Consider this for a normal day: you get up in the morning and turn on the news—nothing but depressing and ridiculous information, right? Then you get in your car and turn on talk radio—more of the same. If you are like me and spend much of the day in the car, you get a really big dose of blame, criticism and generally irritating stuff. The day ends with a nice dinner with your family—finally a little peace and quiet. To end the evening you watch a little CSI and Law and Order.
Can you see how this routine might wear on your brain and leave you in a less than positive state of mind???? I have a friend who is a motivational speaker and energy coach. His name is Kit Cummings and one of Kit’s mantras is “you get what you look for”: So it stands to reason that if you are listening to and watching bad news allllllll daaaaaay long, you might find it a little more often.
We have seen and heard an awful lot of depressing news in real estate over the past 18 or so months. If those of us in the business were not looking for some good news we would have pulled all our hair out and found something else to do for a living. All real estate is local and here is some good news about West Cobb real estate.
At the end of June, we had only 75% of the homes for sale that we had the same time last year. For the economists out there, this is a decrease in supply. Homes under contract have increased by 47+% since January. This compares to a 5.5% increase for the same time period in 2008. This translates into an increase in demand. The basic economic formula for supply and demand is that as supply decreases and demand increases we will see an increase in the price of the commodity, in this case, housing. We are seeing a gentle increase prices compared to 2008. The February to June trend in 2008 saw the average sales price increase by 11.88%. The same time period in 2009 saw prices increase by 15.77%. At the end of June 2008 our market had a 13.7 month supply of homes based on pending sales. The end of June 2009 finds us with only an eight month supply. All of these encouraging statistics come from First Multiple Listing Service in Atlanta. This is the primary service used by brokers in Metro Atlanta.
Some credit for market improvement can be given to the $8,000 tax credit for first time home buyers. First timers are moving into the market to take advantage of not only the credit, but low rates coupled with great affordability make this a wonderful time to move into home ownership. Remember, there are also tremendous tax advantages for owning when compared to renting when it comes to itemized deductions!
This is a great time to buy for lots of reasons! Contact a professional Realtor® today and get going! And remember—if you look for good things to happen it is remarkable what you might find!!!
About the Author: Hicks Malonson is an Associate Broker with Harry Norman, Realtors® in Marietta. A native of Marietta, Hicks is in his eleventh year in the business of helping people manage the process of buying and selling real estate. You can contact Hicks at 770-315-9440 or learn more about him at www.hicks.malonson.harrynorman.com.