There is not always a lot of emphasis placed on advertising and awareness in the commercial real estate sector. This has led some individuals to associate the phrase “real estate” exclusively with houses. Why? Probably because most people have some exposure to the home-buying process, either firsthand or secondhand. Commercial and residential property may appear to be comparable at first glance, yet there are significant distinctions between the two. Atlanta is a prime location for this type of investment. Therefore, we are pleased to welcome you to your crash course on buying commercial real estate in Atlanta.
Before we start
The term “residential real estate” refers to any property that can be used as a place to really live. On the other hand, commercial real estate refers to buildings that are used by businesses in order to generate revenue. Retail, corporate, land, multi-family houses, blended-use developments, and offices are all distinct subsets of the broader commercial real estate market. The health of a market or its subdivision can be gauged by looking at the commercial real estate sector, specifically at sales prices and the rate of new construction. We think that Atlanta is also a great place to live (not just work).
Is now a good time to buy real estate in Atlanta?
This is the glaringly obvious inquiry on everyone’s mind. Thankfully, we have an idea. To sum up, the housing market in the Metro Atlanta area is still tough, although not as much as it was a couple of months ago. The Atlanta metro area’s inventory increased by 34% in July 2022, reaching a level not seen since October 2020. Nonetheless, the market is still in favor of sellers.
When is the best time to buy commercial real estate in Atlanta?
Yes, there is such a thing as the best time to buy. It’s during the winter months but if we had to pick one – January. That’s when people are buying the least so you will be able to negotiate the price at that time the most. This was just a pro tip for you. We understand that buying any property is quite costly and want to help you to save some money if possible. We are showing you all of this so you don’t have buyer’s remorse later.
The inflation
There is no denying that with inflation at full steam, the housing and commercial real estate markets are in a downturn. The number of sales dropped from August to September, which is to be expected as the cooler weather and school return. However, sales were down 27% from the same month last year, indicating a marked cooling of the market due to rising mortgage rates.
You will need a local realtor when buying commercial real estate in Atlanta
To buy any kind of real estate in Atlanta you will need some help from a local realtor. The crucial part here is local! They have the best listings after all and know things we do not. Not even Zillow can help you as much as a local realtor can. Start interviewing as soon as you find out that you need to buy so you can have enough time to see everything that is offered right now.
You should also talk with your realtor about the inspection. It would be wise to have a professional come over and take a look at the property to see if there are any red flags before buying. Hiring the inspector can save you some money. Finding professionals is the crucial part of buying any property. Chances are you will also be needing a lawyer and reliable movers like Safari Movers Atlanta.
Forecast for next year
For many years, Atlanta’s real estate market has been among the nation’s most competitive. It is also a prime location for purchasing rental houses. The real estate market in Atlanta has benefited from the city’s expanding population. Based on the most recent numbers available from the United States Census Bureau, about 285,000 people relocated to Georgia in 2019.
The state’s continued success in “best state for business” rankings is directly attributable to this migration. For the last seven years in a row, the state of Georgia has been ranked first for business by Area Development magazine (2014-20). Nine out of ten corporations in the Fortune 500 have a presence in Georgia, and 18 of those have made the state home to their international headquarters.
The favorable business climate and low living costs in Atlanta are major pull factors. This city’s economy is based on knowledge, which makes it attractive to bright minds. Atlanta’s housing market is experiencing a severe shortage as a direct result of the net migration, and the shortage is not expected to be alleviated by the current rate of new buildings. No matter when and why you decide to buy in Atlanta make sure to call for help! Ask for any help you may need because there is no need to handle everything by yourself. You have a lot on your plate right now.
Before we go
It doesn’t matter if you are buying commercial real estate in Atlanta to start your own business or you are doing it to rent or as an investment, we think you are doing the right thing, and now is the best time for it. Chances are everything will be pricier in a couple of years.
Hopefully, this text helped you and gave you some good ideas (like hiring an inspector before buying any property), and maybe soon enough we will hear all about your new business in Atlanta if that is the purpose of purchasing the property there. Good luck and make sure to find adequate help before doing anything!