It seems lately that we have a dearth of sellable properties in the Newnan Georgia area. It's not that there are not a lot of houses on the market, as there are plenty! However, there are not enough of the types of homes that buyers are seeking.
Here in Newnan Georgia, that's a decent, move-in ready house for under $100,000. We have qualified buyers, ready to go, but the selection is diminishing daily.
Add to that the fact that most of the best properties that are moving are selling over and above list price. The net result is that many buyers are being squeezed out of the market, as they are at the price limit and cannot go any higher.
The net result is a kind of deadlock, with the only buyers willing and able to purchase unable to find a suitable property.
It's an interesting scenario, and only time will tell how this will all play out.
In the meantime, we'll just keep working hard to get buyers into the home of their dreams!
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The inventory in some parts of our area is low and has created bidding wars. We actually need some of the back up foreclosures to start appearing on the market again.
Richard, that is a good problem to have. But alas, that is not the case here in our area or other areas of the Nation...
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Pat...
That is exactly what we need ... we have buyers for them. Thanks for the comment.
Michael...
Not if you sell real estate for a living ... we are working with many qualified buyers that cannot find a house. So only a few lucky buyers are getting the few good properties, the rest must just wait.
Richard, wow, that is a problem. And so frustrating too. You need buyers that can spend just a bit more... and then you can sell Dad's house, LOL.
Have a wonderful day!
Having buyers but no homes to put them in is a real annoyance. I feel for you.
Richard,
Trying to time the bottom of the market is difficult. The fence sitters are off the fence, finally.
Rich
Richard - I am finding the same problem. I have buyers ready to go and the house selection is not there. We might come upon a perfect home, but wait... it's a short sale. The combination of short sale and first time homebuyer here is like oil and water. Sigh.
I was wondering about this by the title and then explaination helped me. I had to take a second look at first.
Shelton
Richard, this is true somewhat in my area also, additionally we have some totally unqualified buyers, thinking they can get 'the steal' for nothing down and with no credit.
Hi Richard:
That's a tough price range.
I'm finding the same is true here for properties under $200K.
Richard,
The winding down of the $8000 tax credit window is having the same impact in my area in the under $200K bracket. Don't have offers in hand yet, but am seeing lots more activity on 2 listings that are priced slightly above the magic number.
Am praying for a trickle-up effect!
Richard, it's always good to read posts like this one. Even the media is saying that it looks like the worst is over.
Its funny how cyclical the market is and how the turn can come when you least expect it. I definitely see an uptick in activity in the lower price ranges too. The homes that are in good (or decent) shape are not lasting very long.
Richard,
What a problem to have!! If the buyers would have moved off of the fence sooner they may have found the right home.
Richard: Our market is experiencing the same thing. First time buyers have had it drilled into their heads that it's a buyers market. No necessarily true. Our inventory has shifted to a sellers market in some categories of homes.
Usually it's the other way around isn't it. I have listings and no buyers and now buyer with no homes that fit them. Hope your folks find a home my friend.
I also have seen a drop in the first time buyer range here. I guess that isn't all that bad. It is another reason to get off the fence today!
Andrea...
It is frustrating ... thanks my friend.
Mel...
It seems like it's always something. Thanks sweetie!
Rich...
And it's high time! THX
We are finding the same issue lower priced properties in good condition are getting hard to find.
Hi Richard, That's frustrating, when you can't find a home for good buyers! I hope we get a more "balance market " soon.
We are having the same problem in my neck of the woods and the first time buyers are very frustrated.