The president of the Atlanta Board of Realtors told the Buckhead Business Association on July 28 that no one is quite sure if the real estate market has hit the bottom yet.
On the plus side, Wight Mixon said, it’s a great time to buy a house.
“Some say we’ve hit bottom, but I don’t know if where we’re going to say this is it,” Mixon said. “I hope this is the bottom – and it could be – if we could just get people back to work.”
Mixon gave BBA members a legislative update at their weekly breakfast and shared some numbers about the real estate market. The figures covered 11 counties in the metro Atlanta area. According to documentation she provided, home sales had a 14 percent monthly decrease in 2011. In June it reported 2,046 homes sold, compared with 2,373 in May. However, foreclosures are down 33 percent.
“Historically, summer is our slowest season and prices are historically lowest,” Mixon said. “Coupled with the uncertainty of the economy, some buyers are just holding out. Maybe they’re relocating or they’re holding out for what they believe will be the deal of a lifetime. Just about everything out there right now is the deal of a lifetime.”
Mixon said Realtors are working hard to keep tax breaks and interest deductions that are helpful to homebuyers in place. She also talked about the generosity of local Realtors.
“A commitment of our members, along with the help of generous sponsors, has enabled us to sign on the dotted line to build our tenth Habitat for Humanity home,” she said.
–Dan Whisenhunt

Joe Earle

Joe Earle is Editor-at-Large. He has more than 30-years of experience with daily newspapers, including the Atlanta Journal-Constitution and was Managing Editor of Reporter Newspapers.