Atlanta’s Real Estate Market is Poised for a Post-Coronavirus Upturn
Economies are complex, intricate beasts. Changes, even small ones, can have unintended economic consequences, hence why COVID-19 has the stock market acting like a skittish dog during one of Georgia’s summer thunderstorms. For some, uncertainty in the market or temporary unemployment is reason enough to put plans to buy a property on hold.
“Despite there being a seller’s market, people are very leery of buying and making investments in homes and properties at the moment,” John McRae, an Atlanta REALTORS® Association spokesperson, told Curbed Atlanta.
The good news? Industry experts don’t expect it to last.
The recent spread of the virus, while certainly pumping the brakes on Atlanta’s market, will make a prompt recovery once potential buyers regain a sense of financial stability. Would-be home buyers spend months or years saving with the goal of owning property, thus home sales are likely to spring back once the COVID-19 freeze thaws, especially with the recent drop in interest rates.
“Atlanta’s real estate market was relatively robust coming into this crisis, so there is no reason to think that the recovery will not be robust,” Emory University senior finance lecturer Ray Hill told Curbed.
Fundamentally, Atlanta and its suburbs remain a good investment. Since 2010, the city has added 650,000 jobs, led by healthcare, logistics, and corporate positions. And in 2019, Amazon announced it would build a 700,000 square-foot warehouse employing 1000 workers in nearby Gwinnett.
What’s more, the Peach State has welcomed an estimated one million people over the past decade, and that number is expected to continue to rise. One forecast by the Atlanta Regional Commission predicts that Atlanta, the 4th fastest-growing metro in the nation from 2017-2018, could see 2.9 million new residents by 2050.
In the meantime, we’ll just have to maintain our fight against COVID-19.
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