I hear that a lot. Did you know that the average sellers have been in their homes 9 years? It used to be an average of less than 5 years but with the market the last few years it has stretched out to 9.
No wonder you feel like it’s time to go.
That cute 5 year old you moved into that house with is now a 15 year old that can’t wait to get his hands on the car.
That bedroom with the bunk beds in it that was just right back in 2005 is now way too small for all the stuff accumulated. Clothes, shoes, trophies and more. It’s time to go.
The good news is, you probably can move now if you want. From the peak in 2006 our homes lost about 30% in value and that trapped a lot of us in our houses. The market has recovered about two thirds of that 30% slide so if you purchased before 2006 you may no longer be upside down.
Most of us are no longer under water at the very least and instead of hanging out in a house you don’t want to be in, you could sell and enjoy the appreciation in your new digs.
One of the interesting things in all this is the evolution of schools. As a nation we are much more likely to be involved in homeschooling and private schools now because one of the big reasons for moving is schools. If you were not happy with the schools for some reason it used to be possible to sell and relocate. Well, the slide in prices kept that from happening so people decided to start home schools or move toward private schools.
Even more interesting, depending on the price ranges of your sale and your purchase, you may be able to sell in a sellers market and buy in a buyers market. We have very little inventory in the market below $275,000 and that means it’s a sellers market. Above $275,000 we have more inventory and is some locations it is a buyers market and that is just in Gwinnett County. In Jackson and Hall counties we see the buyers market hit in the low $200K range based on inventory today.
This situation won’t last forever as the builders are starting to catch up and more folks are figuring it out and putting their house on the market, increasing inventory. The prices are going to slow a bit in the increases but last year we had about 12% appreciation and this year it should be between 4% to 6%. Our historical year over year levels are about 4% so we are getting back to normal. That is good.
One thing for some sellers is they are going to be overly aggressive in pricing because of the big increase last year but that will mean they could be over priced in this years market and will need a price reduction. Check out the chart below showing how that looks over the last 18 months.
We are happy to work up a price analysis for you on the most current data so you know where you stand. Pricing it right at the start is important if you want to get the most money possible. We’re back to the days of seeing how long something has been on the market and wondering ‘what’s wrong with it’ once it hits about 3 months.
So, if you want to move and you need info on how to get that done, call us. 678-231-1578 is my cell number. I will be happy to talk and come meet up to see what your situation is.
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