Metro Atlanta Real Estate is Moving Fast
The Metro Atlanta real estate market is having a hot summer! Homes are in short supply, with Atlanta home inventory running about 10% lower than a year ago. Lean inventory is especially challenging for first-time home buyers, who have little to pick from in entry-level price ranges.
With fewer homes for sale, pressured home buyers are competing for properties, often finding themselves in a bidding war. Naturally, home prices have been trending higher, with median Atlanta home prices up 6.1% from a year ago.
What I find most telling in our latest statistics, is how quickly Atlanta homes are going under contract: a median of 19 days! And in many cases, good homes in desirable areas are going under contract within 1 to 3 days. This is a very fast market, without pity for the indecisive home buyer!
Buying a Metro Atlanta home always requires planning and preparation. Home buyers can still succeed in this market, but having your financing in order is an absolute must. Knowing your budget limits, and respecting them, is important when you find yourself competing with other offers. There are also ways to make a compelling purchase offer without adding dollars. Being easy to do business with, and being flexible on the terms, can count for a lot.
For example, this market is also challenging for home sellers who need to find another home to buy! If you can allow the sellers to remain in the home for a few months after closing, in return for a reasonable rent, your offer could remove the seller’s stress and worry. Of course, you may not know whether or not your seller needs this leeway. But by making it part of your offer, you could engage the seller in a round of negotiation that may not have happened otherwise.
Buyers who can put themselves in the seller’s shoes, and find ways to sweeten the deal without getting over their heads, can win the day! Money alone does not always make the best offer.
Give yourself a home buying advantage, and contact me to get the newest listings! You can also sign up for free, automated property alerts on my website.
Have questions about Atlanta real estate? I’m only a phone call or email away!
Jill Heineck
Associate Broker
Heineck & Company at Keller Williams Realty
Phone: (404) 418-9157
Email: jill@heineckandcompany.com
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