As I’ve mentioned before, the only way to tell if we are in a bottom is after we have ascended out of it (See diagram above on timing the market).  The supply is still outweighing the demand unfortunately.  Having said and seen all that, there’s certainly a case to be made here for improvement. 

Some are going to say that the rising tide of interest rates over the last few weeks is going to stymie any chance at a housing recovery (see LA Times article).  I can’t speak for everyone, but we are active in virtually all price ranges and we are active in the market every day.  I’ve recently fielded more than a couple phone calls  from home buyers fearing they have missed their opportunity.  Worse yet, they are afraid that if they wait further they may miss another wave of opportunities at sub-6% interest rates.  Wow!  Buyers are starting to cry about high 5% interest rates versus the 4.5-4.75% rates around the first of the year.  Fear is a powerful motivator.  It feels good to say that buyer activity is back in business.  The lower price ranges are leading the charge thanks to first time home buyer tax credits, rising levels of distressed inventory, and the fear as mentioned before (See 1Q 2009 Number Sold: by Price Range diagram below).  The results of the savage buyer activity under $200,000 should have a trickle “up” effect on the other price ranges as homeowners become displaced.  Another good sign is that multiple offer situations are back.  Whereas the fall and spring market meant the buyer was in charge, nowadays the seller has a larger pool of buyers and a better bargaining position.  I expect that trend to continue if at least for the short run.  So, are we in the bottom?  I guess your buying habits and the buying habits of those around you will tell.  It’s only a buyer’s market if you’re buying, and we know in real estate that things can’t stay depressed forever.  I think we can all agree that this is a monumental opportunity to buy real estate.  If we miss the bottom point, we are still going to be buying at a historically low water mark. 

If you have been wondering when is the right time to invest in real estate, buy your first home, or move up to that dream home you have always wanted, we can help.  The Peters Company is skilled in all price ranges, and we represent both buyers and sellers.  We have the manpower, the knowhow, and the tools neccessary to help you make the best decisions possible.  It would be our pleasure to talk with you in a no cost and no risk consultation.  You can contact us at andy@thepeterscompany.com or find more information about us at www.thepeterscompany.com.  In addition, we are proud to be one of the top rated residential real estate teams in the metro Atlanta area on Kudzu.com, where over 40 of our past clients have rated and reviewed our service.

This entry was posted on Sunday, June 14th, 2009 at 11:01 pm and is filed under Market Statistics, Metro Atlanta. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.