Homes in Druid Hills and near Emory University have seen a decrease in real estate sales in the past several years, although not necessarily a decrease in sales price. The Atlanta housing inventory is down approximately 12% from last year.
According to First Multiple Listing Service statistics and to the National Association of Realtors, lack of inventory in some areas of Georgia has led to a decrease in the number of Buyers who are able to find homes in certain areas, like Druid Hills, Virginia Highlands, City of Decatur and other close-in Atlanta neighborhoods.
In talking with colleagues who work in these areas. it appears there are more Buyers who would purchase homes - if they could find one. A number of Buyers have made multiple offers on homes in their desired area, only to be outbid when multiple offers are presented on the same property.
On properties that are likely to produce multiple offers, some Realtors are requiring strict prerequisites for offers that are presented, such as:
- All Cash offers, which go to the top of the list
- Quick Closings
- Shortened Inspection Periods or no Inspection Periods
- And more rare, no property showing until offer is accepted
High-end properties are not as affected as the middle and lower range, but homes in the $250,000 - $550,000 price range go quickly in Druid Hills, Decatur and other close-in Atlanta areas.
Sellers may be reluctant to put their current home on the market for fear they will be unable to find another home in a crowded Buyers market. Their home may sell quickly, but where will they go?
Buyers who are looking for a home in Decatur and near Emory University may continue to experience competition when making an offer. Here are some suggestions that may help:
- Be Diligent if you lose one
- Know there will be other houses coming on the market
- Be willing to make compromises with the next house
- Use a Realtor that knows your neighborhod!