Tags: Business News, Community & Outreach
March 25, 2014The real estate market in metro Atlanta has shifted dramatically in the past 18 months.
And that shift has brought both buyers and sellers an unprecedented opportunity to achieve the American dream.
Determined buyers are able to buy, and motivated sellers are able to sell, but the question is always asked: Is this a buyer's market or a seller's market?
I believe the answer to both questions is, "Yes!"
Yes, this is a buyer's market because:
There is an ample supply of reasonably priced homes currently available in the Atlanta area, resale homes are still a bargain compared to their pre-recession levels and sellers in many areas are still willing to cooperate with buyers by offering to assist with closing costs and other expenses that can prevent a buyer from purchasing a home. Interest rates for long-term home loans are still at historically low levels, allowing buyers to lock-in a rate that will reward them monthly for decades to come, and there is substantial value in the financing of their home.
And at the same time, yes, it's a seller's market because:
The No. 1 problem in the Atlanta real estate market for the past five years has been the sea of foreclosures that decimated property values. Home selling prices have increased by more than 20 percent in the past 18 months, and there is a dramatic decline in the inventory of homes for sale in the metro area. But now, home prices are rising and sellers are getting above appraisal value for their homes again.
So what does all this mean? Is it a buyer's market or a seller's market? It appears to me that both sides of the transaction are benefiting from the current state of our economy. And from this perspective, it actually seems to be getting better on a monthly basis.