Foreclosure Notices are DOWN in Metro Atlanta!
The AJC is reporting that Metro Atlanta foreclosure notices are at their lowest level since mid-2007! [Hallelujah! Hallelujah! Hallelujah!] This is GREAT news! Their stats read that there are 4,531 foreclosures advertised for March auction across the 13 Metro Atlanta counties. This is down significantly from the height of the foreclosure crisis in 2010 where the number reached as high as 13,834!
And let me tell you... boy, can we tell a difference in the inventory level! While this is wonderful news, it can make finding the perfect home take a little longer than what it used to. There's not as much to choose from and multiple offer situations are almost a given. I spoke with an agent the other day about one of our new listings that had multiple offers (14 within 4 days) and she said it best when discussing this interesting market - "it's like every house I show goes under contract before I can back out of the driveway."
I'm not sure that there is a secret in this market because it's just so tough, but if you find a property that you're interested in, you MUST act fast! View it as quickly as possible (2 days later is almost always 2 days too late!), write an offer as quickly as possible, and come in STRONG. It's not a pressure/sales tactic, it's the truth. This market isn't for the sloth paced buyer nor the buyer who wants to negotiate the price down $25,000 on a well priced foreclosure. You will be outbid every time. Not only are you competing against other home buyers but investors with deep pockets as well! We talked to one Realtor the other day who represents a NY based investment group with a goal of purchasing 3500 homes in Georgia. They're purchasing site unseen and offering more than the asking price in many cases.
This market is unique. It takes a great amount of patience, perseverance, and determination if you're a buyer.
If you're a seller, expect to see a slight (and by slight, we mean SLIGHT) increase in home values. The southside of Metro Atlanta took a much bigger hit than the north side, so when you hear the local news talk about appreciating home values, remember that we have a lot more recovering to do than most of Metro Atlanta. Our values will slowly come up, but don't expect any big jumps.
To read the full AJC article, visit: