MCR City Report
Dunwoody Is Atlanta's Best Kept Secret, Say Realtors
by Blanche Evans
According to local Realtors, Dunwoody has New England appeal with hills, trees and the Chattahoochee River, as well as a fine quality of life. It's a buyer's opportunity. "Dunwoody has an incredible location that is close to town for fine dining, shopping, entertainment, the arts, sports and commuting," say Realtors Jim and Ellen Crawford. "It is one of Atlanta's most sought-after areas for the fine quality of life it offers." Explain the Crawfords, "There are over 44,000 active listings in all classes of our primary MLS service (FMLS). These are all highs in listing inventory that haven't been seen since the early 1990's. There are also in excess of over 3000 foreclosures a month coming on the market which are also record highs. In spite of market softness, this remains our best year ever in the market! We credit that to interest rates at 40-year lows." They advise, "It's a great time to buy or sell before rates move higher! Homes, pricing, and times on market will vary from price, location, and condition of the home. It is definitely a buyers' market in Dunwoody area of Atlanta North Metro, sales are off in the upper price ranges, and inventory and the days on market to sell has increased dramatically on homes priced over 500K. However, home values are still holding especially in new home construction. There is a shortage of product in new homes, and softening of pricing on resale. The low interest rates are keeping the market moving. Also, sellers have started to reflect price changes on their properties, and the relocation market is off. Sales of existing inventory, and new sales vary by price range and location. However, the lower rates are keeping some momentum in the market in moderate price ranges, and on brick homes, keeping listing prices firm. In this market, we are finding some flexibility in the seller's terms more so in the higher priced homes, and in moderate ranges the sellers are paying some buyer closing costs, repairs etc. Under 250K, it is business as usual, but finding homes in this price range in 'sought after' Dunwoody can be a difficult task." Agrees Realtor Batool Zamani, "It is definitely a buyer's market here, as we are starting to see homes stay on the market longer and we are seeing more price reductions. The housing market continues to be strong, driven by low interest rates, low inventory and lack of consumer confidence in the stock market. Price appreciation for homeowners is still good, though homes are not appreciating at the same rate that we have seen over the past several months. With record-low interest rates it is a good market for those looking to buy or sell!" "Dunwoody is contained within both Fulton and Dekalb counties, and the lower Dekalb taxes draw many people to that portion of this community," suggests Realtor Sandy Koza, "Dunwoody's close proximity to GA 400 and the Perimeter makes it a great choice for those seeking a short commute either downtown to the south or towards Alpharetta to the north." She says, "The market has seemed a bit stronger here than most of the Atlanta area and appreciation has definitely been good since the start of 2003. This positive activity should continue if interest rates stay low, the economy strengthens. Watch for a boom when the job market rebuilds (traditionally the last economic indicator in a healing economy). As always, those sellers that have really kept their properties up will continue to pull the greatest interest of purchasers. Purchasers have been finding the very nicest properties in Dunwoody selling fast and often even drawing multiple offers." |
