Latest Real Estate Market Trends in Metro Atlanta
The latest real estate market trends in Atlanta, GA, show a mix of growth and challenges, reflecting the city's dynamic economic and housing landscape. Home Prices and Sales Median Home Prices: As of June 2024, the median home price in Atlanta is $434,000, representing a 4.7% increase from the previous year. The median sale price per square foot is $303, up 5.9% year-over-year. Another source notes a median sale price of $439,215 in the last 30 days, up 4.3% from the same period last year. Sales Volume: The number of homes sold has decreased. In May 2024, 773 homes were sold, down from 802 the previous year. In the last 30 days, 1,833 homes were sold, down from 2,167 last year. Market Competitiveness Days on Market: Homes in Atlanta typically sell after 35 days on the market, compared to 28 days last year. Offers and Pricing: The average home sells for about 2% below list price, with hot homes selling for about 1% above list price. Homes go pending in around 22 days for average homes and 11 days for hot homes. The median sale-to-list-price ratio is 98.09%, down 1.9 points from last year. Housing Supply Inventory: The total number of homes for sale increased by 10.2% from May to June 2024, with 7,628 homes available in June 2024. The months of supply increased to 2.5, up from 1.4 months last year. New Listings: There were 2,402 new homes listed in the last 30 days, up 3.2% year-over-year. Migration and Relocation Trends Inbound Migration: Atlanta continues to attract homebuyers from other metropolitan areas, with significant interest from New York, Los Angeles, and Washington. Local Retention: 79% of Atlanta homebuyers searched to stay within the metropolitan area. Rental Market Rent Trends: Atlanta saw a 1.2% increase in rent, indicating a steady rise in rental prices. Economic and Employment Factors Job Market: Atlanta's job market is robust, with an unemployment rate of 3.2%, below the national average. Key sectors contributing to job growth include technology and construction. Future Outlook Builder Confidence: Builders in Atlanta are expressing growing confidence in market conditions, indicating positive prospects for the real estate sector. Market Stability: Despite fluctuations in mortgage rates and construction costs, the Atlanta housing market is expected to maintain its momentum, driven by strong demand and favorable economic conditions. Overall, the Atlanta real estate market remains competitive with rising home prices, increased inventory, and strong demand driven by a robust job market and steady influx of new residents.
The Role of Virtual Tours in Modern Home Buying
Virtual tours have become an indispensable tool in the modern home buying process. As technology continues to advance, buyers and sellers alike are discovering the numerous benefits that virtual tours offer. In this blog post, we will explore the role of virtual tours in the real estate industry and how they have revolutionized the way people buy and sell homes.For buyers, virtual tours have made the home search process more accessible than ever before. With just a few clicks, potential buyers can explore properties from the comfort of their own homes. This accessibility is particularly beneficial for out-of-town buyers or those with limited mobility who are unable to physically visit multiple properties. Virtual tours allow them to get a realistic sense of the home's layout and features without the need to travel.Visualization is another key advantage of virtual tours. Instead of relying solely on photographs or written descriptions, buyers can now immerse themselves in a 3D representation of the property. This visual experience helps them to better understand the flow and size of the rooms, ultimately aiding in their decision-making process. Additionally, virtual tours often include detailed floor plans, allowing buyers to envision how their furniture or design ideas would fit within the space.Convenience is a significant factor for both buyers and sellers. Virtual tours eliminate the need for scheduling multiple in-person showings, saving time for all parties involved. Buyers can narrow down their choices more efficiently, and sellers can attract more qualified buyers who have already had a virtual walkthrough of the property. This convenience also minimizes the disruption to sellers' daily routines, as they no longer have to constantly tidy up their homes for showings.In terms of accuracy, virtual tours provide a comprehensive and realistic representation of the property. Buyers can examine every nook and cranny, zoom in on details, and get a true sense of the home's condition. This level of accuracy helps buyers make more informed decisions about whether a property meets their needs and expectations.Lastly, virtual tours enhance engagement between buyers and sellers. Buyers can easily share virtual tour links with their family and friends, allowing them to gather opinions and advice. This increased engagement can lead to more confident and collaborative decision-making.In conclusion, virtual tours have revolutionized the home buying process by making it more accessible, visual, convenient, accurate, and engaging. As technology continues to advance, virtual tours are likely to become even more prevalent in the real estate industry. Whether you're a buyer or a seller, embracing virtual tours can save you time, help you make better decisions, and ultimately lead to a more successful real estate transaction.
Navigating the Mortgage Process: From Pre-Approval
Navigating the Mortgage Process: From Pre-ApprovalWhen it comes to purchasing a home, one of the most critical steps is securing a mortgage. For both sellers and buyers, understanding the mortgage process can make all the difference in a successful transaction. From pre-approval to closing, here are the key stages and aspects to consider.Pre-Approval:Before beginning your home search, it is advisable to seek pre-approval from a mortgage lender. This step involves providing documentation to verify your income, assets, and creditworthiness. Pre-approval gives you a clear understanding of your budget and allows you to confidently make offers on properties within your price range.Documentation:During the application process, buyers must provide various documents to their lender. These may include pay stubs, tax returns, bank statements, and other financial records. Sellers should also be prepared to provide necessary paperwork such as property tax records and relevant property disclosures. Gathering and organizing these documents ahead of time can help expedite the mortgage process.Underwriting:Once your loan application is submitted, it enters the underwriting stage. Here, the lender carefully reviews your financial information, assessing your ability to repay the loan. They will consider factors such as your credit score, debt-to-income ratio, and employment history. The underwriter's role is to ensure that the loan meets all necessary requirements and aligns with the lender's risk tolerance.Appraisal:As part of the mortgage process, an appraisal is conducted to determine the fair market value of the property. A professional appraiser will visit the home and assess its condition, size, features, and comparable sales in the area. The lender relies on the appraisal to ensure that the property's value matches the loan amount, protecting both parties involved in the transaction.Closing:The final stage of the mortgage process is the closing. This is when all necessary documents are signed, funds are transferred, and ownership of the property is officially transferred from the seller to the buyer. The closing typically takes place at a title or escrow company, with all parties involved in the transaction present. Before closing, buyers should carefully review all loan documents to ensure they align with the agreed-upon terms.In conclusion, understanding the mortgage process is crucial for both buyers and sellers in a real estate transaction. From the initial pre-approval to the final closing, each stage requires specific documentation, careful underwriting, and a thorough appraisal. By familiarizing yourself with these steps and working with experienced professionals, you can navigate the mortgage process with confidence and ease.
Categories
Recent Posts
