The time seems right for buying real estate in Atlanta, Georgia.

"It began as a nineteenth century railroad town, now Atlanta is an international hub of transport, industry, commerce, and technonlogy," starts Realtor Kathleen Chiras. "While it's hotter than last year, it is difficult to say whether the Atlanta market is more in favor of buyers or sellers. Both parties appear to be doing equally well. Buyers have a wide selection of properties."

She notes, "Interestingly enough, sellers aren't having much trouble getting their listing price either. The July 2005 sales-to-list price ratio was 98.2 -- not bad at all. Increasing at a comfortable rate, the average price of condos and townhouses is up 2 percent from last year. Single family homes appear to be holding steady, with a market time of about 71 days. And new construction is brisk, one Atlanta broker stated that builders can't produce homes fast enough. This strong demand is creating a non-negotiable, sellers market in the new construction sector."

Realtor Mardell Culley says that the "overall market conditions for Atlanta remain strong and vibrant for several different sectors including first-time homebuyers, buyers "moving-up" to the $200-$350K price range, and investors seeking to capitalize on historically low interest rates. With the current popularity of interest-only loans and competition among lenders, low mortgage rates continue to fuel the housing market and mutually beneficial deals are being negotiated for both buyers and sellers."

He continues, "There is plenty of evidence that our leaders and citizens will rise to the challenge of welcoming new residents while maintaining and improving our quality of life. Future area transportation projects include funding for commuter rail to encompass surrounding counties. And as a resident for over 18 years, I can safely say we all own a piece of this regions' future and together we can be build a better tomorrow."

Realtor David Antonich notes, "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 percent to 98 percent 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."

He adds, "Values under the $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. Bank financing rates for fixed and adjustable rates have stabilized and even decreased recently. 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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Published: September 26, 2005

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