From time to time, Mountain Lakes Insurance asks a valued local business to assist our clients by writing a guest blog post about important information that will be helpful to you and your family. The following post is written by Paige Slyman, independent real estate broker / owner with over 16 years of Realtor® experience and over $5 million in annual average sales. We like his independent nature, and we’re confident you will appreciate his perspective on our local real estate market.
After weathering years of turbulence in a real estate market battered by a slow economy, high unemployment rates and declining home values due to an increasing number of short sales and foreclosures being dumped on the market, sellers who battened down the hatches to ride out the storm are now finding that they’ve not only survived, but have landed on the other side with conditions swinging in their favor.
An encouraging year-end report by the National Association of REALTORS® brought the welcome news that many home owners had been hoping to hear. With mortgage rates remaining historically low, and a declining number of foreclosures and short sales diluting the inventory with lower values, buyers are coming back to the market in droves, pushing demand to its highest level since 2007, and driving home prices upward in a slow but steady climb.
On a national level, inventory of homes for sale in December 2012 was at its lowest point since 2001. In the Atlanta market alone, inventory that normally averages 90,000 homes on the market in February of any given year, were down to an incredibly low 30,000 homes with demand greatly outpacing supply.
As we move further into 2013 and with spring being a historically high-volume sales season anyway, it’s expected that the number of buyers will increase continuing to push demand as home buyers make the realization that home prices are on the rise.What does that mean for sellers? It means a shorter time on the market and in many cases, being presented with multiple offers on properties, boosting a seller’s potential for a successful sale and likely leading to a more profitable one.
If you’re a seller who has been playing the waiting game, the time is now while demand is high and buyers and investors are becoming anxious as they scramble to absorb what little inventory is available. It’s a dynamic that has not been seen since the real estate bubble burst in 2005.
If you have questions about selling your home or any issues pertaining to the ever-changing real estate market, we’ll be happy to answer them for you. Give us a call at 770.405.0100 x 222 or email Paige Slyman at email@example.com. We are also glad to work with buyers. To learn more about our services, please see our website at www.paigeslyman.com .
Our thanks to Paige Slyman, independent real estate broker/owner, for writing this guest blog post. If you are considering buying or selling a home, we encourage you to contact Paige and then give a call to Mountain Lakes Insurance at 770-926-9444 or email firstname.lastname@example.org so that we can help make any real estate transition smoother by ensuring that all your home insurance needs are taken care of.