It's a crazy Atlanta real estate market, are you ready? Atlanta Market Update May 2011
Every year the Atlanta Real Estate Market kicks it up a notch as the azaleas bloom in early spring and the trees green up. 2011 is no exception. The activity level and phone calls are up dramatically. Now that we are one third through 2011, here is what we are seeing for the Buckhead Real Estate markets.
We are seeing an explosive executive single family home lease market and this really surprises a lot of tenants. If you are thinking of looking for a nice executive home rental – look quickly and take it IMMEDIATELY! Let me say that again. If you are thinking of looking for a nice executive rental – look quickly and take it IMMEDIATELY!
The number of expatriate folks that are in Atlanta on international assignment, prefer to lease than buy, have to lease than buy or are building a new home is on the rise and there are NOT enough good lease homes for the folks out there looking.
For sellers, in certain pockets of Atlanta, we are definitely turning the corner. Now, this isn’t everywhere, but we are truly starting to see some firming up of the markets, price stabilization and a stronger market for sellers than we’ve seen in years. This is because inventories are at an all time low for the past seven years. In some price points and neighborhoods we are under six months of inventory (and if you take out the truly horrible properties, it’s almost a sellers market!)
Unfortunately, it’s not true for all sellers throughout Atlanta. There are some Atlanta areas that are harder hit, or more recently built that still have a huge supply of homes. With high inventories those markets are still struggling as well as decreasing in price point.
For buyers, the flip side is true. A number of folks are out looking to get a fabulous price at an incredible interest rate. There are still deals out there, there just aren’t as many! Many indicators are that interest rates are forecast to rise over the next months and years to come. As this happens, the great price point deal will be offset by higher mortgage payments as inflation takes off.
Time will tell as other factors influence the real estate market, but it’s truly crazy in the Atlanta Real Estate Market. What are you finding and seeing in your real estate market area?