The Market Is Turning!!

 

Smyrna/Mableton – If you have been sitting on the sidelines to sell your home waiting for the market to turn, now is the time you need to at least revisit putting your home on the market.  Inventory levels for the last quarter vs last quarter prior year are down over 29.8% while pending sales are up almost 5.6%.  Supply is down, while demand is up!!  Great news for home sellers.  Its also a signal for buyers to make a decision while interest rates are still low and before demand increases even more taking away the limited supply of homes. Check out the live chart below to see the supply and demand in the Smyrna/Mableton area.

Contact Dan Petersen at Petersen Partners/Prudential Georgia Realty to discuss a sales and marketing strategy to sell your home and get you into your next home! 

www.PetersenPartners.com
678-439-6699
info@petersenpartners.com

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Smyrna Home Sales (requested by subscriber)

We try to help provide general information to our clients and share that with our community. One of our subscribers asked about home sales activity in Smyrna priced between 300k & $450k. We have included a 13 month chart of home sales activity. If you have a request, contact Dan Petersen at www.petersenpartners.com.

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Pending Home Sales Jump in October

RISMEDIA, Thursday, December 01, 2011— Pending home sales rose strongly in October and remain above year-ago levels, according to the National Association of REALTORS®.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, surged 10.4 percent to 93.3 in October from 84.5 in September and is 9.2 percent above October 2010 when it stood at 85.5. The data reflects contracts but not closings.

Lawrence Yun, NAR chief economist, said improved contract activity is a hopeful sign. “Home sales have been plodding along at a sub-par level while interest rates are hovering at record lows and there is a pent-up demand from buyers who normally would have entered the market in recent years. We hope this is indicates more buyers are taking advantage of the excellent affordability conditions,” he said.

“Many consumers are recognizing that home buyers in the past two years have had one of the lowest default rates in history. Moreover, continued inventory declines are another healthy sign for the housing market,” Yun added.

The PHSI in the Northeast surged 17.7 percent to 71.3 in October and is 3.4 percent above October 2010. In the Midwest the index jumped 24.1 percent to 88.7 in October and remains 13.2 percent above a year ago. Pending home sales in the South rose 8.6 percent in October to an index of 99.5 and are 9.7 percent higher than October 2010. In the West the index slipped 0.3 percent to 105.5 in October but is 8.1 percent above a year ago.

“Although contract signings are up, not all contracts lead to closings. Many potential home buyers inadvertently hurt their credit scores and chances of getting a mortgage through easily averted actions, such as cancelling an old credit line while taking on a new one,” Yun said. “Such actions could unwittingly prevent buyers from obtaining a mortgage if their credit score is close to the margins of qualifying, or they might get a loan but with less favorable terms.”

For more information, visit www.realtor.org.

Dan Petersen
Petersen Partners, Inc
Prudential Georgia Realty
www.petersenpartners.com

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