $243K in the summer of 07, and is now being offered for $230. $33K price reduction!!!!! That hurts!!!

[DisgustaTruth]

saying something is "worth" 260K and what it actually "sells" for are two different things. You can research the home sales in the Augusta market.. and no where... especially the Southside... will you see appreciation in double digits... there may be some rare freak ocurrence.. and maybe that just happened to be your parents case. as "looking for a home" mentioned.. home prices are declining... and that's after very little if no appreciation at all in many years.

[Looking For a Home]

More Columbia County houses are being relisted today at $10K below the initial offering price!

Once the big price declines start, it will be hard to hold back the rest of the market!

[DisgustaTruth]

The thing is.. this was really never a robust market to begin with.. very little appreciation.. so if prices do decline sharply... people will really be upside down.