Over the past year, the Atlanta housing market has been anything but predictable leading to substantial challenges for both Realtors, buyers and sellers. To discuss the volatile market, Realtors with Harry Norman Buckhead Louise Morgan and Nick LaMonte join co-hosts Carol Morgan and Todd Schnick for the All About Real Estate segment of Atlanta Real Estate Forum Radio. The duo shares insight into buying trends, as well as tips for buyers and sellers in the current market.
Known as the ‘original’ real estate firm, Harry Norman was established in 1930 as the first residential real estate firm in Atlanta. The mission of Harry Norman is to provide an exceptional experience for every client. The full-service firm serves each transaction from start to finish. Its 18 sales offices throughout Georgia offer a variety of departments including international specialists, a relocation division, marketing, public relations, mortgage services, home insurance services and title services, among many others.
“My mother’s been a Realtor with Harry Norman for almost 30 years, so I’ve grown up in the office and I’ve watched the firm expand over the years,” Louise said. “I’m always amazed at how innovative and ahead of the curve Harry Norman is. It’s a fun and exciting place to be, especially right now.”
In the current market, the Realtors have experienced a hectic environment unlike anything they’ve seen before. With the combined factors of COVID-19 (coronavirus), low interest rates and scarce inventory supply, the housing market has been highly unpredictable.
As a result, Realtors have experienced both benefits and drawbacks while navigating the explosive market. Although the Atlanta housing industry is known for its competitive nature, present conditions have caused a great upsurge in buyers vying for property, which has highlighted the necessity of preparation before entering the market.
To adapt to current circumstances, Louise advises clients to be fully prepared and proactive before searching for a new home. To thoroughly plan ahead, she suggests buyers find the right Realtor to guide them through the buying process, as well as a mortgage consultant to help them arrange finances, get preapproved and receive answers to all their questions. Louise also emphasized the importance of maintaining great communication, even over-communication, between Realtors and clients for the best chances of success.
LaMonte focuses on the value of holding conversations on the phone to ensure both parties have mutual understanding. Both Realtors and clients often defer to the use of email or text messages when communicating with each other, but this can often lead to clarity issues and misunderstanding.
Instead, LaMonte suggests planning phone calls to stay updated and address any unanswered questions. Louise also highlights the opportunity phone calls provide to build rapport and solid relationships between agents and their clients.
Although Atlanta has been the place to work and live for many, Realtors are seeing a shift from prioritizing home location to home amenities. More clients are opting to live outside of the city to instead build their lives around their homes. When the coronavirus emerged, Louise saw a rise in demand for single-family homes with outdoor living spaces.
As more individuals began working remotely, having sufficient space has become increasingly important as they spend more time within the home. To find homes with more space at affordable prices, Louise began to shift outside the center of Atlanta to surrounding areas including Roswell, Alpharetta and Vinings where properties with outdoor living space were more abundant.
“When I first started, a lot of people wanted to be within the city close to work, close to where they live their lives,” LaMonte said. “Recently, we’ve seen many people going to the suburbs, the lake and secondary homes on the beach.
“You’re building the life around you at the house, which means you need more space, the outdoor area, gym and home office. Many people are realizing even if they thought they had enough space, they don’t when they’re living most of their life from home.”
Whether as a first-time or seasoned buyer, the Realtors’ tips for entering the current housing market include patience with the everchanging industry, as well as holding a clear idea of the home they’re looking for.
Although it may be more difficult to find the dream home they imagined, buyers should take in-depth looks at available homes to determine if a property is feasible for their lifestyle and budget. Louise and LaMonte also underline the importance of working with the right Realtor and mortgage consultants to receive guidance and enter the market with an educated mindset and organized finances.
For sellers in the market, be proactive by getting a pre-listing inspection to address potential issues that may arise during the due diligence period. Sellers should also look to their Realtor for specific tips on how to prepare their home for the market. To plan for buyer walkthroughs, sellers should ensure essential and standout features of their home are emphasized without placing focus on smaller details and facets of the home.
Listen to the full interview above for more details. Click here to learn more about services from Harry Norman Buckhead.
Georgia Residential Mortgage Licensee, License #22564. NMLS ID #6606. Subject to borrower and property qualifications. Not all applicants will qualify. New American Funding and Harry Norman are not associated. Click here to view the terms and conditions of products mentioned during the show. Corporate office 14511 Myford Rd., Suite 100, Tustin, CA 92780. Phone: (800) 450-2010. (July/2021)
New American Funding is a family-owned mortgage lender with a servicing portfolio of over 123,000 loans for $30.4 billion, 198 branches, and about 3,100 employees. The company offers several niche loan products and has made Inc. 5000’s list of Fastest-Growing Companies in America six times. It has a state-of-the-art career training facility and develops innovative technology, including the GoGo LO mobile application. For more information, visit www.branch.newamericanfunding.com/Atlanta.
The Atlanta Real Estate Forum Radio “All About Real Estate” segment, presented by Denim Marketing, highlights the movers and shakers in the Atlanta real estate industry – the home builders, developers, Realtors and suppliers working to provide the American dream for Atlantans. For more information on how you can be featured as a guest, contact Denim Marketing at 770-383-3360 or fill out the Atlanta Real Estate Forum contact form. Subscribe to the Atlanta Real Estate Forum Radio podcast on iTunes, and if you like this week’s show, be sure to rate it.