As you drive through the neighborhoods of northern Acworth and Dallas, you can’t help but notice all of the new residential construction. Subdivisions that began in 2006 – 2008 are now being completed, some by new builders. Trulia reports that in the last few months homes in Acworth and Dallas have increased over $10,000; and some have seen increases in excess of 20% compared to last year. According to a recent interview by Jim Strickland of WSBTV Atlanta, builders are back and they are trying to increase the market’s housing stock. Metrostudy housing economist Eugene James states: “The second-quarter of ’13 starts are up 77 percent from a year ago. That’s a big number.”
Acworth Market Trends
Dallas Market Trends
What does this mean to sellers?
Many homeowners chose to rent out their homes when prices began to drop, hoping to hold on to them until the market turned around. And now might be the time. Some things these homeowners need to consider:
- Staging – homes may be in need of repair, and a minimal investment can reap large rewards through an increased sales price and quicker sale.
TIP: If you need to bring furniture into the home, look at items you might be looking to replace in your current home, or purchase items you may need in your current home and use them in the home for sale until it sells. This may decrease your financial investment.
- Tenants – when does the current lease end, and are your tenants interested in purchasing the home. If the house is occupied, it can impact your ability to sell, so evaluate where you are with this.
- Inventory – what is the current inventory status in your neighborhood? What is the current market situation in your neighborhood? Comparable sales?
What does this mean to buyers?
- Are you ready – meet with your banker or mortgage broker and get a prequalification. Knowing you have been preapproved for a specific amount can help if you find the perfect home and find yourself in a bidding war (which is happening more frequently).
- Inventory – as housing inventory continues to decrease, your choices are limited, so you need to decide what your timing is, and again be prepared for competition.
As demand increases and supply decreases, prices will continue to rise. These economic principles may be different in your neighborhood. The only person that can decide the right time to buy or sell is you, but if you are ready, we can help.
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