The Augusta real estate market has been resilient in this recent market downturn. Many parts of the country have seen declines reach 30% to 40%, while Augusta has seen most properties stabilize or increase in value. The biggest factor affecting the Augusta housing market is lending. The country’s housing crisis has affected the entire country’s lending institutions; four or five years ago you did not need several applications, proof of income, high credit score, etc. to be approved for a home loan. 2009 will be a critical year for housing prices across the country.
Augusta’s downtown real estate market is in a unique situation. Augusta’s downtown, along with the rest of Augusta, has seen prices stabilize or slightly depress. The biggest difference from five years ago to today is Augusta’s government involvement. A medical practice, Christ’s Clinic, is currently raising money to renovate their building between 2nd and 3rd on Greene Street. There are also plans being discussed to revamp Augusta’s Theatre District on Broad Street. Augusta’s construction on infrastructure is already evident, and is set to be completed in 2010. In addition, the White’s Building is Augusta’s new upscale condos that are right in the middle of the downtown action. All of these exciting improvements have set the base for Augusta’s downtown real estate market to be set for a strong recovery.
There are several properties in downtown Augusta currently for sale, and some being renovated. The biggest factor currently affecting Augusta’s real estate market is the current state of the national lending institutions. Do you want to live downtown, but are having trouble with financing? Here are a few tips for getting financing.
- Meet with a mortgage broker (contact www.augustarealestateinvesting.com for more information about sponsored Augusta mortgage brokers). Many real estate professionals can let you know what you need to do to improve your credit score and get financed.
- Ask sellers about Rent-to-Own or Owner Financing options. In this market, these terms are becoming more and more popular. With sellers wanting some immediate cash flow, and buyers are trying to purchase a home today these options sometimes prove to be the best solution.
- City sponsored and government loan programs. Have you heard that first time home buyers are now receiving a $7,500 tax credit?
Have you looked into moving downtown Augusta lately? Check out this 3 Bedroom 2 and a half Bath on Ellis Street. 315 Ellis Street (click on 315 Ellis Street for more information)
If you have any questions about Augusta downtown real estate or home financing feel free to contact me using the Contact Page.