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Archive for the ‘State of the Real Estate Market’ Category

Are you wondering if you should sale your house now or later? Let us tell you why now is the time!  © chrisdorney

Are you wondering if you should sale your house now or later? Let us tell you why now is the time!
© chrisdorney

One of the key reasons to sell now is low inventory. As a potential seller it may look like a lot of homes are on the market, but there are not. Inventory continues to stay well below that of 2007. New listings can have buyers in a matter of days. Buyers have seen what is available and they are ready to make an offer for their perfect house when it gets listed!

Another plus of listing your home now is that existing homes and resales have a leg up on new construction in the current marketplace.

According to Scott Murphy of DS Murphy Appraisals, “Builders are building houses as fast as they can, but it takes years to ramp up production. New home sales are one-third of what they were. Existing home sellers have the market virtually to themselves – at least for now. By this time next year the new construction market will be back in full swing.”

This is good for sellers because some buyers either don’t have the luxury of waiting on a home to be built and others just don’t want to! There was a six year period where finding any new construction was difficult and it will take time for the market to replenish its new home inventory. This will make a resale shine even brighter for the time being.

The Cueny Team knows the market and has years of expertise is existing home sales. We are ready to get your home on the market and help you with all of your real estate needs. If haven’t checked out our Facebook page, please do!

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housing market up arrows

Positive numbers continue to come in for 2013. © druaislin – Fotolia.com

Positive information about the real estate market continues to come in daily! With so many good things out there, I just can’t help but share it all with you.

13,945 homes sold on average daily in the country! (from the National Association of Realtors)

That was the first fact that I was excited to read in an article this week.

Then this, Sales has increased 9.1% as compared to 2012 and that it is the market’s strongest performance since 2006.

There are still those that want to compare the current market with 2005 and 2006 and I tend to agree with the KCM article that it is probably a good thing that we are not seeing those type of numbers and probably won’t for awhile. Steady growth is a good thing and I am happy to be a part of it!

The Cueny Team is ready to help you with your real estate needs, call us today!

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We are all anxious to see the final numbers of 2013. This year has truly been a year of growth for real estate in Atlanta. More and more good news rolls in each day. The below article is from last Thursday.

From the Atlanta Business Journal from Jacques Couret

Metro Atlanta homes values are expected to gain $39.1 billion in cumulative value in 2013, according to an analysis of Zillow Real Estate Market Reports.

Zillow estimates the value of homes in metro Atlanta will total $332 billion at the end of the year — an increase of 13.3 percent.

Metro Atlanta home values gained $869.5 million in 2012.

Nationally, homes are expected to gain almost $1.9 trillion in value, hitting a total worth of $25.7 trillion.

“In 2013, the housing market continued to build on the positive momentum that began in 2012, after the housing market bottomed,” said Zillow Chief Economist Stan Humphries. “Low mortgage rates and an improving economy helped bring buyers into the market, boosting demand and driving prices up. We expect these gains to continue into next year, though at a slower pace. The housing market is transitioning away from the robust bounce off the bottom we’ve been seeing, toward a more sustainable, healthier market. This will result in annual appreciation closer to historic norms of between 3 percent and 5 percent.”

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rising home prices

Home prices rise in Atlanta and across the nation.

Case-Shiller indexes confirm what we have been seeing this year in home prices around Atlanta. The index shows a  19 percent growth in home prices for 2Q of this year for Atlanta and a projection of an additional 5 percent by the time we reach 2Q 2014. Nationally home prices rose 10% in 2Q. That is 16 percent higher than they were at the market’s lowest point in 2011.

Across the country all communities with  a population of 1 million or more are seeing increases.  Moving forward home pricing increases are projected to display a steady growth trend as compared to drastic jumps. It is important to note that nationally home prices are still 24 percent lower than they were at the peak of the bubble, so steady growth is the best way to sustain home prices in the long run.

Recently I posted here about the prices and unit sold increases in our primary service area of North Fulton, Milton and South Forsyth. It is nice to see these numbers support what we are seeing in our market and hearing from agents in other markets.

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Sometimes a picture is worth a thousand words or in this case a graph.

increased sales price in north fulton

Sales prices are on the rise in North Fulton, Milton and Forsyth County.

Do you see that green line – it shows that sales prices of homes in North Fulton, Milton and Forsyth have had some definite increases this year as compared to the end of 2012.

And look at this:

foreclosures down

Homes sales continue to increase.

Not only does this graph show the steady increase of market sales over the past year, but it also shows a significant drop in foreclosure homes! This is all great news for our market!

You might also have noticed that new listings are down in the above graph. That contributes to the low inventory situation we have seen this year.  If you are thinking about selling your house, now is a great time. Prices are on the rise and not nearly as many homes are on the market as in previous years. Give me a call! I would love to help you list your home!

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As the government shutdown continues for the fourth day, I thought I would take this opportunity to share an article about the effects of the shutdown on

government shutdown

How will the government shutdown affect home buying and selling? graphic by © jpldesigns

home buyers, sellers and Realtors. While overall, most things will continue to progress forward in the home market, there are a few government agencies shutdown that can impact securing a mortgage.

Below is a summary of two departments affected, to see the full article by the National Association of Realtors and current updates, click here

Internal Revenue Service (IRS)

The IRS is closed and has suspended the processing of all forms, including requests for tax return transcripts (Form 4506T). While FHA and VA do not require these transcripts, they are required by many lenders for many kinds of loans, including FHA and VA, so delays can be expected if the shutdown is protracted. We have received indications that many loan originators are adopting revised policies during the shutdown, such as allowing for processing and closings with income verification to follow, as long as the borrower has signed a Form 4506T requesting IRS tax transcripts. On loans requiring a Form 4506T Fannie Mae and Freddie Mac have also adopted relaxed provisions allowing closings but subject to tax transcript verification before the GSE’s purchase the loans.

Social Security Administration (SSA)

The Social Security Administration is closed and has suspended most customer service functions. According to the SSA Contingency Plan, verifying Social Security numbers through the Consent Based SSN Verification Service will also be suspended during the shutdown, a further complication for mortgage processing. As with IRS income verification, policies vary among lenders, with many choosing to exercise forbearance during the shutdown period subject to subsequent verification. Fannie Mae and Freddie Mac have also adopted policies to allow for closing subject to subsequent verification and before GSE purchase of the loan.

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Even if you haven’t been following the real estate news, it would be hard to miss the all the chatter about increased home sales over the

Front porch photo

It is quickly becoming a seller’s market in North Fulton. photo © Iriana Shiyan – Fotolia.com

past several months and the low inventory situation in North Fulton and much of the country. If you want to catch up start by reading  here, and here.

The Wall Street Journal published an article, citing numbers for The National Association of Realtors supporting that the tide is changing a bit in residential real estate. With low inventory and buyers not finding what they want in existing inventory a seller has more leverage with price than they have had in the past several years.

According to the WSJ and the NAR,

The upshot is that there’s a growing pool of buyers chasing a shrinking supply of homes. If the trend holds, prices will keep going up. At the current pace of sales, it would take just 4.2 months to sell the current supply of homes available for sale, down from a 6.2 months’ supply one year ago. Read the full article on the WSJ blog.

This is good news for sellers. If you have been sitting on the fence wondering if this was the right time to sell. It is! We are here to help you get ready, so give The Cueny Team a call.  You can see current inventory on the Atlanta Fine Homes Sotheby’s International Realty

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