After a long road to recovery, home prices in and around Dacula, Ga and Hamilton Mill should see a increase in appreciation in 2013. Since 2007, Dacula residents have on average lost 37% of the value of their homes based on sales statistics we have seen but the time of declining values has come to a end and CoreLogic expects a national increase of 6% in 2013.
Home prices rose 7.5% last year, which is the largest increase in six years, and expectations are that they will continue along that path in 2013. Total home sales increased to 4.2 million in 2012.
Hermes & Associates of Keller Williams Realty Atlanta Partners agrees to an extent with this data however Matt Hermes feels as though the South and particularly the Atlanta market will not see a 6% gain in values. "While last year was a good start to a recovery in the Atlanta market, our price increases while the market was strong were not on average with the national levels and I do not feel we will again match these high expectations. A more realistic value adjustment in the 3% range is where I feel the market will be able to bear." Hermes remarked.
Values were able to stabilize in 2012 as fewer distressed home sales. Sales of bank-owned homes fell more than 20%-30% in the Atlanta market and current short sale and foreclosure inventory is at the lowest levels we have seen in four to five years.
Short sales also made up more of the overall home sales last year, accounting for 23%. That's the highest level since the real estate downturn began, CoreLogic says. A short sale is when banks allow a house to be sold for less than what's owed on the mortgage loan. Atlanta has seen a number of short sale closings and with the short sales a lot of potential foreclosed inventory simply did not appear on the market. Foreclosure sales typically sell for 10% less than a short sale and this has helped stabilize pricing in our opinion.
One of the best things NOT to happen which was predicted was the analysts expected a flood of foreclosed homes to hit the market after five major lenders reached a settlement over foreclosure practices with state and federal officials.
Hermes & Associates is hoping that the spring selling season starts early and will allow a continued influx of homes being made available to those buyers currently looking to sell. The Atlanta market and Gwinnett County as well as Dacula has seen inventory levels drop more than 25% from this time in 2012. Nationally, the supply of homes for sale fell to 4.8 months in November, the National Association of Realtors recently noted which is the lowest level in more than seven years. Realtors such as Matt Hermes, consider a six-month supply to be a balanced market between buyers and sellers.
If you or someone you know is interested in selling a home in the Atlanta, Gwinnett County, Dacula and Hamilton Mill market, we strongly urge you to contact us today and let us give you a free analysis of what your home is worth. You may be surprised at the current values.
Hermes & Associates is ranked in the Top 5 of all real estate Teams within the Southeast in Keller Williams Realty and our Clients First approach provides a unique selling and by
No comments:
Post a Comment