Augusta sees historic demand for houses, but supply remains low
AUGUSTA, Ga. (WRDW/WAGT) - Across the country and here locally, we’re seeing historical demand for houses, but we’re also historical lows in supply. And that trend is affecting some of our local homebuyers.
For Donovan Ledee, finding the perfect home for his family means everything.
“I got a kid on the way, I just got married,” Ledee said. “Some of these houses are so perfect.”
He says the first step is finding the perfect house to fit those needs. The second is competing for ownership through multiple bids.
“It is a very unique market I’ve been doing this for a while and I’ve seen some things I’ve never seen before,” Broker John Chambers said.
Chambers is the general manager over at Meybohm Real Estate, and he says just last year the there were about 2,000 houses between the Augusta and North Augusta area.
Right now that number sits at about 700.
“As I have watched this inventory get lower, I’ve said several times, well, it can’t get any lower but it does,” Chambers said.
And he says the average sale prices this year is up by nearly $50,000 - an increase of nearly 18 percent.
“So if a house is listed for $300,000, on average it’s selling for every bit of that and then some,” Chambers said.
And whether paying the top dollar or sending letters or pictures of family, people are finding ways to get creative to secure a home.
“We are even seeing escalation clauses which is basically somebody makes an offer on a house and says, ‘Here is my offer, but I’ll beat any bonified offer up to this price,’” Chambers explained.
“The market is so crazy right now it’s making people want to rush,” Ledee said. “It’s a really long process.”
It’s a process that people like Ledee hope eventually comes to an end.
They also say right now sellers are moving with caution too. Normally you could sell your home and find somewhere else to go, but securing another place to stay is not that easy to come by right now.
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