Here is our June 8, 2021 Email Update about Real Estate in Northwest Atlanta
May 2021 saw our Investor Purchase Market go dormant as there is nearly no product (for sale) to be purchased! We have one new builder who has delayed 5 months (now due to close in October.) The builder says the silver lining is the same home will be $51,000 more in October… so the buyer is getting a deal. If they can keep waiting.
Supplies are hard to find – toilets, concrete, paint, drywall, and windows being the hardest items to get in a timely fashion. There is simply not much new product to be had… I have spots reserved for three developments in Cartersville and Dallas once the do release homes for purchase.
If you are seriously interested give me a call NOW – 770-726-1454 – to put your name to an upcoming new investment house. Smart investors have purchased re-sales recently, as they are available and generally in more “popular” areas. We see no reason for our prices to stop increasing for the foreseeable future and expect rents to rise also. Our investors all wish they had bought homes two years ago as the average appreciation was more than the rent received. Then only better time than then… is the NEXT one available!
Real Estate Stats and Thoughts
One of the key indicators we will look for in determining a market shift will be an increase of months of remaining inventory. When a market is normal, we see about a 4-6 months’ supply of homes on the market at any one time. Currently in Cherokee County we have 429 Active listings (many have offers in on them) and about 456 listings selling a month. Less than .95 of 1 month supply. Cobb County has 953 active listings and 1091 selling a month. Less than .88 of 1 month of inventory.
What could cause a return to a normal market? Since new supply is hard to come by it will be a decrease in demand due to prices rising and interest rates climbing significantly above their current historic lows. Our take is that it is an ideal time to buy an investment or to trade up to a “forever” home since neither of those reasons is likely to happen this year.
Seller’s Market/Buyer’s Market
Our primary areas of service are below, and it is a never-before-seen strong Sellers’ market as far how much you can get – often with a bidding war – and how fast a home will sell. Average appreciation just over 22% year over year!!! The Number of sales was significantly higher in May of 2021 versus May 2020 however this is most likely a result of the initial shut down due to corona virus – we suspect that the numbers in June will show a bounce back as last year homes were selling again in June/July and beyond. Median Days on market are at all-time lows too. We predict this to be the best time to sell in 9 years.
On the Buying side, interest rates remain in the range that causes affordability to be better than most times in our history, EVEN with the higher prices. That is why so many want to buy. It’s a great time to RIGHT-SIZE or RIGHT-AREA or EXCHANGE and OLD investment for a new one. A true WIN-WIN time for Investors!
Property Management Question of the Month
How do you all ensure my property is well-cared for? In addition to the move-in inspection and pictures, we actually do physical inspections at least two times a year for our Property Management Owners.
During these inspections, we document the condition and any areas of concern with pictures and notes. You will be able to then make decisions and see how the tenant is taking care of your home. If you have specific concerns, we make sure they are taken care of. This provides our Property Management Owners peace-of-mind and they never find 2 or 3 or 4 years later that a tenant has destroyed a home. Tenants take care of properties because they KNOW we are checking.
If you’d like a bid for us to Manage YOUR investment, please reach out at 770-726-1454 or email INFO@NWATLP.com