We are very much in a seller's market in much of Atlanta. This means that homes (that are in good condition and accurately priced) are not staying on the market for very long. Many of them are seeing multiple offers and quite are few are selling above list price. This holds true for HUD REO's. Most HUD home that I am hearing about are being overbid on.
This same story is now playing throughout Atlanta. There is really not much the Buyer's Agent can do to get an offer accepted by the Seller when another Buyer offered them a higher net.
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I live in Suwanee and also represent a builder who has built in Suwanee for the last 10 years. About this time last year we brought two new products on line and really did not know where it should be priced. We sold one of the products well and the other product was a little slow. THEN bring on December 26, 2012 and the phone has not stopped since. We have sold everything we have there and would love to have more lots here but don't.
I have been a Realtor for over 30 years. I have seen some unbelievable markets from interest rates at 18 - 20 % but never have I seen a Buyer's Market turn into a Seller's Market so quickly. Never have I seen appraisals go up so quickly. This market has literally done a 180 degree change since the end of 2012.
There are still pockets where homes are not selling in two days with multiple offers. You just have to know the area extremely well. Suwanee is located in three different counties, there are three different school systems, and there are pockets within some of those counties, depending on price and location, where the frenzy is not as great as others.
Really, at this point there is no definite answer to your question. Just get a Buyer's agent to represent you if you haven't already. I would be happy to answer any questions even though you might not choose to work with me as a buyer's agent. In Georgia you have the right to a buyer's agent and that agent's commission is usually paid for by the Seller. Please take advantage of that.
Hopefully you are working with an agent who is going to take the time to research comparable properties so that they can give you a qualified answer. The question is very subjective, so you need up to date and accurate information so that you can make a good decision. There are also several factors involved such as: are there other offers on the table, how long has the property been on the market, etc. In cases where there are multiple offers, you want to start at the asking price as there is likely to be a highest and best round. This is where it is important to have accurate comparable information to be sure that you don't over or under bid the market.
Also as you are currently in California (my home state) keep in mind that each market is very different. Not just from state to state but also within certain communities both inside and outside the Metro Atlanta area. Location more than any other factor drives price. Be sure when selecting an agent to work with that you pick one who has experience in that specific area. In suburban Atlanta (Suwanee, Alpharetta, Lawrenceville, Duluth) I have found that different areas are recovering from our most recent housing slump at different rates. Suwanee in particular is recovering rapidly in terms of price. My clients who purchased homes over the last 24 - 36 month period have seen an astronomical increase in the value of their homes so much so that they are trying to eliminate their mortgage insurance due to the fact that they have over 20% equity in less than 2 years. However the homes that they still own as investment properties in Duluth and Lawrenceville have not recovered as quickly.
You have missed the bottom of the market. That was last year. Prices are steadily increasing. Low is too low, the market has turned. It is now a sellers market in Suwanee, GA.
I hope that this helps. Good luck.
Very familiar with Suwanee, GA.
I have a qualified team of home inspectors and lenders as well.
Isabel Elsesser, Realtor
First United Realty
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