Wednesday, 18 October 2017

How Irma Will Impact Atlanta Real Estate

Written by Posted On Wednesday, 20 September 2017 17:36
How Irma Will Impact Atlanta Real Estate How Irma Will Impact Atlanta Real Estate

How Irma Will Impact Atlanta Real Estate

For Atlanta, most of Irma's impact will be over in the next few weeks and it'll be back to normalcy if it's not already... or will it.   While I was without power for 4 days there are people in Florida, like the real estate agents in Marcos Island, who don't have power or mail service.  However, I think Irma has the potential to change the market in the coming yeas, so with that, here's How Irma Will Impact Atlanta Real Estate.

After Katrina hit New Orleans something profound happened.  It wasn't evident the year of Katrina but only one year later something occurred.  If you guessed that there were people that moved out of the New Orleans area, you are right! In fact, over 6,600 families relocated from New Orleans to the metro Atlanta area in just 2006. This is/was significant not only because that was the highest number of any relocations in any given year for New Orleans, it was the highest "migration" of any time that was recorded previously!  Yes, HISTORY MAKING. When you look at the statistics, it's hard to decipher because that 6,600 hundred moved from Orleans Parish. This does not count the people who relocated in other counties.  

I expect something similar to happen with Irma.  While Floridians are no stranger to being battered by hurricanes it's been a long time since a devastating category 5 has had landfall.  In fact, it's been over 10 years since Wilma, and then Andrew before it in the 90's!   Migration patterns are much more difficult to track in Florida because it's obviously, people want to move to Florida (meaning they "want" to buy homes vs "have"  to) whether that's to retire or even buy luxury real estate.    You might be thinking that sounds nice but why do I think Atlanta real estate is the most likely place for Floridians to land?

Why Floridians Will Move To Atlanta

For years Broward county led the country in number of relocaters to Atlanta, so it makes sense to me that in 2018 we'll see an influx of families from Florida want to move to where the climate is similar enough and amenities are similar enough. This is such a well known migration pattern that Atlantans call relocated Floridian retirees, "half-backs."  Essentially, they moved from the north to retire to Florida and then moved "halfway back" to Atlanta.    In addition, Atlanta is well known for it diversity and when you think about an area like Miami, it's makes perfect sense to choose a city where everyone is welcome (in terms of perception). 

Time will tell how many of Floridians and others impacted by these hurricanes will move to Florida, but if I was a betting man, I'd say Atlanta is about to see an increase in demand to an already screaming hot real estate market. 

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Joshua Jarvis

Joshua Jarvis is a 15 year veteran of real estate and runs his own real estate team, Jarvis Team Realty in Duluth, GA.  His team is routinely in the top 1% locally and top 2% nationwide with over 100 homes sold every year. A graduate of Georgia Tech, Joshua engineers systems for his team and clients alike.   Joshua love technology and is often asked to teach or speak on the subject of real estate SEO and digital marketing.

www.gahomesdigest.com

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