11 months ago
In more than a dozen metro areas across the country, home prices have risen for three straight months, which could mean the beginning of a recovery in the housing market. But in Central Georgia, home prices are showing an opposite trend.
Owner of Rivoli Realty, Anna Roberts, says from year to year, people find good buys for their money in the Macon-area.
"You can still buy a home in the Middle Georgia area in a good area for less than $100,000," she said.
And she says the $8,000 first-time homebuyer federal tax credit that debuted in January enticed more people to take the big step. About 55,000 in Georgia according to the IRS.
"It has helped tremendously. We're seeing more first time homebuyers."
Some sellers are now getting more money with prices in some large cities increasing, But it's still a buyers market in the Macon-area. The area's Multiple Listing Service says prices have fallen from about $138,000 for a home in July to $130,000 in September.
Dorothy Mitchell, President of the listing service, keeps track of realty statistics.
"Everything is regional. I do think foreclosures have kind of hit more in our market here, in the past two quarters," said Mitchell.
She says about 10 to 15 percent of homes on the market in the Macon-Bibb area are listed as foreclosed, which drives down prices.
"I don't think that it really is that bad around here. We've been pretty consistent this year. Last year, in '08, we had ups and downs and it was pretty drastic."
Roberts agrees and hopes things don't take another drastic turn when the first-time homebuyer credit runs out on November 30th.
"We are truly hoping for an extension," she said.
She hopes the government continues the credit, so more buyers come to her for their first home.
A proposal by top Democrats in the Senate would extend the $8,000 tax credit through March 31st, then decrease its value by $2,000 every three months through the end of 2010.
