An “existing home” is one that’s been previously occupied and cannot be categorized as new construction. As Atlanta home inspection providers we see several of both types of homes. Due to the populated areas where we provide home inspections in Atlanta, Ga there is a continuous flow of buyers in “existing home” transactions. Could this be an indicator that a housing recovery is beginning nationwide?
According to the National Association of REALTORS®, the January 2012 Existing Home Sales showed a 4 percent increase as compared to December’s revised figures. There was also a 20-month high in home resales during this January’s reports.
The good news is that demand is high in Canton, Woodstock, Roswell, Kennesaw and other surrounding cities not only for home sales, but for the services needed to complete real estate transactions. This would indicate that Marietta home inspections are on the rise, as well. There is still a positive outlook for those who wish to sell their homes. Since housing stock is at a 5 year low, the demand is higher than the supply, which makes for a higher price on the homes. Higher price on the homes, means more money in the seller’s pockets.
Interestingly enough, at the current pace of sales, today’s complete home inventory would “sell out” in 6.1 months.
Analysts say that a 6-month supply is a market in balance. Anything less is Bull Market territory.
As contract failures subside, Existing Home Sales are expected to rise even faster. Many buyers have tried to buy but could not for reasons such as: appraisals coming in lower than contract pricing, home inspection issues that could not be negotiated, and mortgage denials.
First-time buyers continue to power the home resale market. In January, 33% of all sales were made to first-time buyers, up four points from last year. This statistic suggests that renters are moving into homeownership, an important component in a sustained housing market recovery.
Given high demand and shrinking supply, we should expect for Bradshaw Farms, Bridgemill, and Harmony on the Lakes home prices to rise in the coming months, if they haven’t already. Thankfully, mortgage rates remain near all-time lows.
Do us a favor if you or someone you know is about to buy that perfect home, please recommend us to them. When you find your dream home, make sure that you get a thorough home inspection in Atlanta, GA from the home inspector Atlanta, GA, David Lelak of IHI Home Inspections, they serve Atlanta and all of North Georgia. Call us today at 404-788-2581 for a thorough home inspection in Atlanta. We won’t let you buy the money pit. You can also schedule your Atlanta home inspection today online. We create Peace of Mind One Atlanta home inspection at a time. Be sure to check out all the other reasons other customers chose IHI Home Inspections at our original website.