The Buckhead, Atlanta, and Marietta, East Cobb Spring market is here! It seems every year it starts sooner. March usually marks the beginning of the Atlanta Spring market, but this year it started even earlier with the warmer weather in mid-February. Overall, the market is in for another strong year. Prices have continued to increase after years of limited new construction, a shortage of inventory and a higher buyer demand. With the rebound of the past few years we are now seeing more new construction projects that are available and coming online which should eventually help the lack of inventory.
However, with the strong market come some challenges. There continues to be a shortage of existing inventory in the Buckhead, Atlanta market and in parts of Marietta, East Cobb. What this lack of inventory brings is a very competitive market for buyers looking to be in the most desirable areas of town. As we have seen the past few years, many properties have multiple offers within days of being listed in the FMLS system. This creates a seller driven market with many buyers willing to go above the list price to make sure they have a chance to buy the house. This is one of the main reasons that we are seeing a consistent increase in sales price over the past few years. Buyers are becoming more aware that they need to make faster decisions on properties and put their best offer forward to be competitive.
There are many ways a buyer can make their offer more competitive. Beyond having a very aggressive offer price, a buyer needs to be flexible with the closing date and willing to let the seller retain possession after the closing in order to move out. Another, is to put a higher amount towards the earnest money. In the past it has typically been 1% of the purchase price, but in today’s market 4% or 5% could be the deciding factor. I was recently able to help a client go under contract on a condo in a very popular part of the Intown market by being the first offer presented with an aggressive amount, a higher amount of earnest money, and flexibility on the timing of the closing date and possession date.
The Buckhead, Atlanta, and Marietta, East Cobb real estate market is continually changing but the good news is that we are in for another robust year. Mary Beth Lake & Associates look forward to helping both sellers and buyers in a very competitive real estate environment.