Looking for homes in a seller’s market

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blog-author-clayjeffreys3

The second quarter housing statistics for the Intown Atlanta market are in, and the numbers confirm we are still in a seller’s market. Some quick numbers to review:

  • homes for sale between $200,000 and $500,000 currently have a 2.5 month supply on the market
  • overall in the Intown market, there is a 3.7 month supply of homes to buy
  • the only homes on the market that have more than a 7 month supply are homes priced over $1,000,000.

Ideally, there needs to be around a 6 month supply  of homes on the market. When the housing supply is at 5 months or less, it becomes a seller’s market. When the housing supply gets over 7 months, it becomes a buyer’s market.

The current lack of inventory makes buying a home very competitive. As a buyer, you must be ready to make an offer on a moment’s notice. That is why it is imperative to speak with a mortgage loan originator prior to going out to look at homes.

I’ve worked with a few clients this who looked at homes over a weekend, and then called me on the following Monday to get prequalified. After a few minutes on the phone, I have enough information to provide a prequalification letter. By the time they got back to their agents that Monday, the homes were already under contract.

Before you go out to look at homes, get prequalified. If you are buying a home in Georgia, contact me today. We can get you prequalified in a few minutes to you are ready to make an offer as soon as you find a home. If you wait around, the home will be gone before you know it.

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