Atlanta Georgia is a Buyer’s Market
An over abundance of inventory of homes in Atlanta and its metropolitan area has given buyer’s a greater number of homes to choose from within various price ranges. Buyers aren’t as quick to pull the trigger as they have been in the past, many are taking a little longer to narrow down their selection before purchasing. At the national level, negative news media regarding real estate trends is also making home buyer’s more cautious about buying and buying at the “bottom”. States such as California and Florida have had major real estate problems, while Goergia’s housing market remains strong. I attribute Georgia’s stabile market due to the growing population which has helped soften the real estate recession here.
As a result of the large inventories of homes, buyer’s being more selective, and negative news media; there is now a buyer’s market and mortgage rates are at historic lows! Interest rates have dropped the lowest they have been in over 5 years, making this a great time to buy a home. In addition FHA loans have increased the total loan amount they are offering. More and more home sellers are helping buyer’s with closing costs in order to help with first time home buyers.
Conclusions:
- Seller’s that price their homes correctly and in-line with their competition are selling quickly and getting close to their asking price, while over price homes rarely receive any offers. Most price reductions on overpriced homes result in “chasing the market” in which the house extends it’s time on the market because it is always behind in its price.
- New Construction - Builders are more flexible on extras and helping with closing costs…some are even offering new cars as incentives!
- Resale Homes - Sellers should have a market analysis of their home to determine the best price, have their home looking great, and in good repair before putting the home on the market. They should also be prepared to help with buyer’s closing costs.
- It is even more important to use a qualified Real Estate Professional now, more than ever. Buyers can use a Realtor to help narrow down their search, and avoid buying an overpriced home, and Sellers will need Realtor marketing skills and resources to help sell their home.
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Tags: Atlanta, buyer's market, FHA loans, housing market, new construction, real estate professional, Realtor, resale homes