Here is our October 13th, 2021 Email Update about Real Estate in Northwest Atlanta
Everyone Expecting the Market to Crash due to the flood of Evictions & foreclosures – are still waiting. Some Pundits believe prices will be headed downward when a flood of foreclosures and evictions (of whom many will sell since the being a landlord thing is so unprofitable LOL) increases supply so much it overwhelms demand. The numbers show that while the # of evictions filed (11,000) did rise 19% after the moratorium ended on September 1st, they are far below their expected 100,000 filings here in Atlanta.
Since the vast majority of filings don’t result in evictions and we are selling about 10,000 homes a month it is not reasonable to expect this “flood” to move the needle on prices. If your tenant is behind on rent, you might consider coordinating rent relief from the federal or state government while there’s still money left in those programs.
The metric we are looking at for Northwest Atlanta Properties is months of remaining inventory which follows supply and demand. We don’t see significant changes until interest rates increase by at least 1.5%. Read: No time very soon.
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Real Estate Stats and Thoughts
Our primary areas of service are below, and it continues to be an unusually strong sellers’ market. Average appreciation is just over 19% year over year, but the rate of appreciation is slowing from the highs of 26% year over year.
Number of sales in September of 2021 dropped significantly by over 21% (974 versus 1237) compared to September of 2020. Median Days on Market at 6 for these areas are at all-time lows too! It’s still HOT, there just isn’t enough inventory. Last year there was pent up demand from the almost no sales April-July that occurred in fall last year.
We predict this to be the best time to sell in 11 years.
Interesting note: For the second time in my memory median sales prices exceeded list prices in all the areas below (the last being July of 2021) which means many homes are selling for over asking price MOST of the time. The small interest rate increase in late September may help cool buyer demand but the fact is the decline in sales is due to a lack of inventory which is at all-time lows. Not from a lack of demand.
Highlighted City: Cartersville
History of Downtown Cartersville
Many of our Investor Owners are buying in Cartersville – a vibrant town of 20,000 it is located 42 miles from Atlanta and 76 miles from Chattanooga. It’s currently home to several major employers and features a great diverse set of parks, the Etowah River, and is the County seat of Bartow County.
Following the Cherokee Removal in 1838 and the surveying done for the Western & Atlantic Railroad, a small group of families settled in the area that would become Cartersville. Named for Farish Carter, a wealthy landowner and entrepreneur who frequently traveled through this area between his plantations in Chatsworth and Milledgeville, Cartersville was first incorporated as a town in 1850, following the completion of the railroad through northwest Georgia. Accounts from 1849 show that the town could boast of 150 inhabitants and four or five stores and one hotel. Most of the store buildings were wooden structures facing the downtown square with the depot at its center. Growth continued steadily, especially driven by the heavy train traffic passing through town.
Beginning in May 1864, Cartersville first felt the physical effects of the Civil War. Throughout the year, both Union and Confederate troops marched across the county, including through Cartersville, damaging homes, businesses, and the train depot. In fact, much of downtown was destroyed during the occupation by Federal troops in 1864 and 1865
Following the war, the town quickly rebounded. By 1866 numerous new businesses began operation, and by 1867, Cartersville was chosen as the new county seat of Bartow County, due to the destruction of Cassville during the war. In 1872, the town was incorporated as the City of Cartersville.
According to local resident John Henry Wikle, Cartersville in the 1870s had a population of 1000 and was a trading center for eight or ten surrounding counties. He said the streets would be crowded with wagons and buggies from all parts of north Georgia, and that passengers and large amounts of freight, especially cotton, merchandise, and building supplies arrived in town by train
The growth and prosperity of Cartersville continued to be tied to agriculture and mining throughout the 19th century. Iron, barite, bauxite, limestone, manganese, and ochre were all mined in this area for many years. The textile industry got its start in Cartersville in the early 20th century with the building of the American Textile Company, later acquired by the Goodyear Tire & Rubber Company. Many companies in these particular industries have come and gone over the years; however, New Riverside Ochre and Shaw Industries continue these activities today.
With the 20th century came other means of transportation to complement the role of the railroad in the expansion of Cartersville. By the 1920s, what would become U.S. Highway 41 made its way through Cartersville, and Interstate 75 was completed in Cartersville in 1977.
Property Management Question of the Month
I have some repairs needed how do you handle it?
At Northwest Atlanta Properties we, unlike many of our competitors, do NOT charge any additional fees to handle repairs for properties we manage. When a tenant reports a problem, or we notice items needing attention during one or our physical inspections, we work with you every step of the way.
Some owners prefer a more hands-off approach and as a smaller, family-owned company we are happy to accommodate. Generally, we get some pictures, obtain bids on non-emergency work or replacements over $250 and help you make the best decision possible regarding repair or replacement. Our goal is to provide you the best options, keep the tenants happy, and find quality vendors/repair people.
Of Note: Currently, we are finding appliances to be back ordered by two to four weeks and handymen raising their fees significantly due to a shortage of help and an abundance of work.
If you have specific recommendations for a handyman, painter, electrician, plumber, etc. Please let us know who you love to use. We are happy to use your preferred vendor on your home and it helps us to grow our list of great vendors!