10,000 listings in FMLS. Actually 10,043 Single Family Residences listed for sale in Gwinnett County. These include Active Listings, Pending Sale (with a Contingency) and Pending Sale (with a Kick-Out Contingency). That is a LOT of properties.
But I would hesitate to say that all of them are equally for sale...
I recently spoke with a reporter for the Atlanta Journal-Constitution regarding Gwinnett County's real estate market. At that time, there were a little under 10,000 homes listed. I told him that 6,000 really weren't in the picture. More accurately, what I said was that only about 4,000 had a prayer of selling. He extrapolated (and quite accurately) that 6,000 were just parking.
I'm not basing this on a finger in the wind. So far this year, for every home that sold, between 4 and 5 have come on the market to replace it. Flip that around, and about 1 in 4 or 5 homes is selling... Or, stretching it out, between 2,000 and 2,500 homes currently on the market are likely to sell unless there is a radical shift in the market dynamic this summer.
Mostly, it is the same homes that will get lots of looks that will sell... and the rest will languish. But of course there are some homes that are on the edge that will get some traffic... and almost make it. I'll admit to guessing here, but I would say that those will account for 1,500 to 2,000 homes.
Scary thought if you are a seller!
Seriously. If you need to sell, you need to pay attention to the market. If you don't need to sell... that's ok. But, for the sellers that need to sell, price is an issue. Condition is an issue. Marketing is an issue. Presentation is an issue.
And actually kind of intimidating if you are a buyer...
There are a lot of properties to navigate in order to find the right one for your needs, wants and budget. Are you getting the right house and at the right price? Of course, finding the right place is only a small part of the battle. There is paying for it... and making sure it isn't a lemon... and navigating the sale.
In conclusion...
I love that my buyers have so many choices. I hate it that my sellers have so much competition. A few years ago, I hated it that my buyers had so much competition. I loved it that my sellers had so many choices.
The market is what it is. It will change, but if you are on the wrong side of it, and have to sell, you have to operate with the way the market is today.
Unless otherwise noted, all content of this blog is the property of Lane Bailey, ©2012 Lane Bailey.
I'd love to hear from you...
Lane, this is very interesting and true in most parts of the country. But I question if there's ever a 'wrong side'. Even in this market, if priced properly and marketed well houses sell. People will always have to move. On the buyers side, perhaps we as agents can hone our skills developing our buyers Must Have and Would Be Nice To Have lists, which might make the buyers search less daunting.
Laura - I guess I was bowing to populist belief. But, if you are a seller in a buyer's market, or a buyer in a seller's market, you may feel like you are on the wrong side of the deal.