I am happy to report that the past few weeks have been a delightful surprise in many ways. I am representing several buyers who are relocating to Alpharetta, and when I called to make appointments to show houses, it was unbelievable how many of the houses they wanted to see that just went under contract.
This is great news for the economy; however, not such great news for my clients. Buyers have been sitting on the fence thinking that the market is going to get worse and that they should wait to buy in order to get a great deal on a house. I am here to tell you that you may have waited too long.
Just last week, I made an offer on behalf of my clients on a house that had been sitting for more than two years. On the same day, another offer was also made on the same house. It is a reoccurring theme in this market. I am told by my fellow brokers that this scenario is happening to them as well.
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It seems as though the hot market right now is $1,000,000. We have not had many million-dollar homes dumped on the market by way of foreclosures so the deals aren't there anymore. The $300- $400,000 market was very strong during the early spring and summer months of this year.
The way I see it.. this is a trend. The market is correcting itself. It may not be as fast as we want it to be and house prices have not really increased, but they certainly will increase when the inventory is gone through — good old Supply and Demand.
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So I hate to tell you "I told you so," but if you have been reading my blogs, you will recall I have been saying "now is the best time to buy." The market is getting thin for great deals and great houses. You do not want to be stuck with the houses that are in terrible condition because you waited too long to buy your next house.