Georgia Real Estate Agent Speaks on Housing Market

This could end up being the worst year for existing home sales in five years. As the Georgia housing market slumps, foreclosures are way up. The state has one of the highest default rates in the nation and some real estate agents are having a hard time getting people into homes.

For the past 18 years, people looking for a new home simply called real estate agent Edgar McConnell for help.

Nowadays, things are different: “I have not had a good year,” said McConnell, who noted that it’s been a slow change. Calls have been reduced and fewer homes have been sold.

“We have a lot of houses on the market,” he said.

On one street in Albany, there were three For Sale signs within a few feet of the other. They’ve all been up for a while due to vastly decreased Georgia mortgage activity.

“It’s been slow. You don’t get calls. It just seems like there isn’t any interest in houses like it used to be,” said McConnell.

The National Association of Realtors reports home sales went down slightly last month (by 0.2 percent). Some realtors and sellers are now forced to reduce prices to lure buyers. Even then, some houses are staying on the market for months.

“It’ll sell within 30 days most of the time,” said McConnell.

McConnell blames the slower sales on a volatile stock market, higher home mortgage rates, and changes in the economy. “And people losing their jobs. I think that’s what caused the letdown here,” said McConnell.

But the agent says there’s talk in the real estate world that things may pick up next year.

“I hope they’re right. I’d like to see it pick up before then,” said McConnell.

Until then, he’ll be working hard to change these signs from For Sale to Sold.