I realize that nothing but bad news is being said about the real estate market. The Wells Team supplies its clients statistics on our local market. At the end of the day that is the information that is most important.
We had a very informative monthly meeting at our company The Norton Agency. Here are few facts and opinions that we given at the meeting.
In the last 12 months, Atlanta was number 7 in job growth nationwide.
Nationwide the housing market has been in a down cycle for 2.5 months. Historically down cycles have not lasted longer than 36 months
Home inventory is down 25% from its peak
The top 10 builders are down to a 4 month supply of new homes
5 states make up 57% of all foreclosures nationwide (CA,FL,OH,AR,MI)
The number of foreclosures in Georgia have declined 2.61% 2Q08 vs 1Q08
In July 08 The Norton Agency had a 27% increase in sales over June 08
Dawson County has a 17.6 mo supply of homes
Forsyth County has a 8.9 mo supply of homes
Opinions:
Frank K Norton Jr, the President of The Norton Agency expresses the following in our Mid Year 2008 Market Report and Forecast. "Norton Native Intelligence sees the bottom and in fact believes we've been bouncing up and down on bottom for several months now".
If you would like to read the rest of the summary and the rest of the Mid Year 2008 Market Report, let us know. I will be more than happy to supply you with a copy.
Another opinion was given by a local real estate attorney who spoke. He says the time to buy is now. His concern is the interest rates. In his opinion interest rates will probably go up after the Presidential election. The result? That house payment will be higher every month.
Summary:
Throughout the last six months we have discussed the market with all of our clients. This includes buyers and sellers.
If you are a seller we told you that price, condition, and location matter with an emphasis on price. If the market has hit bottom then you need to ask yourself this question: Should I be aggresive on my pricing, take a slight hit on the sale of my house, and make up for it on the other end? If prices start to go back up or interest rates go up slightly did I do better by getting a little bit more for my house but missing out on a lower price on the other end and a better interest rate?
If you are a buyer ask yourself this: What am I waiting for? Are the prices decreasing further? Are the "bargains" still there? If interest rates go up then all of that waiting for a lower price will be lost with the higher rate.
Recovery will happen not if but when. If you reference the data then this is the time to buy. Do not use the news as your sole source of information on the real estate market. ALL MARKETS ARE LOCAL! We have consistently said this to all of you. That is why The Wells Team and The Norton Agency can help you. We know this area.
