Bird’s Eye View: It’s a Seller’s Market!

What a difference a year makes!   Unless you’ve been hiding under a rock, you’re probably aware that the real estate market in Atlanta is booming.  A recent article in Atlanta Business Chronicle sums it up nicely in the title “Experts: Multiple Offers Return for Intown Homes” (Feb 8, read full article).  With dramatically low inventory levels in most intown neighborhoods, buyers are scrambling to find properties and, when they do, they often find themselves in multiple offer situations.  This is a big shift in mindset from spring 2012 — the article concludes with a comment from Charlotte Sears, President of Coldwell Banker, “When it was buyer’s market, buyers caught on quickly and it took a while for sellers to adjust.  I think now it’s going to take buyers a little while to adjust.”

Strong signs of economic improvement both locally and nationally have made consumers more confident, and the housing market has been a beneficiary of these improvements.  Better than expected job growth and lower unemployment in February have contributed to a growing economy.  Consumers are showing they are ready to be out of a recession!

So, what does all this mean to Atlanta home buyers and sellers?

Buyers can expect to find low levels of inventory, at least in the forseeable future.  Gone are the days when an agent could take their buyer out for months to look at homes.  Many agents are networking on a grassroots level to seek out properties for their buyers prior to them being listed.  And, many buyers are finding themselves in very competitive multiple offer situations for the few properties that are available.  Buyers should make sure they are working with an agent who has a strong network and can advise them on making a competitive offer that will be attractive to a seller.

Sellers are experiencing some much needed relief from the strong buyer’s market of recent years.  Good homes that are priced right are selling quickly.  It’s great to have multiple offers, right?  One caveat is that the appraisal process is keeping home prices from rising too drastically, which is probably a good thing. We don’t want to go back to an inflated bubble market.  

What we are seeing is a steady increase in prices — Corelogic reported that home prices are up 9.7% nationally. Very good news indeed.  Sellers should make sure to choose an agent who is intimately familiar with neighborhood comps and the appraisal process to help ensure that the contract price is justified in periods of high demand and multiple offers.

Whew!  That’s a lot to take in.  Hang on folks, we’re in for a wild ride in the coming months!

 

posted: Mar 14, 2013 | No Responses

Posted by:  Wakamo & Associates

Melissa Wakamo and her dynamic team of agents and support staff provide buyer and seller clients with exceptional service and proven results. Since the start of her real estate career in 2004, Melissa has proven to be a true advocate for her clients and has consistently performed in the top 1% of agents

“When I started my real estate career, I wanted to work in my local community and get to know my neighbors. Now, I realize how important that local expertise is to our clients. At Red Robin REALTORS®, all of our agents are specialists in working with buyers and sellers in Atlanta’s intown neighborhoods.”

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