Is the Nation's Housing Market Primed for an Upswing?

While the real estate market has seen more than its share of bad news in recent years, a recent report suggests that the real estate tide just might be prepared to turn. A recent study released by Fiserv predicts that by 2013, more than 95 percent of metro areas will see increased home prices. The study used data from the Fiserv Case-Schiller Index of home prices and an analysis of home price trends in more than 380 home markets across the country.

Where the Numbers will Go

The data collected indicated housing price drops that began last year continued on a downward trend during the third quarter of 2011. Despite lower prices, foreclosures seemed to slow during recent months, which should set off a turnaround in the trend within months. The analysis predicts a broad-based recovery for the housing market set to begin during the early months of 2012.

"Between the first quarter of 2012 and the first quarter of 2013, homes are predicted to increase by an average of 2.7 percent, with gains in 365 out of 384 metro areas," Fiserv stated in a recent press release.

The Good and the Bad

Despite plenty of positive news coming out of Fiserv this week, there are some areas of the country that may not see home prices increase as quickly. These areas will primarily be in the Phoenix, Southern California, and Las Vegas markets, where a surplus of inventory built up during the housing boom is still not turning over quickly.

Despite the good news, there is still concern that the current economic uncertainty could continue to impact housing markets. David Stiff, chief economist for Fiserv, said in the same press release, "The stabilization of housing markets depends greatly on household confidence in the strength of the economic recovery."

Stiff also cites many reasons to be optimistic, stating "Mortgage delinquency rates have been falling for more than a year. Foreclosure rates have started to decline. The flood of bank-owned sales, which has swamped many markets, will finally begin to recede this year as fewer houses enter the foreclosure pipeline." These factors, according to Fiserv, point to a broad-based housing recovery for housing beginning as early as next year.

Are you looking to sell or buy Cobb County real estate? Give us a call to discuss your particular situation, we can be reached at 404-842-1555.

Establishing an Effective Strategy when Buying a Cobb County Home

You want to purchase your first home. This is arguably a fantastic time to purchase one of the many homes for sale in Cobb County, as interest rates are still rock bottom, and it is still decidedly a buyer’s market.

However, aside from socking away your 20 percent down payment, do you have a strategy for starting the home buying process?

Here is your game plan for buying a new home: 

Determine if you’re ready to purchase your first home – Just because you have the resources to purchase a home doesn’t always mean you should. In other words, owning a home is by no means right for everyone. If you know you will stay put in one place for more than a few years and you’re ready for the responsibility that comes along with owning a home, then now may be your time. 

Find a great real estate agent – Take the time, do your homework and find a qualified Atlanta real estate agent who will work hard to find you a home that best meets your wants and needs. Ask friends and family for referrals and interview a few agents. Don’t forget that the real estate agent you choose will work closely with you.  Therefore, in addition to his or her credentials, make sure his or her personality suits you. 

Get pre-approved for a home loan – It just doesn’t make sense to begin any type of home search if you don’t know: (a) if you are eligible to obtain a home loan and (b) how much home you can afford. Get the pre-approval letter in your hand before you visit your first property.  This also gives you additional leverage when negotiating your offer, as you demonstrate that you are a serious and qualified buyer.   

Take the time to research the market and decide where you want to live –  To prevent a blind search for that perfect home, you will want to narrow down your options by not only home price, but by location as well. Select a few neighborhoods in which you may want to live and do your research to determine if they best meet your needs. 

Keep the process streamlined and organized – Don’t overwhelm yourself by visiting ten homes in one day. Ask your agent to show you a handful of homes on any given day so you can take your time and really pay close attention to each home and whether it is right for you.

Cobb County Statistics

Currently there are 4629 homes for sale in Cobb County with an average list price of $273,499.00 and there are 1105 homes that are in various types of a pending contract status, the average list price for the pending contracts is $216,813.00
There are also 1132 condos and townhomes for sale in Cobb County with an average list price of $177,029.00 and there are 235 that are in various types of pending status with an average list price of $127,190.00