What's Fueling Real Estate In The Metro Area?
If I answered this question 12-months ago, my answer would be different. Back in early 2020, I'd tell people who are in the market to buy, that other buyers may not look like you. There might be others looking to reside in the property, but they are also likely to include private and institutional investors during that time. This could be a retired UPS executive investing retirement money or it could be a Hedge Fund that is under pressure to purchase investment properties.
In 2021, the playing field has continued to change but for different reasons. Due to the Pandemic, the Atlanta metro area is experiencing a surge of out-of-state buyers. Many of these buyers are leaving higher-priced cities, which gives me a lot more buying power in the Atlanta market. People are fleeing states such as California, Illinois, and New York are heading south to Georgia, Florida, Texas, and others.
In a recent transaction in the metro area, a relocating Californian was able to outbid 14 other local buyers to secure her next home. In another transaction, two out-of-state investors started their bidding at an over-asking price offer to raise the bar for other buyers, but also to win the option to move forward with the seller. This is making the metro area market super competitive and very hot! Some markets are down to a 1/2 of a month of inventory when this time last year may have had 1 to 3-months of inventory. For those of you who may not know, a balanced market is 6-months of inventory.
If you have a need to relocate and/or invest in metro Atlanta real estate, feel free to reach out by giving me a call or send me an email.
Associate Broker, REALTOR®, &
Licensed Professional Counselor (GA-LPC)