We’re all watching closely to see what the real estate market is going to do in 2016!
Here at The Peters Company, we feel like we have a superior pulse on the Metro Atlanta market due to the number of transactions we close each year. And, you better believe we watch trends closely!
So far this year, we’ve seen an interesting phenomenon. While homes priced under $500,000 are still selling quickly, we’re starting to see a slowing of home sales over $500,000.
What does that mean? Homes that are priced at $500,000 or greater have fewer buyers and are taking longer to sell than those lower price points.
Why? Well, honestly, we think it’s because there is such a shortage of inventory available for first-time homebuyers, which is causing a ripple effect for move-up buyers.
What do we need? More inventory under the $500,000 mark!
Even the condo market that was suffering for years during the economic downturn is now BOOMING! In fact, days on market and sales to list price ratios in the affordable condo complexes are lower than single family. And, this is because we are in great need for more affordable home ownership.
My advice: If you own a home under $500,000, now is the PERFECT time to sell. Buyers are out in full force and conditions are incredibly favorable for sellers. Thinking of moving up to a higher price point? Even better as you’ll be in a buyer’s market in many neighborhoods!
Note: This is a look at the Metro Atlanta market as a whole. Give us a call to see if we’re seeing these trends in your particular neighborhood! 404-419-3619
Find the most recent listings on the market here!
Written by Lesley Peters