Candy canes, Christmas cookies, and eggnog are just a few holiday favorites that most people enjoy during the winter season. The weather has finally cooled off and New Year’s Eve plans are in full swing. Now the holiday season may not be traditionally referred to as the best time of year to buy a home, but there really is no better time to make your dreams of homeownership come true.
Buying a home in the wintertime means you can browse different homes for sale at your own pace. Since it is not peak season, you can take your time and not feel rushed to make a decision. Your Newnan mortgage lender may also offer you low-interest rates that may not be available during peak season.
So, to help you get started in the home buying process, Jeff Wilmoth with Homestar Financial has listed the most current market update for Newnan, Georgia.
Newnan Market Update
The residential market trends for Newnan, Georgia has been getting increasingly more expensive over the past three years. According to the housing statistics on realtor.com, the median listing price in December 2015 was $119,900 and by the following year, the price had skyrocketed 96.4% to $235,500. By December 2017, the median listing price increased an additional 5.8% to $249,250 and the current median listing price for December 2018 is $269,900. This is an 8.3% increase over the past year and is a 125% increase over the past three years.
The housing market is expected to continue to rise in price in the next few months, which means your interest rates on a Newnan mortgage could get more expensive. Therefore, if you are looking to purchase a home in the near future, you should lock in a rate now before they raise in price.
For more details on the current market update or if you would like to get started on an application for a Newnan home loan, please contact Jeff Wilmoth with Homestar Financial at 404-597-5662.