Life can change quickly; we can look no further than 2020 for evidence of that. (Whoever thought so many of us would still be working from home offices?) With all of that in mind, Atlanta Fine Homes Sotheby’s International Realty recently completed a new market study.
They surveyed about 500 top real estate agents active in today’s booming Atlanta marketplace. Survey respondents blended their own experiences and represented information directly from their deep network of clients. The data collected provides updated intelligence to help craft marketing strategies for our clients.
Key takeaways from the study:
- Buyers across the entire Metro Atlanta area are primarily making purchases to capitalize on historically low interest rates and, in some cases, for a larger home, although it was not always clear as to the reason for buying bigger spaces. In fact, over 25% of respondents said lower interest rates was the most significant motivator.
- Nearly 20% in the survey listed a desire to own a larger home with large outdoor living spaces to take advantage of Georgia’s milder seasons was a top reason to buy.
- The rise of the first-time buyer was also a clear mile marker in the new study. Atlanta caters to young professionals from a wide region, particularly around the South, which is probably why the growth trend continues and the reason it emerged in the research.
- Nearly 12% of buyers and 15% of sellers specifically referenced their concerns involving Coronavirus, as well as the recent protests and public demonstrations as reasons behind their desire to move.
- Downsizing is another key touchpoint in the survey, resonating with baby boomers in the midst of the so-called “age wave,” as their children start their own families and lives change. About 20% of sellers in the survey mentioned downsizing among their top three reasons to put their home on the market.
- As you might suspect in a major metropolitan area, corporate relocation in and/or out of Atlanta was mentioned as a reason to buy and/or sell, as was first-time buyers as well as those moving from renter-to-buyer.
- Agents who serve the northern suburbs reported a large number of consumers wanting to sell to take full advantage of the current market while pricing is so strong.
Understanding existing and emerging trends in Metro Atlanta’s real estate market to best serve the needs of clients is of paramount importance to this professional Realtor and is a valued service among home buyers. That means continually testing the waters, interpreting statistics, facts, and figures and sharing the results with clients. Data is the driving force of any quality marketing plan. It is also a critical component of what top agents offer buyers and sellers, and something distinctive that sets them apart from their competitors.