Have you been wondering what is going on with the Real Estate market in Suwanee? Are values really going up, and are houses really selling again? These are the right questions to be asking right now! Things are changing, and we are in the perfect location to see these changes. Yahoo! Finance conducted a study of the “Top 10 Moving Destinations in the U.S.” and Atlanta was the country’s most popular place to move to last year, Suwanee being third out of all the cities in Atlanta.
We know people are moving here, but what
is going on with today’s housing market?
◆ Home prices bottomed out the first quarter of last year.
◆ New construction and resale homes are up year over year for 12 months straight. The last time that was true was back in 2006!
◆ The inventory of homes is so low, meaning that there are fewer homes on the market than back in the early 1990s when there were half the people living in Atlanta, 3.4 million, compared to today’s 6 million and counting!
◆ At the rate homes are selling, Gwinnett County’s supply of homes will be gone in 2.6 months. At the peak of the market in 2007, Gwinnett County had a six month supply of homes. This correlates to how fast homes are selling now, quite a few sell within three to four days of being listed, instead of the six to 12 months we saw in the past few years. What a huge market shift!
Does this mean we are moving back to a seller’s market in our area? Yes! In addition, new home builders in Suwanee are seeing something they have never seen, an increase in sales during a time of year that is generally considered slow. For example, Baxley Ridge in Suwanee sold eight homes in February. The onsite agent, Dwayne Hanks, explained that he has been an onsite sales agent since 2003 and he has NEVER seen this many sales at this time of year before, and I have heard similar comments from a number of agents in the area.
So, at the end of the day, with interest rates hovering around 3.8 percent, there has never been a better time to buy, but more importantly, a better time to sell your home.
For more specific information on buying or selling a home, consult a real estate professional.
BY: Andrea Wright
OF COLDWELL BANKER
