Atlanta Real Estate News - 2012 Mid Year ReportPosted by Brian Sims on Friday, July 13th, 2012 at 2:39pm.
We are half way through 2012 and there is already great news for Atlanta and Hirsh Real Estate Specialists. Inventory is dropping, mortgage rates remain at all time lows and Hirsh is receiving both local and national recognition for achievements in real estate.
According to a recent USA Today article, of 18 major markets in the United States, 10 had less than a 3 month supply of homes which is incredibly low. While Atlanta's supply is closer to a 6 month supply, the same article noted that the North Atlanta market has seen a 36% drop in inventory since this time last year.
This is actually causing bidding wars among multiple buyers in some areas and as a result prices are starting to rise in those same markets. I wrote a blog in May about this trend as we were starting to see it in Vinings and Buckhead at the start of the year, so to see it confirmed in a national publication indicates we might be seeing the start of a broader recovery.
In fact, I just had an appraisal yesterday for a property that I am purchasing for myself and the report said comparable prices in the past 3 months have increased by 33% and average days on market have dropped 29%. In other words, houses are selling faster and for more money!
Mortgage Rate Lows
While dropping inventory is good for sellers, low mortgage rates are good both for buyers and home owners looking to refinance. I couldn't believe it when one of my clients this week received a 2.75% rate on a 15 year mortgage. That is unheard of, even in this market. So if you want to buy or refinance and you need a good mortgage broker, please give me a call. I would be glad to connect you with someone who can help you take advantage of today's rates.
30 Year Fixed - 3.625%
30 Year FHA - 3.375%
15 Year Fixed - 2.875%
Hirsh Recognized by Atlanta Business Chronicle and CNBC
We told you last quarter that Hirsh was recognized by the Atlanta Board of Realtors for having one of the top sales teams in all of Atlanta. Well just in the past couple of months Ben has been featured locally by the Atlanta Business Chronicle and on national television by CNBC. You can click the link below to watch.
We have had an exciting first half of 2012 and look forward to what the rest of the year will bring. As always, if you or someone you know is in need of expert real estate advise, please don't hesitate to give us a call. It would be a privilege to earn your business. We look forward to hearing from you!
Brian Sims: Smyrna/Vinings Specialist
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