ATLANTA (CBS46) –
Many house hunters in Atlanta are experiencing sticker shock. The prices for properties in metro Atlanta continue to climb and with inventory down, it’s creating bidding wars for buyers.
Jon Pokrzyk is house hunting and in Atlanta where property prices are rising, he knows now is not the ideal time to buy. but he needs to.
"I just got married in September so my wife recently let me know that she got pregnant," said Pokrzyk.
This newlywed and soon-to-be new father has been out bid on several properties. And he’s finding out his dollar isn’t going as far as it used to.
"We’ve expanded the budget greatly as we’ve been shopping," said Pokrzyk. "Originally we were around the five to seven hundred thousand dollar range and we’ve expanded it closer it six hundred to a little bit over a million dollars.
The median home price in metro Atlanta is two hundred fifty thousand dollars. That’s ten percent more than just a year ago.
The reason for the high prices is low inventory. But the Atlanta housing market has something unique happening: people from outside of the area are moving here and trying to cash in on what was once an affordable place to live.
"They’re saying Atlanta is on sale. They cant believe the prices because where they’re from in Palo Alto the house would be 4.5 million and they can get it here for 1.7," said Christian Ross with Village Realty.
Christian Ross has been dealing Atlanta Real Estate for 13 years. She’s never seen prices rise this fast. And she doesn’t believe they’ll come down.
"I do not see any kind of bubble in our sight especially when we have companies like amazon that would have a huge impact," said Ross. "We have the film industry that’s making a five billion dollar impact on the state. I don’t see any slowing down."
Maybe not slowing down but more bidding wars could be heating up.
Copyright 2018 WGCL-TV (Meredith Corporation). All rights reserved.
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