Jobs are up in Atlanta, but housing inventory is still down
Homebuyers looking into the real estate in Atlanta, GA, may be in luck, as the bottoming marketplace and growing employment sectors may make this city a popular destination in the near future.
Atlanta's job opportunities have gradually improved over the past 12 months. According to Home Buying Institute, the metro area has added approximately 28,000 jobs between May 2011 and May 2012, which gives prospective homebuyers more incentive to go through with closings.
While the area's unemployment rate rose from 8.5 percent to 8.6 percent in May 2012, this figure is much below the 9.5 percent rate recorded in May 2011. This improving job market has the potential to bring new homebuyers to the area and drive values up.
However, Atlanta has an inventory shortage. Forbes reports that the metro area's inventory is nearly 40 percent below where it was in 2011, which is causing many homebuyers to enter bidding wars. Therefore, home sellers who have been sitting on their properties and waiting for the market to turn around may want to list their homes today to get their desired asking price. There are buyers scouring the Atlanta market, so sellers need to act now and take advantage of the growing interest in the metro area.