Atlanta had a tremendous real estate year in 2013 in the single family home market.
- Buckhead homes sold in days if not hours with multiple contracts a norm.
- Sales prices zoomed much higher than we'd seen in five years.
- New home construction hit levels we've not seen in years, with new home subdivisions sold out almost as soon as the street was constructed.
It was a heck of a year. Sales inventories and correspondingly rental inventories hit 10 year lows. We literally were out of homes to sell and lease.
Now, it's 2014.
Tim Francis Realty continues to expect positive news in the Atlanta Real Estate market consisting of Buckhead, Brookhaven, Sandy Springs and Dunwoody. Sales inventory levels have crept up slightly by 10 to 15%, but we are still seeing a larger buyer base and too few homes to meet their needs. Interestingly, there are a good number of folks waiting for new homes to come on the market for them to buy. Interest rates continue to be very low, but are expected to rise slightly for 2014.
For executive rentals, homes that rent in the $2,000 to $7,500 a month range for our Buckhead, Brookhaven and Sandy Springs market, it's even more limited. There are fewer homes in the rental pool and this will only continue to shrink as more folks sell if they had been renting temporarily until sales prices came back up. Rental price points had strong increases in 2013of 5-15%, which we expect to continue in 2014.
While there was definately an investor element to the 2013 housing market, very little of that was in the Buchead, Brookhaven & Sandy Springs areas, as the price points for the average home of well over $500,000 aren't really typical investor fare.
For single family home seller's this is great news, it might be the right time to list if you have been waiting on the sidelines.
For folks that aren't sure they want to sell yet, but want to move, there might be a fabulous opportunity to lease your home out well.
Tim Francis Realty offers a free home consultation on both selling and/or leasing out your single family home in the Buckhead, Brookhaven or Sandy Springs areas.
What do you want to do with your Brookhaven, Buckhead or Sandy Springs home in 2014? Please contact Tim Francis Realty to help you make your 2014 home dreams a reality today.