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North Cobb Inventory Disappearing?

Posted by Terry Burger on Tuesday, October 6th, 2009 at 9:41pm.

Today was the eye opener that I've been waiting for...

All the doom and gloom of record foreclosures and burgeoning inventory aside, it seems there are not enough "nice" homes to satisfy demand in the $150k-$200k price range. One new home community (yes, they still exist) in North Cobb had UNDER CONTRACT signs on 90% of its properties! John Adams reported in his weekly column in the Atlanta Journal Constitution that the best time to buy may be coming to an end. This weeks interest rates are some of the lowest on record. 30 year fixed rate loans are well under 5% and have held there for several days. 

I spent some time today with a great family expecting their third child and looking for a little more room. I went through all 98 listings that met their criteria and narrowed the list to 18 that looked promising online. We looked at several homes in North Cobb and it appears that most, if not all of the once great deals have dried up!

What happened? It's simple really. The first time home buyers are out in droves buying up this price range because as of this blog post, there is not an extension planned for the $8,000 first time home buyer tax credit.  Combined with the ridiculously low rates, we are starting to see a supply and demand problem of high quality, move in ready homes. 

If you don't mind buying something that smells bad, looks bad, or is on a bad piece of dirt, then there are bargains. However, 90% of the clients I represent don't want a smelly or ugly home. As always, I will continue to watch the data and see if things settle down after the tax credit expires on December 1. 

Just remember, the confidence of the American public can turn positive just as quickly as it turned negative in September through March.  As quickly as the real estate market tanked, my belief is that it can rebound just as quickly. Especially when the number of nice homes for sale are disappearing all over Metro Atlanta.

As always, feel free to call or e-mail me. It's my pleasure to serve you through this blog!

Terry

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