Smyrna Vinings home sales leveled off in October. Rates are phenomenal and home inventory is moving quickly.
Will we see the typical Fall slowdown over the final quarter of 2015? One would think so, although with continued speculation that the Federal Reserve will raise short term rates in December, that may persuade more buyers to move forward with purchasing this year, rather than waiting until the first quarter of 2016. While the Fed raising rates doesn’t directly impact long-term mortgage rates, it will be a sign that the economy is doing well, which will push long-term rates higher.
The chart above shows you the past 12 months of home sales at any given point. As you’ll notice, the green bar is 2007 and we were selling a fair amount more homes in 2007. Sales dropped significantly in 2008, with the drop becoming more pronounced toward the last quarter of 2008. That would be the beginning of the financial meltdown. 2009 home sales started off about 32% off the level just two years previously in January 2007. We saw Smyrna Vinings home sales continue to drop in 2009, but then leveling off in late summer and actually seeing sales pick up toward the end of the year. Typically, you expect sales to be higher in the late Spring and early Summer, but that hasn’t been the case in 2007-2010.
2015 Smyrna Vinings home sales have increased and have blown past historic highs from way back in 2007. Nationally, everyone is now painting a very rosy picture for real estate markets. Something that we’ve experienced in the Smyrna Vinings area for a couple years now.
As sales have improved, we’ve seen prices increasing as well. We’re going to continue to see more equity sellers in the market and fewer distressed properties as we move forward over the next couple years. This will result in continued low inventory levels as the number of equity sellers that can afford to sell will be outnumbered by buyers eager to take advantage of prices that are still very reasonable and interest rates that are phenomenal. If you’ve thought about selling and just aren’t sure, be sure to contact us or find out how much your home is worth. Less competition is a good thing if you’re ready to sell.
With homes selling quickly, it’s important to have the most up-to-date information available. Unlike sites like Zillow and Trulia that are plagued by outdated information, our site is tied directly to the MLS, offering the most accurate information available anywhere. We talk to buyers all the time and there’s nothing more frustrating for them to be told the home they’re asking about from one of those national sites sold last month. That’s when they realize it’s time to contact a Smyrna Vinings real estate expert.
That is your Smyrna Vinings homes sales activity recap for October 2015. Hope that was helpful and don’t hesitate to contact us if we can help you sell your Smyrna Vinings home or find your new Smyrna Vinings home.
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