Atlanta Market Update October 2015
Whether you’re waiting for next spring to sell or buy there’s a cost to waiting. The most common scenario is that a person wants to wait for better market conditions. Interesting enough the only time the market gets better for a buyer is in a down market. Here’s where the challenge lies. Many buyers are sellers as well. So with the market continuing to rise so do seller’s profits. However many local sellers will watch their profits rise at the expense of what they can find on the market. Quite the dilema.
All this talk of markets though reminds me that you should never time the market, you should consider moving when it makes sense for your family. This doesn’t mean you forget the market altogether. You should consider the market for example if you want to buy (or sell and buy) in the next 6 months. With the FED wanting to raise rates, this will reduce your overall buying power. Also due to the low inventory, prices will remain steady. Notice the overall 5% increase this year. So waiting just one more year cost the average buyer $10,000.
Keep in the mind the numbers above are simply Metro Atlanta (22 Counties). Some areas of Gwinnett county were confounding, such as Buford homes overall fell a slight bit from last year as did Lawrenceville. Whereas Duluth saw a 10K increase. The biggest swing however was Suwanee. Suwanee homes saw a huge 15% increase. It’s a sign of what’s to come, moving for better schools etc. Buyers that wanted Suwanee this time last year saw homes at $260K now they see those same homes for $323K.
Notably, Alpharetta homes rose to a median sales price of $400K and then flat lined the rest of the year with no movement.
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