Every week, we ask an Atlanta real estate professional for their thoughts on the top trends in Atlanta real estate.
This week, we talked with Pat Junod, a broker associate with Dorsey Alston in Atlanta. A 26-year veteran of the industry, Pat is an active life member of the Multi-Million Dollar Club, and is a recipient of the Phoenix Award and the Platinum Award. An ARS and ABR, she was also on GAR’s Forms Committee from 2011 to 2013.
Atlanta Agent (AA): One of our recent stories looked at the good things happening right now in housing; in your mind, what’s the most positive development in housing, as of late?
Pat Junod (PJ): This year in my market, there are more buyers out there then there are inventory; we have very low inventory. As such, there are multiple offers on houses and they go above the list price, and a pent-up demand is building, especially because housing starts are so low in my markets. There’s just not enough inventory for demand.
And I definitely see that situation intensifying as more buyers begin shopping for homes in the summer. We have a very early start to school, which is Aug. 1, so it really compresses the homebuying season. In the old days, school would not begin until after Labor Day in September, but now, that season is compressed. I always say that this time period is just like Christmas is to retail.
AA: We also recently looked at time on market in Atlanta; how quickly, would you say, have you listings been selling in 2014?
PJ: Because of how early school starts, everyone wants to move in before that Aug. 1 start time. This past Saturday, I went to show a home to a young couple. When we showed up to the listing at 11 a.m., there must have been seven other young couples sitting there to see the same house. It had five offers on it, and was sold by Saturday night. That has been happening, and there are many disappointed buyers.
Also, it’s not just a matter of low inventory, but quality inventory, as well. I do something unique. My past three listings sold in 24 hours. People assume that I underpriced them, but I didn’t; instead, four weeks prior to listing them, I worked extensively with my sellers, choosing paint colors and getting the homes to look sparkling and beautiful. It’s like making a movie, all the work I put into the homes. And because of how great they looked, they sold in a single day.
AA: Finally, when you meet prospective clients for the first time, what kinds of things do you discuss with them? What impression do you try to give?
PJ: Of course, they would see my resume. Because this market is moving so quickly, your level of experience is what the clients will be looking at. I’ve been in this business for 27 years, and I see this happen every time that real estate becomes popular – so many people enter the industry. You could be in the gym, and your trainer will tell you that he’s thinking of getting his real estate license. It’s not that easy!
In a market that moves this quickly, you really have to know what you’re doing, and your clients will need agents who know their market inside and out. So I find that my experience sets me apart.