The housing market continues to improve. Buyer and seller optimism is paying off, and we are seeing a spring market with many opportunities for both buyers and sellers. Realtors are excited about all the changes we are seeing in the housing industry.
It is time for buyers to react and they have not disappointed us. We are seeing multiple offers on many properties. It seems that buyers realize that these interest rates are as good as it gets. Buying power changes greatly with each small change in interest rates.
If in the position to buy, you need to act on it before the interest rates go up. Sellers are at this time realistic in their pricing and a well priced home will sell quickly. These are two reasons that the market conditions make if favorable for both buyer and seller.
A review of the market in January and a comparison to this same time last year will help us get a feeling for how much the local housing market has rebounded. In January, 2012 we had 96 active listings. In January, 2013 we had 53 homes for sale.
This represents a drop in available inventory of 45 percent. There is a 3.5 months supply of homes available for sale. There was a 16 month supply at this same time one year ago. That market definitely favored the buyer.
Many experts in the real estate industry feel that a market with a 3 to 6 month supply of homes is in balance. This means that the market does not favor the buyer or seller. However, when the supply of homes drops below a 3 months supply it clearly becomes a sellers market.
The number of distressed properties has dropped about 20 percent compared to this same time last year. The numbers were 124 distressed properties in January, 2012 and 101 in January, 2013. Distressed properties include not only foreclosures but notices to homeowners who have defaulted on their mortgage.
New on the market in Peachtree Corners 4315 Fitzpatrick Way