In a basic economics class we learned about supply and demand - I think basically in the past two year to summarize the issues in real estate is to much supply (to many homes for sale) and way to little demand (buyers that have the ability and desire to get a loan and buy a home).
As I look at the stats from September for the metro area - September was a tough month I think because of the floods and mortgage issues in the market. But one bright spot is the supply of homes for sale in Atlanta - at the end of September they were approximately 47,000 homes - that is down from a high of 70,000 homes and is consistent with the supply back in January 2006. As the supply of homes decrease that should stablize prices. What we do not know is how much supply will come on the market once prices increase consistently.
Today I have buyers that are signing a contract to build a home because they could not find a home they liked - they say lots of short sales & foreclosures in Cumming and Alpharetta but decided to build. That is a very good sign. If you are considering buyer or selling a home in Alpahretta of Cumming Ga - call me at 770 722-0710 - I would like to apply for the job of helping you find your next home.
Last week Kathy Cox, the State Superintendent of Schools, named the 2009 Georgia Schools of Excellence in Student Achievement. Only 27 schools in the state were selected and Daves Creek Elementary in Forsyth County was selected.
To become a Ga. School of Excellence the schools are selected from the top 10%as measured by assessments in reading and mathematics or show the greatest gains in student achievement for the past five years as measured by assessments in reading and mathematics. Daves Creek was selected based on the first measure.
Daves Creek has a great principle and staff - I live right down the street from the school and this is a great school. If you are considering moving into South Forsyth and want to be in a great school district, call me at 770 722-7010 - I live in this area and will be happy to help you find the home you are looking for. Visit my website at www.FosterHomeInfo.com if you want to compare schools.
Today the reports from our MLS show a difference between what happened in the Atlanta Market vs. what happened nationally for September.
By Tim Paradis, AP Business Writer reported that nationally home sales jumped 9.4% and was the highest level in two years. Locally, the metro Atlanta area MLS reports that for single family detached homes the September number declined 18% compared to 09/08 - that is a pretty big difference.
What causes the difference - I do think that all the rain/flooding had contributed to it - but I was still out showing homes. I also think buyers are still thinking there could be better deals out there. Also, with the floods one of my closings was delayed because the mortgage company wanted the appraiser to go back to the property to verify it was not damaged - I do not know how common those delays were but it will work through the system by the end of October.
What I have seen is that homes that are priced right, in good condition are selling - buyers are very choosy right now. This past weekend a home that was priced at $350K was decreased to $337K on Friday - on Tuesday when we submited an offer it has received 4 offers the day before. It seems like the homes my buyers are attacking multiple offers.
Real estate truly comes down to supply and demand, inventory levels are coming down - in fact at the end of September we were at the same level as January 2006 - what I have noticed is there are a lot of homes on the market but not a lot of homes in "selling shape" - those that are go quickly.
If you are moving to Atlanta and are interviewing real estate agents for the job of helping you find your home - call me at 770 722-7010 - I would love to tell you why you should use me as your agent.
Last week I read in the Atlanta Journal that nationwide 83% of the homes sold were priced at $250K and below, while 50% of the homes sold were priced at $125K and below. The effects of the first time home buyers tax credits effect has been incredible.
In North Fulton (Primarily Alpharetta and Roswell) County Ga I have helped many people purchase homes, and the number of first time home buyers in Alpharetta & Roswell Ga is different than the National Average.
Approximately 30% of the homes sole from January to August 2009 were priced at $250K and below while 48% of the homes sales during that time period were priced from $250K to 500K (according to data from FMLS areas 13 & 14). A total of just under 78% of the homes sold were priced at $500 K and below with approximately 15% priced from $500 to $750K.
North Fulton to home to some of the best schools in the State including Chattahoochee High School, Milton High School and Alpharetta High School.
Are you considering selling a home, or buying a home in Alpharetta or Roswell - call John Foster and I can help you understand why this data is important in helping you get your home sold. Call John Foster with Re/max Greater Atlanta at 770 722-7010.
Last week I read in the Atlanta Journal that nationwide 83% of the homes sold were priced at $250K and below, while 50% of the homes sold were priced at $125K and below. The effects of the first time home buyers tax credits effect has been incredible.
In Forsyth county Ga I have helped many people purchase homes, and the number of first time home buyers in Cumming Ga is different than the National Average.
Approximately 47% of the homes sole from January to August 2009 were priced at $250K and below while 42% of the homes sales during that time period were priced from $250K to 500K (according to data from FMLS). A total of just under 90% of the homes sold were priced at $500 K and below.
Are you considering selling a home in Cumming - call John Foster and I can help you understand why this data is important in helping you get your home sold. Call John Foster with Re/max Greater Atlanta at 770 722-7010.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved