Housing Market Summit: A Reality Check of the Atlanta Home Industry

The Housing Market Summit was held Thursday, December 6 at the Crown Plaza Ravinia near Perimeter Mall and had over 600 attendees. John Hunt with Via Search, and Steve Palm with Smart Numbers gave an overview of the 2007 Atlanta housing industry as well as projections for where the industry is headed in 2008.

Hunt spoke of the ‘State of the Buyer’ and what today’s new home buyer is seeking. The bulk of the current market is looking for homes priced under $300,000, and many first time homebuyers are opting for a condo or townhome. The fastest growing home buyer segment in the Atlanta real estate market is age 55 to 64 who are, for the most part, purchasing homes in communities that are not labeled as ‘active adult.’

A new emerging trend is for relocation buyers to spend three months or longer searching for a new home. This has been the case for local Atlanta real estate buyers the past several years, but is just becoming a trend for those transferring to the area.

No surprise to us . . .. The Internet is the most widely used method of shopping for a new home. Hunt also pointed out that Atlanta is a big ’spec’ market; meaning, buyers want a home that is completed as opposed to a home that is just under construction or has not even been started.

Palm got into the nitty-gritty of the market and discussed standing inventory and the great buys that currently exist for homebuyers purchasing resale homes.

Palm predicts brighter days and better sales for 2008 stating that the worst of the market is  behind us and the market will slowly pick back up in 2008.

After All, It is A Great Time to Buy!  Get Home Atlanta! 

For more stories on the local Atlanta real estate economy, read other economy stories on Atlanta’s favorite award-winning real estate blog.