What constitutes a luxury home? According to Lori Lane, Senior Vice President of the New Homes Division for Berkshire Hathaway HomeServices Georgia Properties, “There are several factors that help distinguish a luxury community. Location, amenities and school system are usually the main ones we consider when defining a luxury neighborhood.” read more
There are so many reasons to love living in metro Atlanta, but one stands out at the top of the list. Before you even move to this fair city or its surrounding areas, the residential choices available are virtually endless thanks to a robust roster of single-family homes, townhomes, condos and apartments. And when it comes to purchasing a new home, that’s where Atlanta really has the edge. While there are challenges in today’s home buying market, Atlanta has a wide array of unmistakable advantages in terms of its booming new home market. Here, Lori Lane, president of Berkshire Hathaway HomeServices Georgia Properties’ New Homes Division, shares her insights about the local market and its many opportunities.
How do you describe today’s new home market in metro Atlanta?
The prevailing theme of metro Atlanta’s current new home market is one of low inventory levels coupled with the rise in interest rates. The scarcity of available homes for sale, especially in the entry-level segment, has created a competitive landscape where buyers find themselves vying for limited options. Despite these challenges, an intriguing trend is the resurgence of buyer activity. Rather than waiting for interest rates to decrease, buyers are recognizing the value in entering the market now. This shift in buyer behavior indicates a growing understanding of the importance of timing and seizing opportunities. As a result, the market is witnessing increased demand and a renewed sense of urgency among buyers.
What do people need to know about the costs of the new home market in Atlanta?
It’s important to note that while prices have been on the rise, Atlanta’s real estate market has remained relatively more affordable compared to other major cities across the country. This affordability factor serves as a significant draw for a diverse range of home buyers, especially those relocating from areas with substantially higher housing prices. The affordability of the market allows individuals and families to make their homeownership dreams a reality without the exorbitant costs often associated with larger urban centers.
Where are the best places to consider purchasing a new home in metro Atlanta?
Atlanta has experienced significant growth in the past few years. With the increase in home prices closer to the city of Atlanta, we are seeing a trend of home buyers considering suburban and exurban areas. In response to this urban sprawl, builders are now building in new communities farther from the city center, where buyers can often find more affordable single-family homes while still enjoying access to urban amenities. Of course, buyers should always consider a careful balance of factors, including affordability, commuting considerations, community amenities and schools.
What do new homebuilders in metro Atlanta bring to the local market?
Atlanta homebuilders have played a pivotal role in addressing the shortage of housing inventory. Many of the builders and communities I represent – including prominent names such as Patrick Malloy Communities. JW Collection Homes, David Patterson Homes, Loudermilk Homes, Southwyck Homes, Trilith and Homestead at Milton – have each taken proactive steps to alleviate the inventory shortage. By contributing to the expansion of available new homes, they have been crucial in helping to meet the demands of a growing population and diverse housing needs.n
For more information, visit Berkshire Hathaway HomeServices Georgia Properties’ New Home Division at BHHSgaNewHomes.com.
Follow Lori @the_lorilane