Realtor sees ‘light at end of the tunnel’
by Celia Shortt
Newnan Realtor Chip Barron sees “light at the end of the tunnel” with improvement in the local real estate market after the recession.
Barron, a longtime local Realtor with Lindsey’s Realty Inc., presented a workshop Thursday at Wesley Woods about the real estate market in Coweta County and how he believes the market is improving.
Homes are selling faster and at better prices than in the last few years. When the real estate market fell apart in 2008, houses would sit on the market for months or even years in some cases. Property values were much lower, which caused the prices they did end up selling for to be lower.
Barron added that the average price of a home in Georgia is $236,000, and the median price is $180,000.
Barron said that in Coweta County in 2014 there were 345 single-family home listings on the market, which is 10 percent higher than the same time last year. For the month of June, there were 251 sales of single-family homes, up almost six percent from June of 2013.
Barron also reported the real estate market in the state of Georgia is improving.
In June, he said single-family home sales had increased almost five percent from the same time last year. For 2014, he said there were 38,514 single-family home sales in the state, which was up almost six and half a percent from the same time period in 2013.
“What does all that mean?” asked Barron at Thursday’s workshop at Wesley Woods. “Well, I think there is just some light at the end of the tunnel here. Definitely not back to where we were, but definitely better than we were this time last year, and we’re way way better than we were in 2008 and 2009.”
“Right now, it’s still a buyer’s market, but it may not be too long before it switches over to a seller’s market,” he added.
Barron also thinks interest rates for home loans will begin to rise.
“The (federal government) has been very accommodating,” he said. “They’ve kept the rates very low. Almost artificially low, but we needed that to get through what we just came through.”
Barron is a longtime Coweta resident and has been in real estate since 1968. He also has his law degree and has practiced in the area.