The media isn't covering it, so it's no surprise neither buyer's nor seller's believe that the housing market in the Atlanta metro area has turned. Turned back to a Seller's market.
Truly, the market has segued from a Buyer's market to a Seller's market albeit with a bit of a price correction. And, seemingly to some, the change has been overnight.
Buyer's don't believe the market has turned UNTIL they experience the shock of learning that multiple offers have already been received on the home they are most interested in purchasing. In many cases, not only have multiple offers been received, but the offers are typically at or above the original list price. Buyer's are also beginning to realize there simply aren't enough homes on the market that meet their search criteria.
Buyer's are demanding inventory at a time when there is no inventory. There are more buyer's with a "sense of urgency" to purchase a home, than there are homes available.
Meanwhile, would-be Seller's have heard horror stories for so long that their home won't appraise or property values have plummeted. As a result, they've seemingly gone into hibernation. Potential seller's don't yet realize that they could conceivably sell their home in as little as a week if they would just price it right and put it on the market with a reputable Realtor. Seller's have feared for so long that buyer's would take advantage of them that they've turned over for another nap.
The truth is, the old "supply and demand" principle is at work in the Atlanta metro area as well as many other cities across the country. The supply of available homes in the Atlanta area is incredibly low!
To give you a frame of reference, typically by March each year, there are 60,000 homes on the market. By May, the number of available homes on the market increases to 90,000-110,000. By the peak of summer that number swells to 125,000 to 180,000 total homes on the market in the entire Atlanta metro area including your neighborhood.
For the first time, that typical supply increase never happened during 2012! In 2012, the Atlanta area never hit the 50,000 mark. So far in 2013, the number of available homes on the market in the entire Atlanta metro area is hovering around the 35,000 to 37,000 mark! To be factual, as I write this today, the exact number of available homes listed for sale in the entire Atlanta metro area is ONLY 37,891.
As a result, Buyer demand is very high while available inventory is very low.
If you've been on the fence about selling your home you need to sit up and take notice of what's happening in the local housing market. You have a great opportunity now to list and sell your home quickly because of low inventory and no competition. The good homes are going quickly!
On Friday, May 31st, I met with a family in Powder Springs who had indicated an interest to sell their home. On that same day they decided to list their property with me. By Monday, June 3rd their listing was entered into the FMLS and GA-MLS. By Tuesday, June 4th their information was submitted to a huge network of websites and web pages. Additionally I established their own property website complete with photos, school information and a narrated Virtual Tour at www.3305FitzerCt.com. By Thursday, June 6th their house had several showings. And, by Friday, June 7th we had offers on the property. By Saturday, June 8th we had accepted an all cash offer from Buyer's relocating to Georgia from New Jersey. We also learned that the buyer had attempted to purchase other property only to be beat out of the deal by other buyers with better offers. We are scheduled to close on this transaction on Tuesday, June 25th! How's that for a speedy result? A closing less than one month from the house going on the market!
Sara Hibbard is a licensed Realtor in the state of Georgia. Sara works with buyer's and seller's alike. She is looking forward to answering your many questions and assisting you throughout the process when the time is right for you. Call Sara with all your real estate questions regarding the Atlanta metro real estate market in general or specifics regarding the relocation / selling / buying process. Sara is easily reachable at 404-660-2481 or via e-mail at sara.hibbard@metrobrokers.com. Sara Hibbard is Glad Georgia Real Estate Is On Your Mind!
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