Single Family home sales in Roswell were up 30- 40% over the same period of the previous year in the 4th quarter of 2009.
That’s GREAT news!
Also Median Prices were up 5 – 19% over that same period.
The Foreclosures were 15 – 19 % of our sales in the Roswell area!
In the entire metropolitan Atlanta area, we really have two markets right now – above $300K and below $300K. 1sttime homebuyers made up half of the sales in the metro Atlanta area and are driving sales in the market under $300K. 56% of those sales were under $200K which reflects the large number of foreclosures and short sales that the buyers have snatched up.
As a total percentage of sales, foreclosures made up 27.4% of all sales which is down from the peak of 37.4% in Q1 ’09. What’s surprising is that foreclosures have doubled in the price range of $750K and up. Although there have been multiple factors influencing pricing in the market downturn, foreclosures have had the biggest impact on all price points.
Foreclosures are moving and inventories are shrinking which is a very good thing. Banks are doing a better job of pricing foreclosures to sell and they are responding much faster to offers. Foreclosures are hitting the market with aggressive pricing and even drawing multiple offers.
“Regular” resale homes are also moving. In many areas, including North Fulton, inventories are really low. Sellers considering a sale this spring should be prepared to come on the market asap! Competition will increase as we move into spring and pricing will continue to be extremely competitive, so the early birds will definitely win in this market.
The 4th Quarter was very strong and the spring buying season has hit Atlanta early. Uncle Sam is offering some significant bucks and buyers don’t want to miss out! Most buyers will qualify for either the $8K for first timers or $6,500 for almost everyone else! If you are interested in either, you should be looking right now. Homes must be under contract by April 30 in order to qualify.
With interest rates at historic lows, buyers are in the driver’s seat….and loving every minute of it. We see homes coming on the market in great condition and motivated sellers pricing their homes to sell. Buyers tend to be quite savvy and most can recognize a value when they see it. When the market price hits, homes sell.
Now….what does all of this mean for sellers who want to sell right now? Sellers have to decide whether to yank the Band-Aid off or suffer the slow pull. In other words, you can adjust to current market conditions quickly….or suffer a long, slow, painful process of chasing the market down! Homes that are priced too high remain on the market for months, sometimes many months. Keeping your house ready to show everyday coupled with ongoing carrying costs can make the process really tough!
What should a seller do right now? If you think you want to move, call us … let’s chat about what the market will bear.
Depending on the price, we may suggest one of the 3 “R”s –
Reduce – to meet the market and move on.
Rent – for many sellers, it makes sense to rent for the next few years.
Remain – it may be that remaining in your home makes the most sense.
It’s important to keep in mind that the Atlanta market….even during the good market….had home values that appreciated between 6%-8% per year. If you decide to remain in order to get the price you have in mind, you may need to be prepared to wait for a while. Remember, if you wait for the market to rise, you’ll pay more for whatever you buy then as well.
So what’s in store for 2010?
The housing market remains married to the employment situation. Most experts agree that Atlanta’s market looks promising through mid year. The uncertainties are unemployment rates, interest rates, and the impact of the tax credits expiration.
Always keep in mind that all real estate is local.
This continues to be true and will be more significant as we see buyers choosing the most desirable school districts, neighborhoods, etc.
We’re happy to let you know what’s going on in your area, so give us a call!
678 287 4802