It may be a little early to be asking this question. It’s still only the third quarter of 2013. Most people haven’t even started thinking about the fall/holiday season yet.
But I can’t help thinking about two aspects of the housing market which will make it much more competitive for home sellers next year.
Before 2015, another 8.3 million homeowners across the country will hit positive equity. From the rise in home values, these “slightly under water” owners will find themselves in a position to sell their homes without doing a short sale.
This is a good thing, but without a doubt will add more competition for sellers looking to move in the next 15 months.
Builders back in the game
The big national track-home builders and developers have jumped back into the real estate game in our area with both feet over the past 12 months.
We will see the effects of that come this spring/summer as hundreds of homes will be sprouting up from the ground in new developments all around North Fulton and Forsyth County.
Additionally, some of the small, local builders, who had been hurt by the recession are beginning to line up financing and build individual homes on the lots they can still find, although those lots are becoming very scarce.
Nationally, we are on track to have payroll employment reach pre-recession levels sometime mid-2014.
As long as employment continues to improve, the unemployment rate in our area has been better than average, we’ll have a large enough pool of buyers to consume this additional inventory.