The Market...As I see it! March 2006

Posted at 11:59 AM, Mar. 9, 2006

By Leisel Caldwell

March 2006

With the reported sales of January and February, 2006 is to be a banner year for real estate in Randolph County. From discussions with area agents, everyone is busy. All seem to have many good buyer leads, showing properties, writing offers and closing deals. The diverse Randolph County market includes the small towns of Roanoke, Wedowee, Wadley and Woodland, the rural land market and the dynamic Lake Wedowee market.

Roanoke and the other small towns in the county offer some of the best housing bargains in the state. With the low prices and excellent loan programs for home buyers, buyers are allowed to purchase a  home with very low down payments and  low monthly payments, making home ownership obtainable for most everyone. The downside for the small (in) town markets is seeing little or no growth and very little appreciation in values.

The rural market for homes with land and vacant land in Randolph County is growing. We have seen many sales and a good appreciation of values in the last several years. This market is being driven by Georgia buyers who are crossing the state line. They are seeking refuge from the rapid growth in Georgia, high taxes and high land prices.

The Lake Wedowee market with its limited supply of listings is commanding higher and higher prices. Good buildable lake lots are at a premium. Re-sales are at an all time high with several houses selling in excess of $500,000 in the last 90 days. Many sellers, developers, builders and agents are testing the market. They are putting properties on the market way above market value by standard pricing practices. Is this a bad thing? It depends. A property is worth no more than a buyer is willing to pay for it. Are there enough buyers in the Lake Wedowee market willing to pay these increased values? Only time will tell.

Leisel Caldwell has more than 25 years experience in real estate in Randolph County.