The market continues to move along as "The Little Red Engine That Could"; "I think I can, I think I can." And in the end, I have total optimism that the Atlanta real estate market will recover and we will sing loud and clear, "I thought I could, I thought I could!"
But the jouney up the hill hasn't been easy. We are seeing more home owners leasing their homes because they have given up trying to sell; or the short fall is too great they have no other option. And in that same vain, more real estate agents are becoming leasing agents. It is a new era in real estate and if you are in the business, you better be willing to be flexiable.
According to Lawrence Yen, NAR chief economist comments, "Broadly speaking, sales closed after the home buyer tax credit will be significantly lower compared to the credit-induced spring surge. Only when jobs are created at a sufficient pace will home sales return to sustainable healthy levels." (Realtor® Magazine July 22, 2010). Let's only hope someone is listening to him. Many experts agree that until people become employed again and there is a sense of confidence in the economy as a whole, buyers will sit on the fence and wait! And, Atlanta's unemployment still teeters around 10% +/-. Additionally, in a report from Steve Palm/Smart Numbers (Report July 21, 2010) referencing homes going under contract for May and June, "2010 was our weakest year and the largest year-to-year percentage decline....It appears the economy is much worse than is reported."
So....as the hot summer days in Georgia come and go, each new day brings new opportunity. And although the real estate market is still struggling I do believe we will prevail. I just hope it is sooner rather than later.
Now a look at June, 2010 compared to June 2009 -
