|Closing Conducted by:||Attorneys|
|Primary Foreclosure Method:||Non-Judicial|
|Process Period:||2 - 3 months|
|Notice of Sale:||Trustee|
|Income Tax:||1.0% - 6.0%|
|Median Property Tax:||0.83%|
|Property Taxes by County:||http://www.tax-rates.org/georgia/property-tax#Counties|
Median Home Value: $262,707
1-Year Appreciation Rate: +20.3%
Median Rent Price: $1,345 (+22.7% year over year)
Price-To-Rent Ratio: 16.27
Average Days On Market: 78 (43 days to get an offer, plus 35-day closing period)
Unemployment Rate: 3.2% (latest estimate by the Bureau Of Labor Statistics)
Population: 10,617,423 (latest estimate by the U.S. Census Bureau)
Median Household Income: $58,700 (latest estimate by the U.S. Census Bureau)
Total Foreclosures (Q3): 1,252
Increase In Foreclosures From Q2 To Q3: 45.2%
Tax Lien or Deed: Redemption Deed State with Penalty
Interest Rate: Penalty of 20% if redeemed after sale
Redemption Period: 1 Year after Tax Deed Sale
Secondary cities will receive more attention: The pandemic has allowed more people to work from home and even move to alternative cities with lower living costs while maintaining their employment status. As a result, homeowners are trading expensive primary cities for more affordable secondary cities like Alpharetta and Warner Robins.
Prices will continue to rise: As perhaps the most likely Georgia real estate market prediction to come true, there’s an excellent chance prices will continue to grow for at least a year. There isn’t enough inventory to meet current demand, which allows homeowners to drive up prices in the face of steep competition. Combined with a strengthening economy and low interest rates, that should increase the number of buyers actively participating in the market. Until there is enough inventory to satisfy demand, it looks like prices will continue to rise.
Optimism in the industry will work in Georgia’s favor: The Georgia real estate market has a lot working in its favor, but optimism might be its greatest resource. While foreclosures and distressed properties have ravaged the state, the worst appears to be in the past, and positivity is all that remains moving forward. Despite exhibiting one of the country’s highest foreclosure rates, employment is relatively high. The economy is improving, which should help a lot of homeowners get out from underwater.