Foreclosures Drop in Cherokee County Real Estate Market

home sales in WoodstockAccording to the Cherokee Tribune, the national housing recovery has affected our local real estate market as well, with foreclosure rates in Cherokee County decreasing from the previous year.

The Cherokee County foreclosure data for October indicates that the foreclosure rate has decreased by 58 percent compared to October of 2013, with 94 and 160 foreclosed homes reported, respectively. So what does this downturn in foreclosures indicate for real estate in Woodstock, Towne Lake, and throughout Cherokee County? A robust real estate market.

With the continued improvement of the economy, there are fewer homeowners struggling to pay their mortgages, so the declining foreclosure rate is also an indicator of overall economic health. A decreasing foreclosure rate is good news even for those who are still struggling. During the housing downturn, distressed homeowners who wanted to sell were unable to get a reasonable asking price for their homes because banks were also desperately trying to unload housing inventory, driving prices down for everyone. Now that banks are not dealing with such high volumes of mortgage default, struggling homeowners are more likely to be able to sell their homes for a decent price.

If you have been waiting for years to sell your home, now is a good time to make a move. Home prices have risen but are not expected to surge any time soon, so take advantage of the price increases to make your next move. We can help! Our Keller Williams Realty team has the local real estate market knowledge, marketing tools, expert training, and service-minded dedication to make your home sale a success. To learn more about our Cherokee County real estate services, contact us at 678-494-0102.

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