Being a real estate agent has always been challenging. By and large, your livelihood is dependent upon other people making one of the biggest decisions of their life. This weekend, I was looking for homes to show to one of my clients. Here is the problem, many of the homes, even if they are listed as active, have multiple offers (they won't become pending until one of the offers is selected and approved- can take several days for that to happen).
Here is snap shot of what this looks like in Lilburn:*
Price Range: $75,000-$110,000 (this is quite a popular range for buyers now)
Find out what's happening in Lilburn-Mountain Parkwith free, real-time updates from Patch.
Number of Active Homes: 85
Number Listed as Available: 26
Find out what's happening in Lilburn-Mountain Parkwith free, real-time updates from Patch.
Number Under Contract: 49
Percent of Active Inventory Available: 30.58 percent or less, when you consider a good many probably have multiple offers
What does this mean to you? If you are one of the few lucky ones who are not upside down, now may be a great time to sell. The multiple offers are driving prices up in some instances. You can then move up and take advantage of the market. Now is definitely the time to buy. Rates are at or near historic lows.
Does this mean we are in a seller's market? Tough call. It is a buyer's market in that prices in many areas of Lilburn have and are continuing to bottom out. However, with multiple offers coming in, we should start seeing prices increase.
The proof is in the pudding: Year over year statistics show a 17.2 percent drop in listings in July compared with July of 2011. The same is true with the foreclosure listing drops. It has fallen 43.8 percent year over year for the same time period. Meanwhile, we have seen 7.7 percent decrease in sales price for that same time period. This formula could lead to an increase in sales over the next few months in Lilburn since we have still declining prices coupled with low inventory.
Deals of the Week
Parkview! Price reduction!!! Sun room, upgraded kitchen and more. Bank owned.
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*Please keep in mind that this information is based on FMLS/GAMLS data. It is deemed reliable but not guranteed.
