Albany housing market in favor of seller, first time in 9 years - WALB.com, South Georgia News, Weather, Sports

Albany housing market in favor of seller, first time in 9 years

(Source: WALB) (Source: WALB)
(Source: WALB) (Source: WALB)
(Source: WALB) (Source: WALB)
Huey & Newman Co-Owner, Katie Gatewood (Source: WALB) Huey & Newman Co-Owner, Katie Gatewood (Source: WALB)
Patsy Martin, Albany Board & Realtors & Coldwell Banker Walden & Kirkland Realtor Patsy Martin, Albany Board & Realtors & Coldwell Banker Walden & Kirkland Realtor
ALBANY, GA (WALB) -

For the first time in nine years, Albany's real estate housing market is in favor of the sellers. 

Albany has been a buyer's market since 2008 but this year it reversed. 

"It's really starting to slide back towards a seller's market is what we're seeing now - a really great thing that we're seeing for our area," said Huey & Newman Co-Owner Katie Gatewood. 

It's another reason why the Albany housing market is getting a boost.

A recent report showed the market improved in the past year, with the eighth largest increase in comparison to other cities.

"That means the inventory is moving quicker, and our inventory is down," Gatewood explained. 

Gatewood said much of the turn in the market was caused by the January storms.

It forced dozens of homeowners to make major improvements, a big part of selling a home. 

"People are of the HGTV mindset they want a house that's ready to go and buyers almost expect it," Gatewood remarked. 

But Gatewood still believes it's a buyer's market with affordable prices.

Gatewood said much of Huey & Newman properties in Dougherty County average from $130,000 to $140,000. 

With great interest rates, Gatewood said "now is the perfect time to buy." 

In contrast, Patsy Martin of Albany Board & Realtors said those days are long gone.

"The buyer ruled, but today the seller rules," Martin remarked. 

Martin explained buyers should expect to pay an average 96 percent of the listing price.

She's even seen two to three offers on the same property. 

"Usually fourth quarter is our slowest quarter but because of the lack of inventory on the market, it will be wise to go ahead and get it on the market," Martin explained. 

If you're interested in placing your house on the market, Martin recommends sellers to have a professional realtor to do a comparative market analysis which is based on other sales in our region that have sold in the last 12 months. 

Martin is also working with investors who are buying homes and fixing them up to resell or lease them.

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