The third quarter was like a game of musical chairs for many who are abandoning large cities for more affordable areas of the country. See what’s happening in Atlanta.
Areas hit hard by the pandemic could see a wave of zombie properties once the federal ban on foreclosures expires.
Buyers are flocking to larger homes with four bedrooms or more, according to the Georgia Association of Realtors.
“The slight decline in bidding wars (nationally) is largely a reflection of a seasonal cooldown, which typically starts in the late summer but was delayed by a few months this year,” said Redfin chief economist Daryl Fairweather.
“It is hard to predict trends during an election year alongside a pandemic, but we expect to continue to see strong activity through the year’s end and into 2021,” said Kristen Jones, Broker/Owner, RE/MAX Around Atlanta.
“If sky-high prices continue to lure more sellers into the market, it could prompt the inventory rebound we’ve been waiting for — which would be welcome news for frustrated buyers.” — Javier Vivas, director of economic research for realtor.com
Lee, who most recently served as chief housing officer at Atlanta Housing, will continue her work as the city’s chief housing officer under mayor Keisha Lance Bottoms.
The suburbs are becoming more alluring to residents of major cities as the COVID-19 pandemic continues into autumn.
See how Atlanta compares to other cities when it comes to apartment conversions.
This year, buyers encountered a 21% decrease in listings from the beginning of 2020, along with a 17% price increase to about $20,000 more than anticipated.