ResalesAtlanta Sellers Become More Realistic, Say Local Realtors
The dot-com meltdown hit the Atlanta housing market hard, but low interest rates have kept buyers interested, creating the opportunity for compromise, say local Realtors.
"Atlanta has a mild climate which attracts many big companies and new residents who choose to move here every year," says Realtor Tim Hutchinson. "With a population of 3.5 million people in a 10-county area, this beautiful city is expected to be the fastest growing metropolitan area in the U.S. in the next 25 years. The Dahlonega Gold Museum in the Appalachian Mountains, Cumberland Island, and the beaches of Georgia and Florida are within half a day"s drive of Atlanta. In the metro area, the Atlanta Symphony, Alliance Theatre, off-Broadway shows, outdoor concerts, fine dining, The Carter Center, Stone Mountain, nearby lakes, professional and college sports (including the Braves, Falcons, Hawks and Thrashers) are all here for you to enjoy!"
About the market, Hutchinson says, "Every style, type and size of home are available for purchase here. From condos in Midtown to a mansion in Buckhead to a horse farm in Roswell, we have it all here in the Atlanta area. It"s a buyer"s market here with over 21,000 homes for sale."
Says Realtor Janice Loose, "Atlanta is a blossoming town, with activities and style that"s sweeter than a Georgia peach. For starters, Atlanta headquarters such established companies as BellSouth, Coca-Cola and UPS, as well as many of today"s entrepreneurial up-and-comers. When the workday ends, there"s just as much enjoyment in store. Whether it"s a Braves baseball game, a walk in one of Atlanta"s many natural areas, or boating on Lake Lanier, Atlantans love to have fun! World-class restaurants and night clubs, as well as a true international culture, make Atlanta one great place to live."
"The opportunities for buyers and sellers in the Northeast area of Atlanta are definitely there," says Realtor David Antonich. "The residential home market for the Northeast area of Atlanta has been neutral to slightly lower on resale homes for the last six months. Prices have softened from 12 months ago, and buyers can find more flexibility in the seller"s terms. Sellers usually receive approximately 97-98% of asking price to full asking price depending on the condition of the home and the costs asked for from the buyer. The amount of time a resale home is on the market depends on the area, the condition of the home, and the asking price. Values in the under-$200,000 range are moving the fastest, with slightly more time added as the value increases. For the Northeast area, the approximate time on the market is four months for an offer and five months to close. The resale homes in good to excellent condition that will compete with the new construction still sell well."
Antonich continues, "Bank financing rates for fixed and adjustable rates have stabilized and even decreased recently. Fixed rates for excellent credit currently range from 5.5 percent to 6.0 percent, to one half point lower for shorter terms and adjustable rates. Financing is available for the first-time buyer at 97 percent and 100 percent, again based on excellent credit history. The availability of mortgage money for all situations and credit ranges is very good and driving the new and resale residential home market."
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