It’s no surprise by now that the real estate market is hot, moving fast, and pretty much a race to be the first buyer to see anything that lists for sale! We are finally beginning to accept this as our new normal and have thrown all past experiences and expectations out the window in favor of just “winning” a house.
If you are familiar with the housing market here in the CSRA, and have read my previous article on how we actually are experiencing higher sales inventory than previous years. Which leaves us with one big question, where are all these buyers coming from?
Every year the National Association of Realtors provides a report which summarizes all the statistics on who, how, when and what a buyer looks like. I have reviewed this report and provided a few of the visual graphs. Now we know that our favorite generation to jab at, is quickly becoming the largest population of buyers in the nation, the infamous millennial.
These young buyers are making good money, and are buying a lot of properties. According to Atlanta Magazine, millennials make up 25% of our population in Georgia, this totals more than 90 million people aged 22-40. When I reviewed the charts, I noticed that they have strong incomes, which supports the sharp and rapid increase in our property values.
Currently the median sales price for a home in Evans, Georgia is $305,840.00. To buy this home using the most common first time homebuyer mortgage product, you would need 3.5% for a down payment and your mortgage would be approximately $1681.00 a month. To qualify for this mortgage, a buyer would need to have a verifiable income of approximately $80,000 and an acceptable credit rating. According to the income estimation chart, we have a very large population who can easily afford to support the appreciation we see happening in our housing market and as long as the interest rates stay low, they are able to spend more than the current median housing estimates.
This, my friends, explains who is buying and how they are able to pay the higher sales prices.
Shawna Woodward has been selling, buying, and managing residential real estate in the CSRA market since 2005 and loves all aspects of this business! Her son Braydon and her have created MHPAUGUSTA, which stands for Miracle Home Partners.
They make an average donation of $150 on behalf of each client they complete a transaction with. All donations stay here in Augusta at our local hospital.