The results for the Atlanta real estate market were mixed for the month of May. The number of homes CLOSED were up; and the speculation, of course, is this is a result of the First Time Home Buyer Tax Credit coming to an end. And with the end of the tax credit we see PENDING sales are down. According to Steve Palm with Smart Numbers "under contracts for all single family declined almost 22% in May 2010 vs. May 2009." (June 20, 2010).
The Atlanta real estate market continues to struggle. However there is, as you will see, a substantial dip in the number of foreclosure sales both in detached and attached single family homes (21% and 27% respectively). I still hear the buzz that banks are holding back, working on loan modifications etc. We are seeing a definite increase in the OH SO FAMOUS - Short Sale. Not a road to travel down for the weary home buyer that is for sure.
Collectively in the real estate market, I think we are seeing more real estate agents scratching their heads wondering when will this ever end. Unemployment for Atlanta still remains high, new construction is still down providing less new home options to buyers. In fact, I had a buyer in town this past week looking for a home in the Suwanee area. Their preference was up to $260,000 "new construction." I had two neighborhoods to show him - that's it. Ryland Homes has, surprisingly, started a new development in Suwanee; but, I will be interested to see how many spec homes actually get started. Three Bridges is a gated mix community of manor homes and town homes. Because the builder has independent investors, they also continue to build - They build one; sell it; build another - one home at a time. Probably safest method until we begin to at least see a glimmer of light at the end of the tunnel.
But the sun will continue to come up and it is important to stay focused and positive. This business is not for the faint of heart that is for sure. And if you are a buyer or seller who has stepped out in the real estate arena: be informed, be patient and most of all be realistic in your expectations.
The good news is......interest rates are still great!!!
See! There is something to smile about!!!
Let's take a look at Atlanta's real estate market for 2010
Come to my house:
MySuwaneeHome.com
Statistical data in this report is provided by FMLS (First Multiple Listing Service).
Information is believed to be accurate at time of collecting but is not guaranteed.
