Atlanta Spring Housing Market – Homeowners vs Investors
“May the odds ever be ever in your favor” is the catchphrase at the beginning of the Hunger Games in the science fiction dystopian film series based on The Hunger Games trilogy of novels. It was essentially a token “good luck” knowing that all but one of the 24 contestants were about to be killed. It came to mind as I was reading the AJC series about investor-owned homes in Atlanta metro neighborhoods. Investors have scooped up the majority of homes in the $350,000-$500,000 price range leaving the odds pretty slim for the buyers I have represented in the past year.
Buyers face long odds when buying homes in Atlanta because investors, backed by Wall Street investors, have decided housing is a great place to park their cash while the stock market has been performing so poorly.
Homebuyers who need to get a mortgage loan to buy have been in competition with these Investors making “all cash” offers. Guess which offer sellers generally prefer? Yup – all cash offers are much less risky than offers where a mortgage loan has to be obtained. Cash offers can close more quickly than mortgage loan offers. And Investors are far less picky about the condition of the home than buyers who plan to live there.
So homebuyers have become frustrated and some just gave up the buying process for right now. Rising mortgage rates added to the pain home buyers have experienced and some buyers are now priced out of the market.
BUT, Investors are still around and the housing market has remained solid even though more traditional buyers have been sidelined.
The spring market will tell us a lot about the condition of Atlanta’s housing economics. I am expecting more houses coming on the market in MARCH and APRIL. This will give traditional home buyers more opportunity to snag a solid home in a desirable neighborhood.
SELLERS – let’s talk! Now is the time to start prepping your house and making plans to hit the market in March and April when homebuyers are typically in high gear with their house hunt. I know the market and I have the help you need to get your house ready to sell. Call or text me. 404-229-2995