Jeff Raw
One of the newsletters we follow with great zeal here at Epic Development is from Jeff Raw (pictured to the left) at Prudential Georgia Realty. Jeff always has great market insight. His analysis is showing increased buyer activity and limited supply in many markets and price points. Here at Epic Development, Rick Bennett and I agree with his analysis. It’s consistent with our own experience as well as with Keller Williams’ last quarterly update as presented by Shaun Rawls.
Shaun Rawls
Rick and I do not believe the buying public or the press yet understand the subtle shift that is occurring. Many still feel were are in the 2009-2010 period where a buyer could make crazy low offers and reasonably expect them to be accepted. During this year, as buyers begin to lose out on the purchase of the home they really want, there is going to be a shift in market psychology. Initial offers will become much more realistic and buyers will have a greater sense of urgency. Sellers, recognizing this change, will hold out for their asking price. This shift could be apparent in many more sub-markets as early as this summer. Here is what Jeff has to say about the Atlanta residential real estate market in general.
The famous groundhog General Beauregard Lee did not see his shadow and predicted an early spring for Metro Atlanta. And Prudential Georgia Realty is seeing an early spring market for real estate. Buyers are out and pending sales are increasing. But many markets in our area are seeing very low levels of inventory for sale. The latest numbers in many of our markets show inventory levels down 25% – 30% from this time last year. The mix of properties in some areas is also changing. For the 20-county metro area, short sales & foreclosures were 60% of total transactions last year. But a significant portion of those were in the low end of the market. So looking at national numbers or even Metro Atlanta numbers can be misleading. Remember that real estate is local and many markets are different. We are now seeing lots of markets and price points where short sales & foreclosures are a small portion of the available inventory. That means that market conditions are improving for sellers and resales are going to be more popular in 2012!
For more information about home ownership or real estate investment in Atlanta call Jim LaVallee at 404-847-9080 or write Jim@EpicDevelopment.com. You can also view details of all our current listings here. For more information about commercial real estate operations or investment visit EpiCity.com.