Low inventory in good homes as well as geographic locations in close proximity to excellent schools drives housing desirability. Here in Atlanta GA we are seeing “school flight” increasing demands on the Decatur City schools, while the city of Atlanta figures out the redistricting. We see North Fulton and East Cobb county experiencing unusual demands on the low inventory, increasing the incidences of multiple offers on available “good homes”.
So what about the foreclosures and the short sale shadow inventories that haven’t hit the market yet? How will 2013 shape up for the housing market in Atlanta and the rest of the country. According the WSJ… the shadow inventory is overhyped as a housing threat. The shadow inventory is shrinking.
As a residential real estate specialist here in Atlanta I personally see evidence of foreclosure homes being snapped up by the hearty investor appetite who are buying ‘to hold and rent’. Trimmed inventories and backlogs of investors are further reducing the discount of foreclosures due to competition. While Atlanta’s market has liberal foreclosure laws (GA. is a non judicial foreclosure state) other states may experience a more difficult transition due to court-administered foreclosure processes to clear bad debt.
Where do you think we’ll be this time next year?! Will our rear view mirror look back on 2013 as the year housing leaps forward or will the shadow inventory dampen our enthusiasm for the housing rebound? My optimism tells me 2013 will be a banner year for most of us… most especially in our Atlanta market. Don’t let the possible shadow inventory dampen your spirits! Instead raise a toast to new beginnings… and let the New Year begin!!
May your 2013 be prosperous and filled with Joy!