The real estate blog Movoto has compiled a list of the ten most exciting cities in America, and Atlanta is among the locales. So how was the list determined? Bars per square mile, fast food restaurants per square mile, percent of population between 20-34 years old, music venues per square mile, and population diversity were just a few of the factors used to compile the list. From there, the 50 most populated cities across the US were ranked with these criteria and the list was made.
The full list is:
10. Portland, Oregon
9. Philadelphia, PA
8. Atlanta, GA
7. Milwaukee, WI
6. New York, NY
5. Washington, DC
4. Seattle, WA
3. San Francisco, CA
2. Boston, MA
1. Oakland, CA
While the list might have a few surprises (Oakland at #1 most exciting?), the Athens movers have found that the factors Movoto used to determine the list seem to take a hearty approach at entertainment venues and things to do in cities across the US.
The real estate market in Atlanta has hit a low point in available inventory–so is it a good time to buy or sell in the region? The Decatur local movers have found that the existing supply of homes priced under $250,000 is just under a four month supply, down from six-seven months a year ago. In higher price ranges, there are only five-seven months of inventory available, down from 11 months supply a year ago. While prices are still lower than they were at the market peak in 2007, houses that are well priced are selling at a rapid rate and interested buyers need to act fast if they wish to purchase here.
A concern is that the rising prices and dropping inventory could put the local real estate market to a stall. Appraisers are stuck with either keeping prices low and desirable or growing the listing prices to exacerbate bidding wars. Working with a realtor can also be an easy way to find the “right” price to list if you are a seller, because they can use comparative data from homes similar to yours.
According to a recent report created by the S&P/Case-Shiller home prices report, the Atlanta metropolitan area has experienced the highest year to year growth since 1992. In the region, home values have grown significantly with current numbers up 16.5 percent from February 2012 to February of this year. The current state of the market is great for sellers, with values increasing, but still great for buyers as well as prices are still lower than peak and interest rates are still low and manageable.
Inventory in the area is depleting, so interested buyers need to bid high and quickly on properties if they are serious about them. Homes trends that used to consist of available homes sitting on the market for months are now off of the market in a matter of days, so you must act quickly to snag the house of your dreams. For owners looking to move, the time is also ideal because they are likely to sell your existing home and get a decent amount to put towards your new one.
Throughout the US, a few real estate trends are under way. Some areas are seeing home prices dip down, while others are seeing significant increases in listing prices. Several factors, such as historically low mortgages, higher prices, and a reviving consumer mindset have all contributed to the existing state of the real estate market. The Atlanta movers have honed in on some specific trends such as,
Interest rates are up in many metros
When interest rates rise, so do prices
Median wages are insufficient to match the rise in prices
Economic growth & wage inflation will help balance the market
Atlanta, among several other markets like Cincinnati, Chicago, Cleveland, Las Vegas and Detroit, are the only cities to have had lower than past figures in terms of price-to-income ratios.
Comparing the state of the Atlanta market to recent years, it’s easy to see that the area has continued to grow and evolve even amidst the economic depression. The Atlanta movers have found that several trends have emerged over the past few years, such as a continuing drop in available inventory. Dubbed by many as a seller’s market, the existing inventory in the region has dropped from over 100,000 homes to about 35,000 available in the massive metro.
Current data shows that the price on existing available inventory is about 13 percent over 2012 figures, specifically January 2013 to January 2012 comparisons, with prices creeping back up to where they once were in 2005. It has been predicted that the positive trends will continue for at least two more years and that the market will only continue to strengthen.
As we head into the second quarter of 2013, the Atlanta movers want to examine how the real estate market is holding up in our area thus far for the year.
Certain areas of Atlanta, we have learned, are experiencing quite a busy time for sales and real estate transactions. Atlanta has big city appeal and also masses of suburban areas, so there is something for everyone in this booming metro. The flip side is that lending is stricter than ever, so while the rates are historically low-ish, you still have to qualify to be able to get them. Lending now is a much tougher ballgame than it was about 5 or 6 years ago.
The surge of new construction projects in the Atlanta area has had local insiders stating that the Atlanta real estate industry has the ability to gain momentum similar to the success that it had in recent years prior to the economic recession. The Alpharetta movers have found that several high profile projects such as expanding the Beltline, redeveloping the Sears building and the new construction of a $1 billion stadium for the Atlanta Falcons are a few examples of where the commercial construction is soaring.
This string of development is being compared by industry professionals as the most popular time for urban redevelopment since the early 2000s and even draws comparisons to when the Olympics were held in Atlanta (bak in 1996). Big names like Coca Cola, Delta and other national brands with anchors in Atlanta continue to contribute to the area’s prosperity.
According to recent comments regarding the real estate availability in the Atlanta metro area, there is a slim market of available housing in the region. The lack of homes available for new buyers has stiffened the existing market as many homeowners hold on to their properties in an attempt to recover from underwater mortgages. The Atlanta movers have found that the current available inventory in the area is down 32 percent this February in comparison to February 2012. The drop in inventory is poised to be a positive sign for the area as the demand for new homeowners to make purchases grows.
For now, experts say the local market is still on the side of buyers. If you can find a property that you like, the prices and interest rates are still historically low. Despite small rises in Atlanta metro house prices, the growth is minimal and isn’t back up to the value that these properties once held. Prices eventually will increase, however, and the market will shift in favor sellers–quite likely at some point in 2013.
Decatur is poised to be the location for a huge development in the coming months. According to reports, Carter USA, a developer based in Atlanta, is planning to build a mixed-use complex that will encompass 2.5 acres in downtown Decatur. The exact site of the pending building is at 315 West Ponce de Leon Avenue. A discussion on the projected plans for the space will be presented to the property owners this month at Decatur City Hall.
The construction required to achieve the desired complex involves the addition of 240 luxury apartments and 10,000 square feet of retail space. The Decatur movers have learned that the plans for the development include adding on to the existing Decatur Court Building, which is a 125,000 square foot office complex that will anchor the coming construction.
The meeting to discuss plan progress will take place March 13,2013 at 7pm at Decatur City Hall.
The new year has shown to be a promising time for the Atlanta commercial real estate market. Investors have broken ground on a variety of commercial developments, such as apartment complexes and mixed use office/retail projects. Investors are benefiting from the surplus of lending availability that is currently flooding the market, and these financing activities are ways for new projects to keep the construction crews in the Atlanta metro employed and busy, which is fantastic for the local economy as a whole.
The Atlanta movers have a boost in their faith in reference to the current state of the Atlanta market, and we are hoping that the positive figures and growth continues throughout the duration of the new year. So far, we believe that the Atlanta metro economy is stabilizing, and we hope this proves to remain the case.