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It was bound to happen. The abundant market of Atlanta homes for sale has been depleted, leaving behind plenty of frustrated buyers who are finding their Atlanta home search more challenging these days.
To be quite frank, the Atlanta homebuyers who are searching for deals on finished homes right now in the Atlanta housing market caught on just a bit too late. People who were looking to capitalize in the Atlanta home market and who had greater buying power devoured most of the deals. Now, other Atlanta homebuyers are left with slim pickings.
The Atlanta housing market has definitely seen a huge difference in the level of inventory since last year this time, and Atlanta real estate agents are scrambling to find suitable homes for their buyers. As a matter of fact, finished housing inventory in Atlanta is down by a staggering 30%.
Now that the economy is on the rebound and Atlanta housing prices along with the interest rates have crept up, Atlanta homebuyers have to be intently motivated and focused when searching for a home. If you’re one of those people or know someone in that boat, take note on how to deal with Atlanta’s low-inventory housing market.
First, you need to know exactly what you want out of a home. The path to getting what you want always starts with knowing what you want. Make a list of must-haves, rank-them and use this as a tool in making the decision to move forward or to move on. At the same token, be realistic considering the inventory available today in the Atlanta housing market. Are your expectations realistic? Are you being too picky? Do you have to have that fireplace in your Master Suite? In no way should you buy something that you can’t live with, but don’t expect your dream home with this level of inventory in Atlanta.
Get creative and be willing to ask. You may not have thought about searching rental listings, but that may be a good idea. Ask if the owner would be willing to sell. Maybe the owner wasn’t able to sell in Atlanta in the past and resorted to leasing. This may be their opportunity to unload an asset and your opportunity to get the home you want. If you don’t ask, you won’t know.
Be prepared to move quickly when you find a winner. This means, having all of your finances in order. Money talks in offers and sellers will only entertain serious and qualified buyers. So by all means, make sure you are pre-approved, have earnest money and down-payment funds before you even look at houses in the Atlanta area. If you’re not ready and set to go, then you’re asking for the extra frustrations that will come along with being unprepared.
Lastly, don’t expect to get the deals that were on the Atlanta housing market a couple of years ago. If you remember anything at all from your economics class, you must remember that when supply is low and demand is high, suppliers have the advantage in pricing. Essentially, the days of slash and burn listings are long gone. That’s something for which we can all be grateful.
You must play to win, and the Go Getter Team will help you do just that in the Atlanta real estate market!
Share with us your home search experience if you’ve bought a home in the past or you are buying a home in Atlanta right now.