Clayton County Foreclosures
According to the news this morning, one in every ten homes in Clayton County is currently in default. That statistic makes it very hard for owner occupants to sell their homes when the foreclosures in their neighborhoods continue to push prices down. It is happening in all price ranges and the only homeowners who are immune to the fall in value are the ones who are not trying to sell.
The market will move back up over time but it will take some time for the market to absorb all of the homes for sale right now in Clayton County. As always, the people who survive severe shifts in the market hang in there longer. Don't panic sell if you on't have to move. If you want to move, but don't have to move,you will have to decide how much equity are you willing to lose to move now.
If you are a buyer, this is the best buyer's market in years and buyers should be buying. The rate is very low compared to not so long ago when rates were in the double digits: 10% to 16% interest rates were common. Many buyers do not appreciate what an opportunity this is to buy more house than they could afford in any other market because of low interest rates and the lower home prices. Those buyers will regret the hesitation when the market shifts and it always does, and when interest rates increase.
Real estate moves in cycles and this is just part of that constant change. History has shown that no matter how low and slow the market gets, it has always improved and often with a huge rise in values. It is just part of the cycle.
Call me if you have to sell, really want to sell or if you want to take advantage of these great opportunities in the real estate market.
leslie edwards sells real estate 770.460.9448 RE/MAX Around Atlanta