Everyone knows the real estate market has been suffering lately and every time I turn on the TV I hear some reporter talking about how the housing market is still on a down trend and values are declining blah blah blah. It's no secret the market is down from 3 years ago but folks.....it had nowhere to go but down!!! In 2005 you could sit in your office playing internet chess and a contract would fall in your lap. Sellers were making money on their homes and buyers were doing good to get 1/3 of their closing costs contributed. Heck I remember not too long ago when buyers were paying list for new construction and barely getting any seller contributions. Yes, we were all jaded and now the market is in the process of leveling out so to speak and people are being hit with the reality that maybe their home isn't worth quite what they thought it was.
News flash for Atlanta sellers........houses are selling and the buyers are coming back. I know it's happening because I've seen it first hand. I've had two listings go under contract in the last two weeks and had at least one offer on every listing in my inventory in that same time frame. I think the main reason this is happening is mortgage rates are rising again and all those buyers that were waiting for the rates to bottom out are now scrambling to get locked in. Funny thing about that is the only way to tell the rates have bottomed out is they start to go back up. Then you're scratching your head and saying "man I should have locked in at 5.5%" Rising rates put urgency in buyers that are on the fence.
I'm sure there are many contributing factors to the recent increase in traffic in the Gwinnett County area but what sellers need to remember is that you have to shift with the market if you want to sell. This means being realistic with your list price and expectations of profit on your home if the market is in decline. Hire a prefessional REALTOR to market your home and listen to the advice they give. I have talked to several sellers in the last few weeks and all but one wanted to list their house for significantly more than the comparable data I provided. Needless to say I didn't take the listings.
My point, and I promise I have one, is that if you want to sell your home be realistic and listen to your REALTOR. If the data suggests the comparable homes in the area are selling for $200k and you want to list for $240k you're better off just staying where you're at. Overpriced listings don't help anyone and just add more inventory to the market that won't sell. Do yourself a favor and wait until you're really ready to move.
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