Spring is undoubtedly the busiest time of the year when it comes to buying and selling Atlanta real estate. Some of this can be blamed on the sheer frenzy instilled in consumers, and the expectations that “now is the time!” Even still, spring has been known as selling season, and that doesn’t look to be changing anytime soon.
According to Realtor.com, inventory and sales both peak in the summer months. Considering a typical 30-45 day closing, this is right on schedule with most transactions occurring in the spring. However, just because everyone else is doing it, should you hop on the “spring market” bandwagon? There are both pros and cons to purchasing and selling during this time.
For a seller in Atlanta area, the pro to a spring market is its proof to provide a quicker sale than any other time of the year. In late spring, a seller can expect their home to sell about 18.5 days quicker than the average days on market any other time of year. Homes listed mid March through April sell about 15 days faster than the average days on market. Additionally, sellers typically receive 1% more on sales price during late spring, and 2% more during early spring, according to Realtor.com. Pros for an Atlanta buyer include higher inventory and more options since there are simply more homes to choose from. Many buyers have been laying low in their home search waiting to pounce on the best listings they know will be coming as soon spring hits.
The Cons to this rush for sellers is the competition. Although their house may show really well, and they may get top dollar, so will every other listing in metro Atlanta during this season. This rush of both buyers and sellers into the market can create bidding wars, multiple offers, and even more sense of urgency. Many times, the seller holds more negotiating power in these scenarios, which does not work in favor for the buyer.
In conclusion, the Atlanta Spring Real Estate market is a perfect example of supply and demand. The demand by the buyer gives the seller a reason to supply the inventory during this time of year. Although April is rated with highest amount of new listings, many buyers and sellers will choose to avoid the frenzy and wait it out until fall or winter before making a move, as they may prefer a slower pace and less pressure.