Atlanta-area residential real estate market sees shift in buyer priorities

While residential real estate professionals are seeing a shift in the Atlanta area sphere with the type of buyers and their lifestyle priorities they remain optimistic about the forecast for the remainder of Lindsay Levin a Realtor with Berkshire Hathaway Home Services GeorgiaProperties explained she has seen steady volume so far in but the makeup of herclients has shifted Lindsay Levin Supplied In the past I worked more with move-up buyers families wanting more space or newer homes Levin mentioned This spring I m seeing a noticeable increase in downsizers and empty nesters as well as families managing estate sales Levin s mantra that real estate is driven by diamonds diapers divorce debt downsize and death is seeing more business in the categories of downsizingand death It s a reminder that real estate is deeply tied to life transitions and as a senior andluxury real estate specialist I feel grateful to be able to guide people through thosemoments with care and expertise she noted Jane Cross Supplied Jane Cross an associate broker with Ansley Real Estate Christie s International stated she feels that buyers who have been hesitant to enter the area because ofhigher interest rates are coming to terms with current levels recognizing them asthe new normal With housing prices continuing to trend upward countless are choosing to moveforward with their purchases she revealed Cross announced where she is seeing particular out-of-state buyers the numbers aren t ashigh as in previous years with the largest part activity coming from local buyers lookingto upgrade from their current living situations Real Estate Advisor Ashley Battleson with Atlanta Fine Homes Sotheby sInternational Realty mentioned she has seen a real shift in Atlanta s real estate marketduring the first half of Ashley Battleson Supplied Inventory has grown sharply up nearly percent year-over-year in somemonths so buyers have a great number of more options than they did last year Battlesonsaid At the same time home sales have dipped about five percent and homes aretaking a bit longer to sell Prices however are holding steady with the median home price around up a little more than one percent from last year she revealed One shift Battleson stated she is seeing is regarding negotiations More than percent of sellers are now offering concessions such as help with closing costs or repairs to get deals done she noted That s a big contrast anda welcome change for buyers from the pandemic years when concessions werealmost unheard of and sellers had all the leverage Robin Blass Supplied Realtor Robin Blass with Harry Norman Realtors explained she is also seeing a notable shift in the Atlanta real estate region during the first half of the year While more homes are coming on the sphere fewer are going under contract compared to this time last year Blass commented In fact there are approximately percent fewer homes under contract which is a substantial decline especially for a traditionally functioning spring sector Blass cautioned however that individual neighborhoods may tell a different story For example in Dunwoody inventory is up percent but pending sales have dropped percent and closed sales are down nearly percent for the year so far Blass explained However there are signs of momentum returning When we compare April to May Dunwoody shows a -percent increase in sold homes suggesting that buyer activity may be picking up again All the responding real estate professionals explained that economic uncertainty and concern about interest rates while certainly causing specific hesitation in certain segments of buyers is not drastically affecting the housing field thus far Interest rates are the main factor behind the slowdown Buyers are focused on value right now Levin reported They are hesitant because they don t know when rates will drop or if they ll have a good opportunity to refinance in the nearfuture On the bright side lenders are creative with rate buy-downs and other incentive programs to help ease the monthly payment burden and keep buyers engaged she continued Cross commented that in times of economic uncertainty a multitude of buyers and investors gravitate toward more stable tangible assets but they realize that real estate funding is very different compared to putting money into the stock territory Real estate offers a sense of safety Cross explained It s a physical asset something people can improve live in rent out or hold onto for long-term appreciation Blass agrees that real estate has historically proven to be a solid and resilient expenditure Even in times of uncertainty it offers tangible value and the promising for long term improvement making it one of the bulk reliable strategies to build and protect wealth Blass declared The real estate professionals offered a measured optimism regarding the remainder of The Atlanta sector is stabilizing with the average days to sell a home being more in line with pre- norms Levin disclosed In a balanced region it s moreimportant than ever for sellers to maximize their home s exposure by listing on theMLS Without full realm exposure it s hard to generate strong competition andsellers could be leaving money on the table by not tapping into buyers who may bewilling to pay more for the right home Battleson mentioned she anticipates a stronger and more ongoing domain for the remainder of especially if mortgage rates stabilize Forecasts suggest rates could fall closer to percent by year-end which would likely spur renewed buyer activity and encourage more homeowners to list their properties she declared Atlanta s economic fundamentals remain robust with projected job rise of two percent and over new jobs this year supporting continued housing demand Cross revealed homes that are competitively priced and presented in excellent conditionwill continue to perform well during In the present day s buyers are drawn to turnkey properties homes that are professionallystaged beautifully photographed and move-in ready Cross revealed When a home looks polished and thoughtfully prepared buyers can easily envision themselves stepping into a seamless content lifestyle which makes a strong impression and drives interest While as expected homes in Buckhead continue to attract the attention of anticipated buyers other neighborhoods that offer walkability and lifestyle considerations are becoming popular options Westside Atlanta has become especially popular particularly among youngerbuyers Blass stated This area is seeing a wave of new residential developments withmore attainable price points compared to other intown neighborhoods What makes it even more attractive is the rapid expansion of supporting retail dining and shopping options that create a vibrant urban lifestyle Cross stated buyers are increasingly prioritizing a strong sense of communityand access to top-rated school districts factors that have historically played a keyrole in home-buying decisions We re also seeing a renewed focus on commute times as more people transitionback to in-person work Cross commented These lifestyle considerations are standingout as major influences in buyers final decisions Buckhead remains a perennial favorite especially for luxury buyers and investors thanks to its blend of upscale amenities top schools and proximity to businessdistricts Battleson explained I sold out a neighborhood of new construction cluster homes called ChastainEast of Roswell Road between and with prices hovering around the million mark she explained In the past two years I ve resold various of those samehomes for hundreds of thousands more typically to above their original prices Battleson stated while there s a bit more caution out there real estate s stabilityand hands-on nature are keeping buyers engaged and optimistic about Atlanta s future The post Atlanta-area residential real estate domain sees shift in buyer priorities appeared first on Rough Draft Atlanta