While checking on local listings the other day, I came across an interesting fact. The local listings in the Towne Lake area of Woodstock Georgia are about HALF what they typically are. Not price, but quantity of homes listed on the market. People have been reluctant to place their homes on the market while the values of their homes have been so depressed.
What this means to local buyers is that the effectiveness of lowball pricing strategies are beginning to fade. Prices for those homes on the market should start firming up and, dare I say it, start to rise. All because there are many fewer than usual homes on the market. It's the old supply and demand thing.
If you are a Seller, this could bring hope to you that your home could sell for more and/or quicker than you believed. For the Buyers, you need to start looking diligently now, before the prices start inching upwards.
We shall see if this situation holds. I would think that if prices start an upward climb we will see more people who have been sitting on the fence jump back in and list their home. This could mean that this coming Spring could bring us increased inventory at higher values, a situation we have not seen in quite some time.