The housing market nationally continues to recover. Released this week, year over year, there is an 8% increase in the sale of existing homes. Even more startling is the sale of new homes, which has seen an increase of over 29%.
The average price of a home nationally increased to $187,400, a 9.5% increase when compared to 2011 levels. Many markets, including ours, are seeing price increases due to reduced inventory and multiple offers on homes.
What does this look like in Snellville? We are looking at a similar trend, with a nearly 31% reduction in listings when compared to 2011.
What this means is buyers are having to look at homes nearly as soon as they hit the market or they will already be under contract. Setting appointments on Thursday for a weekend showing no longer works in our current market, as the homes called on are already sold by the time the weekend hits.
If you are able to sell, now is a great time to do so, with reduced inventory and prices in parts of Snellville continuing to increase. Interest rates are also very low. I have clients getting rates in the low 3s with good credit.
Brookwood Basement Home: Great for first time buyers, basement, foreclosure.
Shiloh Basement Home: Six bedrooms, 4.5 baths, swim and tennis neighborhood, short sale.
South Gwinnett Basement: Check out the gorgeous basement!
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