If you're a Homebuyer watch this
If you’re a buyer, you should know that competition is tough right now due to low inventory. If you’re looking for a strategy to successfully purchase your dream home, you’ll want to hear about this one proven strategy for buyers to win in today’s market. However, before I share that, I’ll talk about the latest update in metro Atlanta real estate.
The average sales price reached a record-breaking $533,000, marking a 2.5% increase compared to the previous year. This surge in prices is not unique to Atlanta, as many areas are experiencing similar record-breaking figures. The primary factors driving these prices are the limited inventory and buyers' motivations to improve their living situations or accommodate life circumstances, which I refer to as "vitamin moves."
Despite interest rate fluctuations, both vitamin moves and aspirin moves (driven by factors like death, divorce, or health issues) are still prevalent in the market. While the number of buyers has slightly decreased, it has not caused a significant stall or reduction in prices. New listings in metro Atlanta have declined by 27%, and it is unlikely that we have reached the peak inventory levels seen in previous years.
"The primary factors driving the increase in home prices are the limited inventory and buyers' motivations to improve their living situations."
Interestingly, in June, the number of new listings was comparable to what is typically seen during the lowest months. This demonstrates that the market still has over 50% less inventory compared to pre-pandemic levels. Sellers, on average, are receiving 99.9% of their asking price, making it an opportune time for them to sell. If you’re considering a move due to factors like interest rates or growing families, the market conditions remain favorable regardless of interest rate fluctuations.
For buyers, the key to success lies in selecting the right Realtor. Here at the Kelly + CO team, we employ 10 critical steps to ensure buyers have access to every opportunity in the market, whether listed or not. Simply relying on MLS searches, as most agents do, is no longer sufficient. By exhaustively exploring all avenues, buyers can discover off-market properties and avoid competing with other buyers. On average, we identify three off-market properties per buyer.
If you’d like to learn more about the market or need help with your real estate goals, call or email us. We’re always happy to help.