Real Estate Stays Strong in Peachtree Corners

The real estate market in Peachtree Corners continues to hum along in fifth gear through uncharted territory. While realtors said it’s not the hottest zip code in metro Atlanta, it stacks up quite well.

Despite the COVID pandemic — and quite possibly because of it, in part — sales, figures, prices and time-on-market statistics are amazing even veteran realtors. And what is described as a “100% a sellers’ market” shows no immediate signs of a slowdown.

Truth in numbers

In assessing the whys and wherefores, it’s good to start by looking at some numbers. A report from Rocket Homes puts the median price of a Gwinnett County home at $290,956 in February of 2021. That’s up 8% from the same month one year before.

Tightening the focus, Meredith Blinder, a realtor with Maria Licata and Associates, pulled figures in the 30092 zip code showing the median home sales price there is up 47% and the average sales price increasing 28% for the first two months of this year, compared to 2020. The days an average home is on the market is down 74%.

Secondly, consider Peachtree Corners itself. “Our strong schools, parks and a variety of restaurants make it a very desirable place to live,” said Blinder. In addition, she and others said, consider its relative proximity to Atlanta while being far enough out to provide more house for the money and good access to transit routes.

The final layer of icing on the cake: the city has no property tax.

That the city is pretty much built out on single-family homes and has only a modest supply of condos also stokes demand, said professionals. Blinder noted that a new development on East Jones Bridge Road will supply hundreds of units of needed inventory.

Housing stays hot

With a scant housing supply, said realtors, bidding wars have broken out locally, driving homes as much as 10% over the asking prices.

Alan Kaplan of Atlanta Fine Homes | Sotheby’s International Realty said sometimes desirable homes can show 40 times in a weekend and generate as many as 20 offers.

Further solidifying demand have been the outgrowths of COVID. At the outset of the pandemic, many potential sellers were deterred from putting their homes on the market fearing strangers traipsing through their living rooms and, in some cases, deciding to stay put and invest instead. Building activity took a couple of months hiatus as well during the overall downtown. Overall transactions fell steeply.

“People are just wanting to have something settled in their lives in the midst of COVID,” is how Kaplan explained it. “To just be at home,” he said, as opposed to listing their home then worrying about what they themselves will find.

Now, said realtors, some residents are finding that with their lives having changed during the pandemic, they need housing with more usable office space or other adjustments.

In the mix as well are in-town residents looking for more elbow room and better value, millennials aging into homeownership as they establish families, and out-of-towners as Atlanta’s growth support seemingly continues unabated.

Then there are the historically low-interest rates, enabling prospective homeowners to stretch their money farther.

House buying strategies

Real estate professionals said with so many factors driving a lopsided market, buyers can have a number of strategies to choose from, bettering their chances in a competitive bidding market.

More and more buyers are showing up fully equipped with cash, no loan process needed.

“The first 15 years in this business, I never saw a cash purchaser,” said Nancy Minor, who along with partner Laurie Rogers helms the Nancy Minor Team. “Now, it would not be uncommon to have two or three cash buyers a month.” They’re more attractive to sellers because it eliminates the uncertainty of a loan application falling through.

But Blinder notes that those who can’t wave a fistful of dollars can employ tried-and-true strategies helping to level the playing field.

“Part of it is being willing to pay over the appraised value,” she said. “And a lot of the time they are not only getting pre-qualified, but pre-approved for loans, again mitigating uncertainty for the seller.”

“We have to make our terms seem almost like an all-cash offer with a shorter due diligence period and a shorter transaction time,” said realtor Theresa Hunsucker of Engel & Völkers. “It also helps if you go in saying you’re not going to ask for nitpicky things on an inspection report.”

Buyer flexibility also counters for something, she said.

For example: Buyer A isn’t willing to wait on moving in while the seller’s youngsters finish school. Buyer B says, no problem. Score one for Buyer B.

And some are even skipping the appraisal and inspection processes.

Advice for sellers

For Peachtree Corners residents listing their homes, some simple attention to the basics can go a long way, even with their sitting in the catbird seat.

Said Minor, “Sellers’ ability to get the most money from their home will still depend on doing staging, although it’s not as important as it was two or three years ago.

“And you have to get a buyer to your home in the first place, so you still need professional photos,” she added. And, she said, something as simple as an odiferous home can turn off a prospective purchaser.

That’s where having a solid real estate advisor comes in on both sides of a transaction, said professionals, in helping buyers gain a competitive edge and sellers derive maximum profit.

In a healthy market, the hottest areas in Peachtree Corners right now appear to be Peachtree Station and the Amberfield, Linfield and Riverfield neighborhoods, plus other Jim Cowart developments.

That hasn’t changed much recently, as a 2013 article named the “fields” subdivisions as being a hotbed of activity.

Realtors do say the same high-octane atmosphere does apply citywide, which can be an advantage for homeowners who might have trouble moving their property otherwise, say those with synthetic stucco.

Local real estate experts think the market will stay in good shape for this year — if interest rates or unemployment don’t rise markedly.

“I can’t stress strongly enough for people considering selling their homes to do it now while the demand is high,” remarked Kaplan. He’s suggesting that those looking to make a chance sell now, live in rental housing for a time and take time to study and assess.

Even if a downturn occurs, Kaplan said he’s much more confident that homes in the Corners will maintain value or remain less impacted in the event of a weakening economy.

Putting the current situation into perspective, he said, “It’s incredible sellers’ market, but I wouldn’t call it a good overall market because of the lack of inventory for buyers. People need to find homes and not overpay.”