Out of Towners Outspending Locals for Homes Around Atlanta
by Hank Miller
on Friday, January 29th, 2021 at 8:40am.
The greater Atlanta area is one of the most popular destinations for folks relocating, and that's not good for local home buyers. Just behind Nashville, buyers headed into the metro Atlanta market significantly out spend local buyers by a staggering average of 33%. This is higher in many of the area's most desirable markets and communities. The "400 Corridor" which includes Sandy Springs, Roswell, Milton, Alpharetta and Cumming is home to multiple major corporations and small businesses, growth has been explosive over the last several years. Relocating employees often work with the security of "buyouts" when they leave; they know they can push prices and be covered when it's time to sell. Others moving from more expensive markets look at prices here and see tremendous bargains compared to places they leave. Not good for locals.
Atlanta came in second behind Nashville; out-of-towners had an average budget of $698,000, 33% higher than local Atlanta buyers.
But locals have a significant home field advantage; the greater Atlanta market continues to favor buyers that are well prepared and decisive. Successful buyers work with a professional agent, are fully qualified and know what they want. As this chart shows, the six main north Atlanta counties are running just over 1 month of inventory. A "balanced" market is 3-6 months of inventory. Note the current median days to sell; 10. Buyers that don't come ready to buy don't stand a chance.
Nashville, Atlanta and Austin were on the top 10 list of most popular destinations for throughout 2020. The median sale price in Atlanta was up 13.7% year-over-year to $285,000 in December 2020.
The moral of the story is clear; you compete as a local by using the home field advantage. Define success; where is it, what's it look like, how much does it cost? Get preapproved, do the work ahead of time and most important; work with an agent that is a skilled professional. Messages like "Calls received after 6PM will be returned the next day..." or the hobby agent from the tennis team that can't get out there until the weekend will cost you a home. Use every advantage you have - and never - EVER - let emotion make you overpay for a home.
The Hank Miller Team puts 30+ years of full time sales & appraisal experience to work for you. Act with complete confidence & make sound, decisive real estate decisions.
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