Greater Atlanta Residential Real Estate: Where are we now?

Greater Atlanta’s residential real estate market has gotten off to a strong start thanks to continued low interest rates and buyer interest after months of sheltering in place, according to Kelly Stephens, managing broker of Engel & Völkers Atlanta North Fulton and Engel & Völkers Buckhead Atlanta. She notes it’s currently a seller’s market, as the inventory of attached and detached single-family homes in the 14-county greater Atlanta area is low – perhaps an all-time low of 18,153. “Searching back seven years through FMLS (First Multiple Listing Service), I do not see another month with inventory reported at such a low number. Usually, we expect to see inventory at around 30,000 listings in greater Atlanta. Competition for existing homes is fierce, with sellers receiving multiple offers from prospective buyers,” Stephens says.

Stephens notes that increasing activity from iBuyers, means some traditional home buyers are losing to iBuyer cash offers. This situation is sending more traditional buyers to builder neighborhoods, as they are unable to find resale opportunities in older communities. Here, buyers have the opportunity to select a lot, and choose a floor plan and custom finishes to build the home of their dreams. Navigating this process is challenging in “normal” times, but it is even more complicated during a pandemic. Typically, homebuyers must wait 4-6 months before their new home is completed. The ongoing economic uncertainty generates a number of unanswered questions: Will I still have my job in six months? Will my existing home hold its value until I am ready to sell it? Where will interest rates be when I am ready to sell, and will there still be ready buyers?

“Many would be do-it-yourselfers are finding great value in working with a Realtor to navigate the home buying/selling process,” says Stephens. “Realtors are trained and experienced in helping their clients figure out timing, anticipate costs, evaluate the pros and cons of traditional sales versus iBuyers, etc. This is not a market where you want to wing it! FMLS reports that from Jan. 1-26, 6,818 buyers have signed contracts on homes in our area. Most have had a trusted Realtor at their side. And, while we hope to never again have to navigate through a pandemic, Greater Atlanta’s professional Realtors have successfully met the challenge.”

About Engel & Völkers

Since its beginning in 1977 as a specialty boutique providing exclusive, high-end real estate services in Hamburg, Germany, Engel & Völkers has become one of the world’s leading service companies specializing in the brokerage of premium residential and commercial real estate, new developments, yachts and aircraft. With over 800 locations in 30 countries on four continents, Engel & Völkers offers both private and institutional clients a professionally tailored range of luxury consultancy, sales and leasing services. The company established its North America corporate headquarters in 2007 and opened its first brokerage in the same year. Committed to exceptional service, Engel & Völkers supports its advisors with an array of premium quality business services, including intensive training in its in-house real estate Academy, as well as access to its global network of real estate professionals, property listings and market data. Engel & Völkers is an active supporter of the Fair Housing Act and the Equal Opportunity Act. Each brokerage is independently owned and operated. atlantanorthfulton.evrealestate.com, buckheadatlanta.evrealestate.com