I keep hearing about all of the gloom and doom on the TV and radio. I hear many agents in my office complaining about their listings not being shown. But in the last month, we’ve had 3 buyers get beat out of homes by competing offers. All of them were in no rush because they thought it was a buyer’s market and they were in complete control. All three of them waited just a bit too long and allowed someone else to come in and buy it.
I’ve been also getting email inquiries on homes and then finding out they are under contract. I have a feeling that the market is turning back up. Interest rates are down, the stock market is up, the Democrats don’t seem like they will do too much damage.
The negative for the Atlanta market is the huge number of foreclosures. There’s been about 4000/month in the Atlanta area over the past few months. That’s a lot of inventory and banks are going to be pressured to start dumping some of them to get their ratios in line.
Also, if the other bubble markets get worse, people moving here from California and Florida will be delayed until their homes sell. If they have to sell at a lower price, they’ll have to settle on a lower priced home here. I have a few clients in that situation.
It’s a great time right now to pick up a good buy from someone who wants to sell before the end of the year. In a few more week, many sellers will begin to hold out for the spring time market to save the day and won’t be as willing to negotiate.
What's happening in the Atlanta real estate market? I'll tell you my humble opinion on things going on in my small part of the world. I'll let you know details about the subdivisions that I specialize in and details about the really nice homes that come on the market.
