This information is for FMLS map area 73 which covers Powder Springs and West Marietta in the area south of Ga Hwy 120 (Dallas Hwy)
Here is some interesting data just released from FMLS and Smartnumbers.com.
In June 2006, 215 homes sold for an average price of $215,534.
In June 2007, 148 homes sold for an average price of $219,775.
So even though sales are slowing and inventory is risig, prices are still slowly climbing. This has been the trend all across the metro Atlanta area.
For Sellers- this means that if you don't need to sell its probably not the best time to "test the waters". However you are selling it means there are still buyers out there. Don't expect a huge price increase over what your neighbors home sold for last year and expect to keep your home on the market longer as inventory continues to increase. As always, a nice home that is priced fairly and marketed like crazy will still sell.
For Buyers- Its a good time to buy. There are plenty of homes to choose from and interest rates are still fairly low. In spite of all the gloom and doom in the media prices are stable and Powder Springs/West Cobb is a great place to live. One word of caution for buyers - with the recent upheavals in the mortgage industry it is important to make sure that you are well qualified before you enter the market place.
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