Our local market has experienced significant changes over the last several years and we have seen significant growth and price appreciation changes in buyer preferences and the regentrification of downtown areas such as Roswell, Alpharetta, Norcross, Woodstock, Marietta, and Canton. Market conditions are very specific to location, price range, school quality and convenience to major transportation arteries. Ranch floor plans and homes with master suites on the main level are in high demand as our population ages. Counties with less burdensome tax rates are becoming more popular to an older/retired generation that no longer has to worry about commuting times into downtown Atlanta.
Prime importance is placed on condition and updating especially in older homes. Homes that were built in the mid 2ooo’s, even with high quality finish, may not sell as well as more modern streamlined interiors with simple, light, neutral colors. Farmhouse style and décor continues to be in strong demand. Updating is key to our local market due to competition from new construction. I often refer to new construction as the “Achilles Heel” of the resale market due to intense competition from new homes. It is imperative that a seller of a resale home update the interior of the home to be reflective of new homes, especially in markets and price ranges where new construction poses direct competition.
Hot markets continue to be the townhome, condo, and single family (below $5oo,ooo) where there is little or no competition from new construction. Older subdivisions like Martins Landing, Willow Springs, Horseshoe Bend, and North Farm, to name a few, have seen significant price appreciation that exceeds percentages experienced by newer, higher prices neighborhoods. Properties within close proximity to regentrified downtown areas have seen significant appreciation due to the new live/work concept with older, smaller homes being removed for the construction of larger, modern homes.
I expect market conditions for Atlanta and the Northern suburban market to continue to thrive as more people move to the area and are proud to make Atlanta their home. I think of myself as lucky to live in such an exuberant, vibrant community and would love to help you with your real estate appraisal needs.