The Atlanta luxury real estate market is decidedly in favor of buyers currently with inventories running extremely high which presents a unique opportunity to leverage the market if you have decided to buy a luxury home in Atlanta. The most significant reason for the buyers market rests squarely on in simple explanation of an oversupply of new construction luxury homes. This excess inventory is due in large part to speculative building on the part of contractors who failed to recognize that the most recent real estate “boom” was beginning to reach a tipping point at the beginning of 2006. Neglecting to recognize historical cycles and market conditions, the new construction continued in the luxury real estate market until it final reached the point where the market could no longer absorb the number of new homes arriving on the market when compared with the number of luxury home sales. Now that the market has shifted, builders have been forced to lower prices and/or make concessions to sell these homes or be forced to sit on the properties, tying up their cash flow and putting the brakes on new housing starts. The fact of the matter is that there are as many buyers in the market for Atlanta luxury real estate currently as there were one or even two years ago. Buyers simply have more choices.
This scenario has created the perfect opportunity to buy Atlanta luxury real estate right now. Timing is critical when making such a significant investment of ones resources and with the slowdown in luxury home starts, inventories will begin to reduce, making now the optimum time to make your purchase. Because so many builder’s resources are tied up in the luxury homes currently available, there are not as many homes coming on the market. This appears to be the “bottom” of the Atlanta luxury real estate market. So, if you have been on the sidelines, waiting for the right time and opportunity, you have found that time. An additional bonus, if you prefer something other than new construction, is that this slowdown and price reduction has effected luxury homes across the city, including resale luxury homes in Atlanta’s most favored neighborhoods such as Ansley Park, Tuxedo Park and all of Buckhead.
Times have changed and the market is here for buyers. So don’t sit by idly and watch as the market pendulum swings back the other direction and you miss the opportunity. Leverage the market and utilize the unique timing to your advantage. Hire a professional REALTOR who can explain your choices, consult with you about your options and represent you in your purchase of Atlanta luxury real estate now!