Waiting for a consistent flow of good news to break on the housing front is turning out to require an enormous amount of patience.
Is the current climate of the housing market really as dismal as it was at the height of the crisis? Do the statistics really look that bad, or is this a case of perception having become our permanent reality?
It does seem as though the mass media outlets’ spotlights are finally shifting from the foreclosure crisis onto other relevant issues, such as the jobs front and the national debt ceiling. This shift in focus could be attributed to many different factors.
For example, it could just be the topic has become stale, or that the upcoming elections are capturing more of the attention. Or it could be a third option: some consistent signs of life really are beginning to emerge within the housing market.
On a grassroots level, from both a local business and a lender perspective, we are seeing some very positive signs that will, in time, be instrumental for growth, as well for the continued long-term economic success of the Bryan County community.
One great example of this is our brand new community, WaterWays Township, which is currently being developed by Fletcher Management Co. based in Ponte Vedra Beach, Fla. Fletcher Management Co. has been involved in a number of prestigious developments, including the 5,300-acre Marsh Landing/Sawgrass development, home of THE PLAYERS Championship.
For the WaterWays undertaking, they have assembled an A-list of builders, including one of our area’s most prominent development companies, Savannah-based C.E. Hall Enterprises. This 2,300-acre development will be home to about 3,000 families and features a Bill Dance signature lake, five miles of freshwater lagoons, six miles of marsh front, future plans for a Tom Fazio-designed golf course and a full-service marina.
In addition to being a spectacular place to reside, the development is having an immediate impact by providing jobs and making a positive economic footprint on our local economy.
With a résumé featuring so many illustrious amenities, this new addition to Bryan County will certainly be instrumental in creating overall demand for the county. From a local market perspective, this development will also be conducive for recruiting newcomers to the Bryan County family.
From a more technical perspective, evidence of an improved housing market can also be denoted by looking at the month-over-month home pricing chart on Zillow.com. What can be seen is a sharp reversal, which began in April, off the bottom of a long-term downtrend.
Sharp moves like this are usually a good indication that the old trends are about to give way to the new. Although rising home prices will be a byproduct of this increased demand, this will also bring price stabilization to the markets – and more importantly, peace of mind.
Barr is a mortgage broker with First Carolina Mortgage of Richmond Hill. Visit fcmloan.com or email email@example.com.