Many schools around the metro area are had their last day yesterday. We should be seeing the traffic improve slightly for a few months.
This week I will list 4 new homes for sale so the spring market heading into summer is still pretty brisk. I had a couple go under contract this Sunday. When we got to the house there were so many cars lining the street. It was a ranch on a slab for $325,000 on acreage and the scene on the street was like it was during covid with the 20-40 groups of people waiting to get into homes. I ran into agents I knew while showing the house and that was fun. On Monday the sellers agent posted the data on who the agent was that put the home under contract in the MLS. The two other agents I knew called me to find out what our offer was that won the house. They had gone over the asking price and made what they thought were great offers. My clients offer wasn’t the highest net number presented to the seller however the terms they offered were so attractive to the seller they had to take it. If we get into a multiple offer environment again, thinking outside the box and crafting a good offer is very important. Have an experienced agent who is actively selling is important. First time home buyers are in a tough spot right now, they have to pay what their parents paid for their third house and they are having to pull out the stops to get a good home, I can help your referrals get the right deals & win the bid.
If you have read this newsletter for long you know that I LOVE statistics, I think its the Asian side of me that loves math. I found a new tool in the MLS today that measures absorption. Absorption is just like it sounds, how long will the market take to absorb (or buy) all the homes for sale. They usually measure this in months. 1 months is a low inventory or a sellers market, 6 months is considered a balanced market and anything over that is considered a buyers market. Here is a little sample of the months of inventory around Atlanta. They vary so much. When some one asks how is the market the answer is I almost always answer, it depends on where you live. I would say in general the Atlanta real estate market is stable and steady. We are not blazing hot nor are we seeing prices drop overall but each market it different.
Suwanee – 4 months
Grayson – 4 months
Lawrenceville (Peachtree Ridge & Collins Hill High) – 2 months
Lawrenceville (Berkmar & Discovery High) 4 months
Snellville – 3 months
Monroe – 3 months
Alpharetta – 2 months
Atlanta – 6 months
Jefferson – 4 months
Woodstock – 2 months
Before I close out today I want to update you on the interest rate, the 30 year fixed rate is at 6.89%. There are ways to get this lower by buying points and being creative with the money you have saved. Right now putting more money down wont have as big of an impact as buying some points and paying up front for a lower rate for the life of the loan.
I’ll talk to you all next week when we have a college graduate home with us for the summer. Graduation day is Monday. Happy Memorial Day friends!