It’s no secret that Atlanta and the surrounding area have endured a difficult real estate market during the past 4-5 years. Atlanta has had one of the highest number of foreclosures and short sales in the country, but is experiencing a dramatic change.
Prime Neighborhoods Improve
With the economy slowly recovering and the housing market improving as well, some parts of the Atlanta real estate market like the Emory University, Virginia Highlands, Buckhead and City of Decatur neighborhoods are seeing multiple offers and rising sales prices.
Foreclosures and short sales in the Atlanta area
Another area of the Atlanta housing market is also showing marked recovery and interest.
For buyers seeking a foreclosure or short sale under $200,000, the competition has changed. According to an article in the Atlanta Journal-Constitution by Christopher Quinn, “Metro Atlanta’s depressed home prices are drawing the interest of a new type of buyer – companies that buy houses in volume.”
Several companies with billions in cash to spend on investment properties are buying foreclosure and short sales in all parts of the Atlanta metro area. Competition is fierce and many properties have multiple offers, making it difficult for individual home buyers to purchase a home in this price range.
Some realtors like Sandy Bowley of Realty Associates are working almost exclusively to find appropriate homes for these investors. “It’s a race to find qualified homes and by the time you have checked them adequately, the property has three other offers”.
While this type of competition increases property values and improves the housing outlook, it forces many prospective individual buyers out of the market and into a rental situation. Investment companies are buying in a frenzy, then holding properties until the market improves, or leasing them for the immediate future.
More single-family investment properties will soon be available, as homes are repaired and offered for lease by the companies that are spending billions to invest in the area. It appears that the Atlanta Rental Market will have ample housing opportunities in the future.
Atlanta Decatur Homes is a local real estate company providing Rental Management Services and representing buyers and sellers in the Atlanta, Decatur and Emory University neighborhoods for over 25 years.