It’s time for our metro Atlanta Market Conditions report and it’s a doosy! We’ve got all kinds of news good and bad depending on where you are in the process of real estate.
Atlanta’s Low Housing Inventory
First up, the most obvious thing is that inventory is low. This effects the Atlanta market conditions by pushing the prices up on the more affordable homes. At this point any home buyer under $150,000 should consider going over list price and making an offer very quickly as well as moving within the first 24 hours of a home being listed. Even then we cannot guarantee that you could get a home. In fact, you might have to consider putting out mutliple offers and back up offers on homes. Right now in our market if you see your dream home, you have to act with everything you have or you more then likely will lose it. On the higher price points we’re seeing the decrease in days on market all the way to the Atlanta luxury home market.
Atlanta’s Investor Demand
Investors are the primary group that is buying so much real estate that it is causing prices to rise. The increase isn’t as much as the news report. That 20% you might have heard is a result of $40,000 homes selling for $50,000 now or $60,000 in many cases. This huge increase at the bottom has everyone wowing over the numbers and they are good but not as good as reported. The bottom line is that investors are buying these and paying over appraisal which is causing home buyers to increase their price point. The GOOD news to the GA Home Seller is that this is creating higher comparable sold homes as well as more equity.
Atlanta Home Prices Are Increasing
In the Mill Creek area, we’re seeing an increase of over $1,000 a week on sold home prices and it continues to climb. In short, the prices are still low enough to steal a home, but it’s rising, so its a great time to take advantage of the “wave” of the Atlanta market conditions. If you want to find out what’s going on in your zip code, you can sign up for our Market Insider.
Related Real Estate Resources: