Housing Market Update for Warner Robins Georgia in 2023
Introduction
Are you curious about the current state of the housing market in Warner Robins, Georgia and the surrounding area? Many people are arguing on which way the market is going and how soon it will shift.
Hold on while we dive into the details and give you a comprehensive update on what’s been happening in the real estate scene in Warner Robins in 2023. So, fasten your seatbelts and let’s explore the exciting world of housing in Warner Robins!
Warner Robins, Georgia: A Thriving Real Estate Market
Warner Robins, a vibrant city nestled in the heart of Georgia, has been experiencing a steady climb in the real estate market in recent years. The local economy is blooming with new small and family-owned businesses. All of middle Georgia still holds high scores on their schools’ academics. Robins Air Force base is still as busy as ever. With this in mind, the population is steady growing in Middle Georgia.
Steady Demand for Housing
The demand for housing in Warner Robins has been on the rise. During Covid, as in many cities, Warner Robins housing prices were artificially inflated because of low inventory due to reduced travel and lockdowns. Now, after all that has passed, many professionals expected the housing prices to drop back down. Surprisingly, even though we are in the middle of military PCS season, which is one of the main factors for Warner Robins House sales, and in the summer months (while the kids are out of school), there is a lower-than-normal supply of houses available. The number of buyers are as high as ever and it shows no signs of slowing down. Inbound families, young professionals, and military personnel coming to Robins Air Force Base are all contributing to the increased demand for homes. This seasonal surge in demand has created a competitive market, making it essential for buyers to act quickly when they find a property they love.
Low Inventory and Rising Prices
Unfortunately, the increased demand for housing in Warner Robins is partially due to a shortage of available homes on the market. Fewer properties to choose from, especially in the $150K- $250K price point, has created a high demand on the houses in that range. Conversly, This is not as true for houses above $250K. Also, the median price of houses sold this year has dropped from around $220K to $180K. Higher interest rates has force buyer to lower their aim on the house they can afford.
Other factors, like military moves and an increase in small business, may extend the raised demand well into the fall. Even with the higher demand for Warner Robins housing, the area price per square foot is still lower than comparable cities like Savannah and Atlanta.
New Construction Projects
To meet the growing demand, new construction projects have been springing up throughout Warner Robins. Builders are working hard to create more housing options for buyers, offering modern designs and amenities that cater to the needs of today’s homeowners. These new developments are not only providing more options for buyers, but also boosting the local economy.
As long as the cost of building materials does not spike, like earlier this year, contractors, landscapers and utility providers are enjoying the steady stream of work in Warner Robins, Kathleen and Bonaire.
Choosing Between New and Existing Homes
Buyers in Warner Robins often face the dilemma of choosing between new construction and existing homes. New construction offers the allure of a brand-new property with the latest features and finishes. LVP (Luxury Vinyl Planks), Granite counters and more modern floorplans are the main features of the houses built in the last 10-15 years. Higher end houses providing outdoor fireplaces with the porch layout makes a very modern feature. Even more affordable houses have more space friendly layouts, standard “ring” systems and professional landscapes.
On the other hand, existing homes often have the advantage of established neighborhoods and mature landscaping. Real hardwood floors and cabinets are very attractive features in older homes. Many of the “bugs” have been worked out of these previously owned homes (meaning nothing to correct as is common in new homes). It ultimately comes down to personal preference and individual priorities.
The Impact of Mortgage Rates
Mortgage rates play a significant role in the housing market, and Warner Robins is no exception. In 2023, mortgage rates have jumped up higher, as compared to recent years. This rise in mortgage rates have slowed down sales of more expensive houses. Although the rate is higher than the last few years, it is still lower than the industry average.
The demand for homes in Warner Robins has slowed a bit for, But many buyers have simply shifted their sights to lower priced houses to compensate for the rise in interest rates. This has kept the demand on houses below $250K high.
Caveat to the rising Warner Robins Market
One large factor to the Warner Robins housing market depends on the number of houses available. This includes vacant and abandoned houses as well. A federal mandate forced lenders to offer forbearance on federally backed loans that were in default. Mortgage companies were restricted from foreclosing on defaulted houses during the pandemic. Now that the forbearance has been lifted, many of those lenders have begun the foreclosure process on those houses still in default. This year has already shown a steady increase in foreclosures in Houston County.
This increase in properties sold by foreclosure will increase the number of available houses and possibly shift the average market values down. How much it will affect the local market remains to be seen.
Tips for Buyers and Sellers
Now that we’ve covered the current state of the housing market in Warner Robins, let’s provide some tips for both buyers and sellers in this dynamic market.
Tips for Buyers
- Get pre-approved: To stand out in a competitive market, it’s crucial to get pre-approved for a mortgage. This shows sellers that you’re a serious buyer and have the financial means to make a purchase.
- Act quickly: With low inventory and high demand, homes in Warner Robins can sell fast. When you find a property you like, don’t hesitate to make an offer.
- Work with a real estate agent: A knowledgeable real estate agent who specializes in the Warner Robins market can guide you through the process, help you navigate bidding wars, and ensure you make informed decisions.
Tips for Sellers
- Price competitively: With rising home prices, it’s tempting to set a higher price for your property. However, it’s crucial to price your house ahead of the changing market to attract buyers and sell quickly.
- Stage your home: Enhance the appeal of your property by decluttering, cleaning, and staging it. This can help potential buyers envision themselves living in the space and increase the likelihood of receiving attractive offers.
- Market effectively: Partner with a skilled real estate agent who understands the Warner Robins market and can implement effective marketing strategies to reach potential buyers.
Conclusion
In conclusion, the housing market in Warner Robins, Georgia, is experiencing a surge in demand, resulting in low inventory and rising prices. The city’s growing economy and proximity to Robins AFB continues to attract buyers from various demographics. While the market presents challenges for both buyers and sellers, it also offers exciting opportunities for those looking to invest in a home in Warner Robins. By staying informed, working with professionals, and making informed decisions, buyers and sellers can navigate this dynamic market with confidence. So, whether you’re planning to buy or sell, Warner Robins has much to offer in the realm of real estate in 2023. Happy house hunting!
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Real Estate Problem Solver/ Keller Williams