There are currently 4 Active Homes for Sale in Hidden Falls with an average list price of $504,964. These homes range from $475,000 to $529,875 and mostly have 5-bedrooms and 4 bathrooms.
Since February 2013, there were 14 homes sold with an average listing price of $474,216 and a median listing price of $487,450.
According to the data from MLS, most homes sold over the past year were homes that had 5 bedrooms while the least amount of homes sold are those with only 4 bedrooms. Only three of these properties were closed since February 2013 and one of those properties stayed longer in the market compared to the others.
In Hidden Falls, a 4-bedroom home was sold at an average price of $483,000 and 5-bedroom homes at of 479,075. Meanwhile, homes with 6 bedrooms were sold at an average of $458,675.
All market data and statistics are pulled directly from the local MLS data as of February 2013.
Hidden Falls as the name implies is one of Buford’s hidden gems. The prices have fallen but are currently on the rise, which is great news for Hidden Falls home owners. Homes under $450K in hidden falls get the benefit of the current seller’s market going on. There’s simply not enough inventory in the lower price points which are driving buyers to look higher… up to a point and that point is exactly $450,000. That’s $50,000 from the standard “luxury” definition for our area.
Overall, the outlook is for the neighborhood’s lower price point to rise slightly while the upper priced homes in Hidden Falls will likely remain flat. The reason is that although the new construction will raise the overall ceiling on prices it’s that same new construction in the area that will compete directly with Hidden Fall homes for sale.
It’s that time again, you should be seeing your “newsletter” in your mailbox in the coming days. It’s a very exciting time to be in real estate! It’s still a hot real estate market and it’s an outstanding move up market. You can still sell high and buy low (assuming you are moving up).
The Danger of Waiting To Sell
In all Mill Creek areas, there is new construction. These new homes sold by professional sellers (builders) are competing with resells. With the market on recovery and prices rising and inventory low it’s a good time to sell. However, waiting until spring might very well set you back a few years as your home likely won’t compete well with new construction. So you can either lower your price (come spring) to be below the local builder or wait until they leave the area (with the number of vacant lots around, isn’t very likely).
Our recommendation is sell now and be aggressive. Rates are low but rising so that’s another reason to move now. Rates went up a whole 1% in just 5 short months. It’s still cheaper to buy then rent and we’ve got at least 6 more months before builders start flooding the market with more homes!
GREAT NEWS FOR SHORT SELLERS!
FHA has come out with a “Back to work” program that allows homeowners who short sold their home to get a mortgage in only 12 months (instead of 2 years). Contact us for more information on this great program.
Mill Creek Neighborhood Round Up
Daniel Park is still selling the fastest of all neighborhoods. This is great news as those sellers are likely to upgrade to Hidden Falls or Chateau Elan
Hidden Falls continues to do well, however homes that are over $450,000 will sit on the market noticeably longer as there’s twice as much inventory at that price point.
Chateau Elan continues to sell homes at a normal pace, the striking thing is that there are still foreclosures to buy in there. This is a bit baffling with all the short sale options.
Trilogy Park is lagging behind in the recovery overall, to add insult to injury one of the original builders is now building homes under $300,000 which will keep homeowners in this great neighborhood from experiencing the growth that the other subdivisions have experienced.
Hamilton Mill is only $3,000 away from getting back to an average price point of $300,000. This is great news for this neighborhood. There are still great deals under $300,000 to be found in Hamilton Mill, but the average price is a great sign.
Drayton Hall, sold one recently. It’s still one of the most exclusive neighborhoods in our area and it’s nice to see movement in this sector. However, be wary, if you plan to sell your home in Drayton Hall or Chateau Elan, stay out of the $2 Million price range. Nothing has sold in ALL OF GWINNETT county over $2 Million.
Finally, Hedgerows is still in a transition, with short sales, foreclosures and new construction. Thankfully, builders here are building homes well over $450,000 to help keep prices rising. (sales last month ranged from sub $300 to $475).