Summer Speeds by Taking Deals of a Lifetime with It
Posted by Ryan Ward on Sunday, September 13th, 2009 at 10:41am.
Summer of 2009 is coming to a close quickly and some of the best deals in a generation are leaving with it. Were you able to capitalize on those deals or are you still waiting for prices to drop? If you're waiting, here is a recap of what you missed and why you may reconsider your position of waiting...and oh yeah...it looks like prices aren't really dropping any more - at least for good properties and especially in the more sought after areas of Atlanta
The average price for a home has dropped 8% in North Fulton since the summer of 2008, but, prices are trending up, sales volume is trending up and inventory is trending down. We are still down in price from the summer of 2008 because pricing continued to decline until February of 2009 (they have been rising since). It seems as though market forces are correcting the market even without the inducements provided by the government and we are really expecting a surge of closings as the $8,000 tax credit expires at the end of November. Whether it gets extended or renewed is up for debate. I hope they renew rather than extend. I think it will induce more sales that way.
Nevertheless, deals are going fast. Unfortunately there are still far too many know-it-alls that think prices in Atlanta are going to be dropping another 15%-20%. I feel bad for these people because they fall into the "clueless" group and will miss the deals. Too bad, but, I suppose I can't convince everyone - nor should I try to, I suppose.
Here are some statistics that indicate real changes for the better in the market:
- Positive year over year closings (more this year than last, sales volume is up).
- Total price declines are continuing to decrease and would almost disappear by precluding condos and townhomes.
- Average prices are up $43,000 from the low in February 2009.
- December of 2006 was the last time inventories were as low as they are right now!
- Expired listings are down - again. That's nine straight months of decline.
Now, the decision is yours, but, if you ignore the very obvious changes happening in the market, you really could miss the best time to buy. Will there be more great deals? Of course there will be, but, there are really great deals in any market so that is not a reason to not get into the market. Furthermore, some areas have submarkets that resemble a seller's market, but, I'll spend some more time on that this coming week.
If you have any questions interpreting these or other statistics, please drop a comment below and I'll be happy to help :)
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Ryan Ward, Principal
Premier Atlanta Real Estate
Phone: 404.630.3187
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Share12 Responses to "Summer Speeds by Taking Deals of a Lifetime with It"
[...]be a tangible sign that housing, nationally, is nearing the bottom. Some stats indicate that the bottom may have already arrived in some areas and that we’re right around the corner in others. We’re still facing[...]
Posted on Monday, September 14th, 2009 at 5:17 PM.
Ryan, $43,000 is a huge swing. I've sold house for that price in my tiny market area. Sounds like Atlanta folks need to pull the hammer & buy their home, assuming the deals have not already gone.
Posted on Wednesday, September 16th, 2009 at 2:19 PM.
We hit bottom here in the Dallas/Fort Worth market and are seeing an increase also. We are staying busy 7 days a week! Great sign!
Posted on Thursday, September 17th, 2009 at 8:02 PM.
[...]of our best market experts said recently. Our market is showing signs of positive change! The article that our own Ryan Ward wrote recently notes statistics that the market is turning[...]
Posted on Monday, September 21st, 2009 at 3:55 PM.
Nice to see some positive change in some parts of the US
Posted on Tuesday, September 22nd, 2009 at 12:20 PM.
The fluctuations that are continuing to drive the market have no choice but to go up. It is definitely the best time to buy, even through the winter, not only in Atlanta, but also in other parts of the nation. San Diego is seeing the same changes, which is definitely going to bring in some great opportunity to those that are really watching the real estate market. Anyone who wants new mortgage opportunities in San Diego can visit http://www.teamaguilar.com/mortgage.html.
Posted on Tuesday, September 22nd, 2009 at 2:43 PM.
I am so glad that the Dallas Real Estate market is starting to pick up. I think that the first time home buyers are really trying to buy before the $8k tax credit expires.
Posted on Friday, October 2nd, 2009 at 4:13 PM.
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Posted on Monday, November 9th, 2009 at 1:43 PM.
It is expected that Dubai Property will recover next year. Other says that real estate is already recovering.
Posted on Sunday, November 22nd, 2009 at 2:39 PM.
I have seen increase in companies inquiring of setting up in Dubai. That also means real estate is slowly getting up.
Posted on Sunday, January 24th, 2010 at 8:43 AM.
Awesome Points! Definitely, this is the best time to buy. The market only has one way to fluctuate... up! Glad to hear that its starting to in your area.
Posted on Wednesday, May 26th, 2010 at 2:09 PM.
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It sounds like things are definitely improving in Atlanta, I can't believe average prices are up $43,000 since February and that inventories are at the same point they were in '06. In Atlanta, it seems like the time to buy was several months ago and that waiting will only make you pay more for a home. It's getting better in a lot of our nations markets, I hope things continue. I do understand why people would be hesitant to buy now, we were pretty close to catastrophe and some stats indicate that we're still there in some ways. Sure would be a shame to miss out on great prices, good rates and tax breaks though
Posted on Sunday, September 13th, 2009 at 6:41 PM.