According to the latest Case-Shiller Home Price Index, prices of new homes in Atlanta rose 1.3 percent from February to March, and 19.1 percent from the same time last year. These positive numbers are just the latest in a series of good news we have been receiving concerning the real estate market.
With all signs pointing up, we decided to ask our agents what they think the state of the market is. Here’s a look at what they had to say:
Patricia Wise (Agent): All conditions are favorable in the market today. New homes, re-sales and foreclosures are seeing comparable market presence. Comparables, appraisals and even interest rates are also making the opportunities to purchase widely accessible.
Darren Price (Managing Director): In many parts of Atlanta, the real estate market is turning into a seller’s market overnight. With the lack of inventory in the most desirable areas of Atlanta, it is not uncommon for our sellers in these areas to get multiple offers on their homes. Many of these offers are above list price. In addition, the demand for housing over a wider geographical area is starting to rise. Whereas the demand for housing over the last couple of years was limited to such areas as in-town, North Fulton, East Cobb and South Forsyth, we have seen demand spread to many other parts of the Metropolitan Atlanta area.
There are several factors contributing to the increased housing demand. Two of these factors are increasing rental rates and rising consumer confidence. This pent up demand will cause the housing market in Atlanta to continue to heat up with home values continuing to appreciate. In addition, as the new home industry continues to gain traction, the overall economy in Metro Atlanta will continue to recover. Housing is what made Atlanta prosper for many decades, and it is going to be housing that gets our economy rolling again.
Christopher Russ (Agent): It’s the season of the seller. Due to a minor upswing in home values in 2013, the inventory of homes are disappearing quickly, and sellers are benefiting. I’m noticing that homes in midtown Atlanta are staying on the MLS systems on an average of 30 to 45 days, which is a dramatic change from the past three years. Some buyers are still experiencing difficulty with financing, and interest rates are going up, but for those who qualify they are hungry and taking action.
Torrence Ford (Agent): The market change is causing agents to use old prospecting tactics to secure properties for their buyers such as looking at expired listings, door knocking, mailers to see if anyone is interested in selling or calling on for rent signs to see if the owner is willing to sell. Another key for a successful transaction during these times is to make sure that your buyer is ready to pull the trigger when looking for a home, otherwise it will be very frustrating when there are multiple offers and they can’t secure the home. A third key to being successful is to look at real estate on Monday through Wednesday well before to weekend to secure a property before the masses are able to view it.
If there is one thing all three of these agents can agree on, it is that today’s market is positive for both buyers and sellers alike.
If you are looking to buy or sell real estate in Atlanta, visit the Morris and Raper Real Estate Consultants website. Also, be sure to like us on Facebook!