The first half of the year the real estate market in Forsyth County has remained hot. 

Why? The same reasons as have been true with increasing severity since at least 2015: Not enough houses available for the number of buyers out shopping! The key number in regard to supply of houses for sale vs. demand is Months of Inventory. We all thought 2016 was low with a 4.2 month supply average January – June, but 2017 is down to only 3.8 months of supply! What does this number really show? It indicates how long it would take to sell all the homes listed for sale in a given month at the rate of how many homes actually sold that same month. So as an example, in June 2017 there were 1,771 homes listed and 661 sold that month. Simply divide 1,771 by 661 = 2.9 Months of Inventory for June. 6 months is considered a normal, balanced market, favoring neither buyer nor seller. The current Forsyth County real estate market is definitely a Seller’s Market.

Forsyth County, GA Sales Price Average 2007 - June 2017, Tim Renshaw, Realtor

[Click to see full size, interactive graph]

In case you need convinced of this, what would you expect to happen to prices of any product where demand is high and supply is low? This is an economics 101 question. Of course, the prices will rise. This is what must happen in any reasonably free market, yes? Well, look at the Sales Price Average in the accompanying chart. See that purple line hovering well above the rest? That’s what happens when supply and demand tip toward the seller’s favor! Prices go up!

What else do you expect to happen in a market with way more buyers than sellers? Products don’t stay on the shelves long! Forsyth County Real estate is getting snapped up quickly. After a bit of a sluggish start in January and February, the market has exploded in rapid sales. Homes sold at an average 44 days in June and under 50 days since April (Days on the Market chart).

Additionally, sellers are getting 97% – 98% of their Original List Price! No surprise here either. If you are a buyer and having a difficult time finding much at all to look at, then when you finally find something that fits your needs and strikes your fancy, you don’t have the luxury of getting too aggressive in your negotiations. There is likely a line forming for the property and you need to bid strong.

Lastly, a big tip to buyers given the current real estate market situation in Forsyth County, GA: When you finally find that home you want, you don’t have time to debate or go arrange your financing. The property will likely be gone before you can get your act together. Before you go shopping, get your financing together! Don’t settle for a “pre-qual” letter or even a “pre-approval” letter. Get fully under-written and a TBD Approval from your lender. This means your bank will tell you exactly how much you can borrow. In a competitive bid situation, it puts you on the same level as a cash buyer (i.e. they have the money, they don’t need a lender). I recommend this for all buyers in all situations, but particularly in a seller’s market where buyers need every benefit they can get.

If you’ve always wanted to sell in a “Seller’s Market”, this is what that it looks like. Time to jump in!

I hope that answers your question, How’s the Market? If you want to sell your house or need to sell your house, contact me and I’ll walk you through an approach that sells your house quickly while maximizing your sales price by taking advantage of high buyer demand.

If you’d like to review all the real estate statistics I track for Forsyth County GA, they are on my creatively named Forsyth County GA Real Estate Market Statistics page!



Thinking about selling?

Here are some tips to get prepared. I’m always available to visit with you and discuss the sale of your home from preparation to listing to sale and closing! You can read more about my marketing approach here.

Thinking about buying?

Here are some tips as you consider your move. I would be happy to help you with your search if you’d rather not do it yourself here on my web site. Personal service means that I’ll go out and preview properties for you, provide virtual walk-throughs so you can see a home and ask questions from the comfort of your own home. This is great for those relocating to the area and can save you time. Of course, I’ll also drive you wherever you want to go to see houses of interest 🙂

 

Boutique Service is Something Special - Forsyth County Cumming GA Real Estate Market Update Q1 2016More information about Tim Renshaw, Realtor:


I hope this helps answer your question, How’s the Market? If you want to sell your house or need to sell your house, contact me and I’ll walk you through an approach that maximizes your sale price by taking advantage of high buyer demand.