In an age of high foreclosures, rock-bottom home prices, slow sales and dropping property values, bidding wars are breaking out for some metro Atlanta homes.
The hot competition is spurred by shrinking inventory and a run on homes with one or more desirable traits, such as good public schools, nearby amenities and competitive prices. Buyers also want homes in fully developed subdivisions and in locations that have maintained values, such as Buckhead, south Forsyth County and trendy intown neighborhoods.
Those seeking such homes have been caught unaware.
The competition for homes started in early winter as homes sales rose, and the bidding peaked in March, though multiple bids are still happening, said Christina Rumbaugh, a real estate agent who specializes in finding buyers homes in neighborhoods from Buckhead to Decatur.
“When I saw the trend in March I sent an email out to my prospects that they needed to be prepared to pay over list price, and if not, they needed to sit out about a month because it was getting kind of insane,” said Rumbaugh.
Source: AJC
