Latest / Earn Your Leisure / Cliff Notes: ATLANTA'S REAL ESTATE MARKET

Transcript

Cliff Notes: ATLANTA'S REAL ESTATE MARKET · Earn Your Leisure

• 0:00
  Speaker 1: Coach, the energy out there felt different. What changed for
• 0:03
  Speaker 1: the team today?
• 0:03
  Speaker 2: It was a new game day scratches from the California
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  Speaker 2: Lottery players everything. Those games sent the team's energy through
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  Speaker 2: the roof.
• 0:09
  Speaker 1: Are you saying it was the off field play that
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  Speaker 1: made the difference on the field.
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  Speaker 2: Hey, little play makes your day, and today it made
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  Speaker 2: the game. That's all for now, coach, One more question.
• 0:19
  Speaker 1: Play the new Los Angeles Chargers, San Francisco forty nine
• 0:21
  Speaker 1: ers and Los Angeles Rams scratchers from the California Lottery.
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  Speaker 1: A little play can make your day.
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  Speaker 3: Peace made.
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  Speaker 1: Responsibility must be eighteen years or older to purchase late
• 0:29
  Speaker 1: or claim.
• 0:30
  Speaker 3: Yeah, And I'll start with you. So you was telling
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  Speaker 3: us what we was eating. As far as I know,
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  Speaker 3: Atlanta is our second biggest market in our second home,
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  Speaker 3: and we got a lot of love that Atlanta. And
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  Speaker 3: I'm sure a lot of people in this chat right
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  Speaker 3: now from Atlanta or thinking to move to Atlanta. So
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  Speaker 3: can we talk about the Atlanta real estate market right now?
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  Speaker 4: Sure?
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  Speaker 5: Sure, sure, Atlanta, we are really on a really fast
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  Speaker 5: pace to grow, so let's just talk about it. Across
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  Speaker 5: the country, there was a fifteen percent growth in the
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  Speaker 5: real estate market. That's the country. However, and US say
• 1:02
  Speaker 5: today they had an article about three cities that actually
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  Speaker 5: grew over eighteen percent in the real estate market through COVID,
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  Speaker 5: and Atlanta, Georgia was on that list. It was actually Atlanta, Georgia, Doring,
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  Speaker 5: North Carolina, in Austin, Texas. What I want people to
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  Speaker 5: realize is that Atlanta, unlike many other cities, Yes we
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  Speaker 5: are you know, we're experiencing inflation, but Atlanta, we're in
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  Speaker 5: the middle of a growth spurt. When I moved to
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  Speaker 5: Atlanta two thousand and six, two thousand and seven, they
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  Speaker 5: said we were going to be the Black Hollywood. So
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  Speaker 5: keep in mind, we're just living up to that promise.
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  Speaker 5: You earners are coming here and you're earning these look
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  Speaker 5: you're making them earnings and you're driving the price up.
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  Speaker 5: So Atlanta, we are in a phenomenal market, but we
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  Speaker 5: have historically low inventory. So that is that's that's a
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  Speaker 5: thorn in our side as a real estate agent. If
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  Speaker 5: I had the inventory from two years ago with the
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  Speaker 5: clients I got today, it'd be real up and stuck
• 1:55
  Speaker 5: right now, all right, But at this moment, we have
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  Speaker 5: so you know, just to kind of some context, so
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  Speaker 5: I want to educate you guys. When you were having
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  Speaker 5: twelve months of inventory, you know, you're really pretty much
• 2:05
  Speaker 5: in a buyer's market. You come down to six months
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  Speaker 5: of inventory, then you really get closer to that neutral market.
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  Speaker 5: We have one and a half one point two months
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  Speaker 5: of inventory, so that's one month, one year, one month,
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  Speaker 5: one point two months. That's not even a full month. Yeah,
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  Speaker 5: we have no inventory to actually support the number of
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  Speaker 5: buyers that we have out here. So that's driving the
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  Speaker 5: price up. It's simple to apply and demand, you know,
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  Speaker 5: and it's pure economics. Anyone here can speak on that.
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  Speaker 5: So we have more demand than we have supplies driving
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  Speaker 5: the price up. It's good, but it's not so good,
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  Speaker 5: you know what I mean. So I would say Atlanta
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  Speaker 5: right now, if I was looking to invest in Atlanta,
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  Speaker 5: I would tell you to do it now because right
• 2:48
  Speaker 5: now it is a great time to invest, so you
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  Speaker 5: can take advantage of these price increases. You know, people
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  Speaker 5: are you know, getting amazing equity returns. Yeah.
• 2:57
  Speaker 6: So one of the things that holds people back when
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  Speaker 6: not just Atlanta, but you can speak on it.
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  Speaker 3: It's interest rates.
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  Speaker 6: And I know they were pretty low at.
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  Speaker 3: One point during the pandemic.
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  Speaker 6: I know they've kept up back over three what's your
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  Speaker 6: outlook on interest rates?
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  Speaker 3: And what are you seeing? Are you seeing people doing
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  Speaker 3: fifteen year conventional loans or thirty year conventions? What are
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  Speaker 3: you seeing?
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  Speaker 6: Are we buying cash out there?
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  Speaker 3: What's going on?
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  Speaker 7: You want me to take this? So you got well, I.
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  Speaker 5: Can tell you the money is outside. I mean, I
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  Speaker 5: hate to say it like that, but most people are
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  Speaker 5: doing a thirty year fix because the interest rates are
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  Speaker 5: so low. But I'm finding more and more cash buyers.
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  Speaker 5: And we used to see that a lot in the
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  Speaker 5: lower price points, like two hundred thousand, three hundred thousand.
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  Speaker 5: I'll tell you the other day of a home that
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  Speaker 5: one of my buyers lost an offer on. It was
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  Speaker 5: listed at six hundred and fifty seven thousand. It sold
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  Speaker 5: at seven hundred and seventy thousand to a cash buyer
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  Speaker 5: in Alpharetta, Alpharetta, Georgia. So I say that to say
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  Speaker 5: I'm noticing more and more cash buyers. I just reviewing
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  Speaker 5: off for one of my agents and she just lost
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  Speaker 5: an eight hundred thousand dollars house to a cash buyre.
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  Speaker 5: So our cash buyers are relocating here to Atlanta Atlanta
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  Speaker 5: is actually them before on the list for the best
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  Speaker 5: place to live in the world. So keep in mind,
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  Speaker 5: you have DMV, you have California, you have Miami. All
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  Speaker 5: these cleek places are coming here because no matter how
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  Speaker 5: how our prices are, the cost of living in Atlanta
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  Speaker 5: is still better than all these other locations.
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  Speaker 4: Yeah, this reminds me of my bad go back right now.
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  Speaker 4: This reminds me a lot of two thousand and seven.
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  Speaker 4: So Alpharetta and Northcross is like on fire. Yes, properties
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  Speaker 4: like four hundred thousand. What are some of the best
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  Speaker 4: areas in Atlanta to invest in? And do you see
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  Speaker 4: any similarities from two thousand and seven and eight to now?
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  Speaker 5: The only similarity that I see is the demand. We
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  Speaker 5: have a lot of demand and a lot of people purchasing.
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  Speaker 5: But that's the only similarity because then we had a
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  Speaker 5: lot of inventory back in two thousand and six two
• 4:55
  Speaker 5: thousand and seven, so you were we were able to
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  Speaker 5: actually help those people buy those properties. In this particular climate,
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  Speaker 5: we have no inventory. And on top of that, there's
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  Speaker 5: so many more lending restrictions. You just can't walk in
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  Speaker 5: and bank and say, hey, I'm a millionaire. My credit
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  Speaker 5: score is seven hundred, give me a house. Now they
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  Speaker 5: want your blood, your sweat, your tears, your blood, your dogs.
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  Speaker 5: You know, you can't just walk in there. There's so
• 5:17
  Speaker 5: many layers, so you can't do that. But the areas
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  Speaker 5: that I see, but I think that most people really.
• 5:23
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  Speaker 8: is all you need want to.
• 8:12
  Speaker 5: Pay attention to is the part of Mariata that's by
• 8:16
  Speaker 5: the Brave Stadium. That's three zero zero three nine if
• 8:18
  Speaker 5: I'm not mistaken mistaken, but that specific zip code where
• 8:21
  Speaker 5: the Brave Stadium is Brookhaven three zero three one nine.
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  Speaker 5: It is Robin because it's right outside of Buckhead and
• 8:29
  Speaker 5: it's not overly saturated, so you want to go there.
• 8:32
  Speaker 5: We also have the Westview West End area, which we
• 8:35
  Speaker 5: saw significant growth with them last year to the point
• 8:38
  Speaker 5: where the mayor put a hold on permits because the
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  Speaker 5: prices were increasing so much, and.
• 8:43
  Speaker 7: A whole lot of modern, new, modern.
• 8:46
  Speaker 5: Bills are being built. So anything within the city of Atlanta. Yes,
• 8:49
  Speaker 5: East Atlanta three h three one seventh West Atlanta three
• 8:52
  Speaker 5: zero three one eight people West Atlanta, what is really
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  Speaker 5: really growing because they've created their own city within the
• 8:59
  Speaker 5: city that used to be bank Head.
• 9:02
  Speaker 3: You know, shout out, shout out to they got the
• 9:09
  Speaker 3: belt line right, Yes, yes.
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  Speaker 5: So the Atlanta belt Line is attracting so many people,
• 9:14
  Speaker 5: and it's really adding that convenience here because that's the
• 9:17
  Speaker 5: only thing that we didn't have. You know, we didn't
• 9:19
  Speaker 5: have the convenience of the belt line. We didn't have
• 9:21
  Speaker 5: that indoor outdoor living. But now we have that in Atlanta,
• 9:24
  Speaker 5: and it's growing significantly. More restaurants, more buildings are coming here.
• 9:29
  Speaker 5: It's just amazing.
• 9:31
  Speaker 3: That's exact. Matt. Let me ask you for two questions.
• 9:35
  Speaker 3: I want to get your take on an interest rate
• 9:37
  Speaker 3: question since you're in that world, and then also are
• 9:41
  Speaker 3: here mortgages the second homes in Skyrocket right now, So
• 9:44
  Speaker 3: what's your take on those two different things?
• 9:46
  Speaker 5: Yeah?
• 9:46
  Speaker 7: Absolutely, man, So interest rates right now, I would say
• 9:49
  Speaker 7: for the loan applications that I see, I'm seeing more
• 9:52
  Speaker 7: thirty effects than anything. Right, it's just to me, the
• 9:55
  Speaker 7: most cost effective way to purchase a home versus going
• 9:58
  Speaker 7: to a fifteen or twenty year mortgage. So most of
• 10:02
  Speaker 7: the applications that me and my team see is all
• 10:05
  Speaker 7: thirty fixed right. Interest rate wise, FHA still at all
• 10:10
  Speaker 7: time low. Depending on property type, loan amount, you can
• 10:15
  Speaker 7: be anywhere in that two point six two five percent
• 10:19
  Speaker 7: range maybe to like three percent, just dependent on credit scores,
• 10:22
  Speaker 7: property type, and loan amount. But rates are still extremely low,
• 10:29
  Speaker 7: you know, conventional mortgages, you know, high tools, low threes,
• 10:32
  Speaker 7: again depending on credit score, property type, loan amount. So
• 10:36
  Speaker 7: rates are fairly, fairly, fairly still low. I'm still a
• 10:39
  Speaker 7: historical rates. Money is the cheapest it's ever been over
• 10:43
  Speaker 7: the past couple of years. So definitely don't wait, don't
• 10:45
  Speaker 7: hesitate in my Troy voice, because it's here today and
• 10:49
  Speaker 7: going tomorrow.
• 10:51
  Speaker 5: Now.
• 10:51
  Speaker 7: As far as mortgages for second homes, I mean, this
• 10:53
  Speaker 7: is you know, happening all over the country because of COVID,
• 10:57
  Speaker 7: because of the pandemic, people can work from home, people
• 11:02
  Speaker 7: are making more money because they're investing. So now you
• 11:05
  Speaker 7: have these luxuries where you don't have to stay in
• 11:07
  Speaker 7: New York twenty four to seven to go to work.
• 11:09
  Speaker 7: Companies are now embracing people working home and working on zoom.
• 11:14
  Speaker 7: So now you have places like Miami, for example, their
• 11:17
  Speaker 7: luxury market with second homes is up one hundred and
• 11:20
  Speaker 7: one percent year over year. Like, it's absolutely insane right
• 11:24
  Speaker 7: now when it comes to this, right and over the
• 11:27
  Speaker 7: past eleven months, mortgage applications for second homes are up
• 11:33
  Speaker 7: over one hundred and seventy eight percent, you know what
• 11:36
  Speaker 7: I'm saying year over year, and it's on eleven month
• 11:39
  Speaker 7: straight growth street. So it's absolutely incredible. This is the
• 11:43
  Speaker 7: time for those who have money to be able to
• 11:47
  Speaker 7: go ahead and buy second homes. You can use these
• 11:50
  Speaker 7: second homes as air and b so they can serve
• 11:52
  Speaker 7: for a two for one right when you go out
• 11:54
  Speaker 7: of town, you can go visit. You can stay there
• 11:57
  Speaker 7: with your family, your friends, or whoever. And when you're
• 11:59
  Speaker 7: not there, you can airbnb it and it kind of
• 12:01
  Speaker 7: it can pay for itself. So it's a double edged sword,
• 12:04
  Speaker 7: so to speak. So those second homes, you know, look
• 12:07
  Speaker 7: into it, people, man, I mean, you got so many
• 12:09
  Speaker 7: good areas Pocono's Miami. You know, whatever your budget is
• 12:13
  Speaker 7: and if you're dealing with vacation areas, especially now America
• 12:17
  Speaker 7: is reopen. Look at the CDC. They're finally going to
• 12:19
  Speaker 7: open up New York in two days. You know what
• 12:21
  Speaker 7: I'm saying, Like, Yeah, d d C is saying forget
• 12:24
  Speaker 7: your mask, go outside, live la loca.
• 12:27
  Speaker 3: You know what I'm saying.
• 12:31
  Speaker 7: Careful, you know, but be careful. I must still be
• 12:34
  Speaker 7: outside in my mask. Hold y'all up.
• 12:37
  Speaker 4: It's interesting with CMO. He got in that scandal and
• 12:40
  Speaker 4: all of a sudden he's lifting everything in New York
• 12:42
  Speaker 4: to be mindful.
• 12:45
  Speaker 7: My graduates from my school being forced back drop drop, Mike,
• 12:51
  Speaker 7: drop back drop.
• 13:04
  Speaker 8: You just realized your business needed to hire someone yesterday.
• 13:09
  Speaker 8: How can you find amazing candidates fast? Easy? Just use Indeed.
• 13:14
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• 13:21
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• 13:23
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• 13:30
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• 13:34
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• 13:38
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• 13:40
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• 13:44
  Speaker 8: at indeed dot com slash pod Katz thirteen. Just go
• 13:49
  Speaker 8: to indeed dot com slash pod katz thirteen right now
• 13:55
  Speaker 8: and support our show by saying you heard about Indeed
• 13:57
  Speaker 8: on this podcast. Terms and conditions apply. Hiring Indeed is
• 14:02
  Speaker 8: all you need