Cherokee County Real Estate Recovery Continues

foreclosed real estateGood news for homeowners in Cherokee County: The local real estate market is continuing to improve, with foreclosure numbers dropping and home values rising. Our listing specialist Lisa Morton was again featured in the Cherokee Tribune to discuss these positive trends.

The year-over-year number of foreclosures advertised in the Cherokee Tribune has  dropped 44% as of March, with January and February also marking steep declines in year-over-year foreclosure rates. The drop can be attributed to a few local and national economic factors, including:

  • Increasing new home construction
  • Rising property values
  • Low mortgage rates
  • Falling unemployment

Lisa was quoted commenting on the decrease in local foreclosures, saying,

It makes sense because, as home values rise, less and less homeowners are underwater on their mortgages… The main cause of the rise in value is the shortage of homes currently on the market, while strong buyer demand exists.

Another factor in decreasing local foreclosures: corporate buyers.

The big hedge fund and capital fund groups are routinely buying properties on the courthouse steps, in some cases, a couple of hundred properties a month across various metro Atlanta counties. This phenomenon means less foreclosures listed for ‘normal’ buyers to purchase and keeps the inventory low.

If you are interested in buying a home in the up-and-coming Cherokee County market, contact The Premier Group today! Our Woodstock real estate agents have the local knowledge, industry experience, and powerful Keller Williams resources to make your next home purchase or sale a success.

Photo by Jeff Turner via Flickr CC 2.0