ResalesAtlanta: Housing Buyers Having A Happy Holiday
Buyers in Atlanta, Georgia are still waiting to see what"s under the tree, according to local Realtors, but those who open their presents early may find house bargains are already here.
"Atlanta could be called the "Big Apple of the South," say Realtors Jim and Ellen Crawford. "Atlanta is a new, young, and vibrant city, with loads of great shopping, a METRO system, fine dining, affordable housing, and great nightlife."
However, real estate is in a buyer"s market.
"Sales are off in the upper price ranges," explain the Crawfords, "and inventory and the days on market to sell has increased dramatically on homes priced over 500K. However, home values are still holding especially in new home construction. Intown sales in a more modest price range are selling in a reasonably short period of time. There is a shortage of product in new homes, and softening of pricing on resale.
"Also, sellers have started to reflect price changes on their properties," they add, "and the relocation market is off. Sales of existing inventory, and sales vary by price range and location. However, the lower rates are keeping some momentum in the market in moderate price ranges, and on brick homes, keeping listing prices firm. In this market, we are finding some flexibility in the seller"s terms more so in the higher priced homes, and in moderate ranges the sellers are paying some buyer closing costs, repairs etc. Under 250K, it is business as usual."
"Atlanta is an excellent area for investment properties and condos," says Realtor Walter Feble. "Our large inventory of new homes and condos are competing for promotions and sales, many foreclosed and unmaintained properties on the market, creating an ideal "Investor"s Market". Still, A well-maintained and clean home will sell quickly and at above market value. There"s definitely a sub-category to keep in mind for "well maintained Homes" and that always booms."
Realtors remain hopeful the business will turn.
"Atlanta is a fabulous city with international status," says Realtor Brenda Pettit. "One of the main reasons that Atlanta remains a favorite city is because of low cost housing as well as low taxes."
She advises, "The key to selling a home in today"s market is price and condition which makes buyers very happy. With the holidays close, the market has slowed down but we expect next year to be a fantastic year.
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