Metro Atlanta Real Estate Blog

April 2017 Atlanta Real Estate Market Update
Posted by Metro Atlanta Home Group on Sunday, April 30, 2017 at 5:00 PM By Metro Atlanta Home Group / April 30, 2017 Comment

Market statistics for Metro Atlanta, including median home price, mortgage rates, and more.

The Atlanta residential real estate market continues to remain hot as fire; with those in the market to sell their home reaping the reward. We saw a flurry of activity in March, with substantial jumps in the number of closed sales, selling prices and list prices. Despite a year over year increase in new listings hitting the market, the lack of available inventory of homes for sale continues to play a significant role in pushing home prices upward.

Interest rates have actually gone down in the past month or so, bucking the expectations of many in the mortgage industry. This, combined with an unemployment rate that continues to fall, seems to be motivating more and more buyers to enter the market. The influx of home buyers flocking to the market has created a demand for homes that seems to outweigh the supply. It's only April, and it appears the frenzy will continue for at least a couple more months.

Atlanta Housing Market Tidbits
Highest price home sold: $6,400,000
Lowest price home sold: $8,000
Most total days on market: 1067
Largest home sold: 13,000 sq/ft
Total dollar volume sold: $2,176,773,122
Average estimated home value: $174,200
One year price forecast: $181,168

Metro Atlanta Housing Trends

The market data and housing statistics contained in this report come from FMLS and CoreLogic. Unless otherwise specified, the market trends in this report are based off of single family attached & detached properties listed on FMLS....

Arm’s Length Transaction - What The Heck Is It?
Posted by Metro Atlanta Home Group on Wednesday, April 12, 2017 at 11:00 AM By Metro Atlanta Home Group / April 12, 2017 Comment

A person's arm with an arm's length transaction tattoo in front of a house for sale.

If you're not familiar with the term, you may be wondering what an arm’s length has to do with the sale of a home? Well, this is the United States, and we do use feet to measure distance, so… Maybe the arms sounded like logical choice when the phrase was first coined; who knows?

I’m not sure where the term originated, but it’s become a means of describing how close (relationship, not distance) the parties of a transaction are to each other. These days, whether or not the sale of residential property is an arm’s length transaction must be disclosed, and it may even impact the terms of the sale. It may also be referred to as arm’s length negotiation, depending on who you’re talking to.

Definition Of An Arm’s Length Transaction

When it comes to buying and selling real estate, an arm’s length transaction is one where the parties involved in the contract have no relationship to each other that would otherwise influence their decisions during the purchase/sale of a property. A “relationship” can include: family members by blood, family by marriage, business associates, beneficiaries, or even parties that share a common business interest with each other.

In an arm’s length transaction, all parties are considered to have equivalent bargaining positions, a clear mind, and equal knowledge of the property being sold. Without the presence of a pre-existing relationship or undue duress, it’s determined that buyers and sellers will act in their own best interest. This also means, pressure or coercion...