Atlanta Home Buyers Compete Over Shrinking Housing Inventory
Considering buying or selling a home in Atlanta? Local Home Buyers Insight recently spoke with several experienced real estate professionals in Atlanta to gauge the temperature of the Atlanta real estate market to find out if now is a good time to buy or sell a home in Atlanta. The consensus is that the Atlanta real estate market is showing clear signs of improvement. Inventory levels and days on market are both continuing to fall. Well priced homes in the right locations are beginning to see multiple offers. The early spring, because of a mild winter, is helping the Atlanta real estate market to get off to a head start this year. All strong indications of a busy spring home buying season ahead.
We asked the agents we spoke with if they see any improvement in home values so far this year. Martin Archacki of Duffy Realty of Atlanta said, “prices are going up in the best areas, but only in pockets so far.” Collette McDonald of Collette McDonald & Associates agreed, she pointed out that “in the right locations yes, prices are rising, but throughout the entire Atlanta real estate market, not yet.” She went on to say “time on market has decreased, which is bringing in lots of multi offers.” For instance Collette says of the homes she’s listed in the last month “50% have multi offers.” A reduction in days on market couple with multiple offers is a good sign that home buyer demand in Atlanta is indeed growing.
So what’s changed in the Atlanta real estate market from a year ago that’s pushing this market ahead? Martin believes that it’s a matter of perception “everyone realizes that this is it, this is the bottom.” Buyers are encouraged by signs that prices have stabilized, they want to take advantage of incredibly low interest rates while they are still available. Martin added, “a small percentage of homes are well priced and ready to move in, as such you see 90% of buyers are competing to buy 20% of the available houses.”
This surging buyer interest should soon add up to great news for both home buyers and sellers of Atlanta real estate. Most real estate analysts would agree that you can’t expect to see continued reductions in supply and increased buyer demand without experiencing some home price appreciation. Rising demand should give potential home sellers more confidence to put their home on the market.
Considering the competition for well priced, ready to move in homes in Atlanta you’ll want to be prepared to make a strong offer in order to have the winning bid for the home of your choice. Martin Archacki recommends, “you need to have a very experienced team in your corner, an experienced buyer’s agent, and experienced mortgage officer and an experienced inspector.”
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