Don't be surprised.
I get to talk to people everyday about real estate. The conversation can start up about anything but almost everyone gets around to asking ‘how’s the market?’. Most of the time I get a surprised reaction when I tell them that it is doing great and that I may be having the best year I have had so far. It’s too soon to tell if it is going to be my best year ever but the truth is that the market is doing great.
Now, are all of my listings getting record showing and multiple offers? No, they are not. We are not talking about the record market of 2005 where houses sold in 45 days and the sellers had multiple offers to contend with. We are saying that I am getting a consistent number of showings with an ebb and flow that coincides with vacation schedules, etc. We are saying that good houses are getting offers and that buyers are seeing some of the best deals they ever have. This is clearly a buyers market and it is up to the sellers to be ready when the buyers come to see their offering.
If you are a buyer in one of the three top categories (first time, move up or investor) then this is YOUR market. I have been able to help some people get some great deals and there are more to be found. I see that the listings that are selling are about 10% lower in price than the seller thought he would get (based on listing price) and the ones that sell are in top condition.
It feels bad in the Atlanta market for two reasons. We have LOTS more on the market than we would like (almost 3 times the inventory) and the ‘drive by’ media reports the news with a negative slant. (i.e. Foreclosures have doubled vs. Foreclosures are at 2%, both of which are true) When I talk about this stuff I get a lot of surprised looks but the data does not lie. Remember that the news people are trying to capture eyes and ears so they can sell the attention to advertisers and bad news sells better than good news. They are not lying but they might spin it differently than you and I would.
The truth is we are not in a recession yet and we may not get into one but we are battling inflation. Gas prices are up mostly because the dollar is down (inflation again) and the Atlanta real estate market is doing pretty well compared to itself over the last few years and to other parts of the country. People are moving here everyday and most of them want to live indoors. Home prices have fallen about 7% in the Atlanta area over the last year but good houses are still selling and this is a great time to buy. If you don’t have to sell this may not be the best of times to be on the market but don’t be afraid to investigate the situation if you are trying to move up in home. It can be a great time to get a great deal.
Let me know if I can help you with some facts and we’ll cut through the hype and get to the truth.
It’s a good life.
Jerry Robertson