|
Backstreet Boys at City Eats Kitchen in Alpharetta
"Sometime around 1am-ish in a little bar in Alpharetta last night….THIS happened."
I missed it but a friend of mine was there and sent me this video. Brian Littrell and AJ McLean of the BSB showed up after their show at Ameris Amphitheatre that same night to support Brian's son Baylee who is trying to make it in Country music. Brian and his family are residents of Milton. Great stuff!
As you can see below we had a significant jump in the inventory of homes for sale in June.
I saw this quote from Dave Ramsey yesterday...
"The root issue of what drives house prices almost always is supply and demand...now interest rates affect that. When interest rates go up, guess what, fewer Buyers. The demand goes down thus prices are going to soften or not be as cray-cray as they have been. And that's what we're seeing right now"
But we are still in a Seller's Market and will be for quite awhile. Here's why.
A balanced market is a 5 months supply of homes for sale. A Buyer's market is a 6 month supply of homes for sale or more.
Demand is still high and the inventory challenge isn't going away anytime soon. We've had pent up demand for so long and actually increased when some Buyers pumped the brakes when interest rates started shooting up.
It typically takes the market 3 months or more to adjust to any changes. In fact, in July of 2007 we had a 17 month supply of homes for sale and prices didn't stop dropping until January 2008.
We are in a new normal.
We are going to continue to see prices go up just not as fast as they were. Buyers will continue to have competition but not as much. Sellers who have the correct list price will continue to sell fast and some will still get multiple offers, just not as many.
Next week I'll show you how the Sellers who nailed the correct list price in June were still able to get List Price or Higher.
| 
