In my 25 years as a professional real estate agent, I have never seen a better time to purchase residential real estate. Homes are selling. We actually have a shortage of listings on the market at the current time. People who have been thinking about moving, and thought they would wait to move, are saying — with these low interest rates — we should just go ahead and move.
Motivated purchasers now realize it may be some time before they would get their asking price on their current home, and now want to make it up on the buying end. People that have been waiting to sell are tired of waiting and have realized that this “is” our market for the foreseeable future. The sellers who have become more realistic with pricing their homes are seeing activity. Their homes are selling.
I would categorize the current Atlanta residential real estate market as soft. Prices are still declining in some, if not most, areas. We still currently have a lot of distressed properties, primarily short sales and foreclosures.
Correctional market forces are at work, though, and as the inventory goes down, the demand goes up. A home in good condition and priced correctly will sell in any market.
We also have many first-time homebuyers out there looking for their first home. People are still getting married, starting families, changing jobs and changing lifestyles (willingly, or possibly unwillingly). These factors are driving market demand.
There are lots of empty-nesters looking to downsize and they want to shift to more simple arrangements; and they value health, activities and amenities. They don’t need the big house anymore and they are always looking to see what’s out there for them.
I find that many potential purchasers express interest in walking to restaurants and parks, and enjoy talking with their neighbors at the local coffee shop. They are looking first at the community and then trying to make the house work after that.
I’ve also noticed recently that we are seeing more people relocating from other parts to the metro Atlanta area. Depending on where they are coming from affects whether they are able to buy. Some are coming from depressed areas, but they are willing to rent here until they can sell their current home.
For most buyers, the mortgage process of purchasing a home is taking longer. Lending institutions are requiring more information and require more substantiation of money from purchasers. Purchasers need to know that they will have to deal with more documentation in order to purchase a home. I believe this reaction is part of the healing process for the mortgage industry and will result in a more stable environment for homeowners.
Bottom line: motivated homeowners are able to sell their homes in this market. Those that elect not to price their property to reflect the market conditions may see months, and possibly years, before conditions improve enough for them to receive offers close to their asking price.
Motivated purchasers are the recipients of a double treat — historically low purchase prices and the lowest loan rates in decades. Unfortunately, most of the news we hear is negative, but there are some real bright spots (and more to come) for our real estate industry in metro Atlanta.
Marilyn Meacham is a Realtor with Keller Williams Realty-Chattahoochee North of Norcross.
About the Author
