Bust Be Gone, Long Live the Boom
The Atlanta housing market is starting to see signs of the boom phase of the economic cycle
"They don't get to the point where they finish and sit anymore. They're gone," he said. "The number of available houses out there is really low, so the supply has not met the demand." In a market like this buyers who offer low-ball bids are likely to lose out on the home, said Hilscher. "When you find a house that you want, you need to act on it quick. Make a fair offer on it so there's not a lot of back and forth, when somebody else can swoop in and get your house," he advised.
Economist Eugene James, from Metrostudy, says builders are back and they are actively trying to increase the housing stock in the market. James said, "The second-quarter of '13 starts are up 77 percent from a year ago. That's a big number.” Prices are up 17 percent in one year according to real estate firm Zillow. Homeowners are beginning to regain some of the equity that was lost in the crisis. "Most agents tell me that there's actually a little bidding war going on for every listing here in the Atlanta market," James concluded.
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