The Atlanta real estate market is getting hotter, and in all my 27 years of experience in the real estate industry, I haven’t seen home prices rising so fast. This makes it the ideal time to purchase a new home in Atlanta, Georgia because prices are expected to increase rapidly. If you are interested in buying a new home in Atlanta, there are a few things you should know about the real estate market.
I have been keeping an eye on the latest real estate trends, and can provide you with an overview of what to expect from the real estate market in Atlanta. Here is what you need to know:
1. Mortgage rates expected to continue rising
Home values in Atlanta are rising, but that isn’t the only thing that is increasing. Mortgage rates are also rising along with home values, which places additional pressure on home buyers. Latest forecasting is showing that Mortgage rates are expected to continue rising throughout 2018. The Mortgage Bankers Association has predicted that the average rate on a 30-year mortgage loan will be at 4.5% and will be more than 5% by the end of this year.
2. House values are up nearly 10%
Home values in Atlanta, Georgia have been rising rapidly, and by a lot! Over the past year, home prices have increased by nearly 10%, which is way over the national average on annual price appreciation. This means that anyone looking to purchase real estate in Atlanta, will need to pay premium rates, but if you delay buying now, you will be paying more in the future.
3. Local real estate ahead of the nation
The way real estate prices in Atlanta are rising, economists are predicting that if the trend continues, it won’t be long before the Atlanta real estate outstrips the nation. The average rise in home price in the United States is predicted to increase by 3.65% in 2018, but Atlanta’s real estate market is showing a 5.3% increase in home prices in 2018.
4. Housing inventory still favoring sellers
Economists and real estate experts have predicted that supply and demand in the real estate market will be balanced, even though there were reports that Atlanta has less than a 3-month supply of homes. That revealed that the market is still favorable for sellers, because there is limited inventory, which places even more pressure on home buyers.
They need to move quickly when buying a home, because if they wait around, someone else might get ahead of you in line by making a better offer. This means that if you want to buy a home in Atlanta, which has a limited supply of houses, you need to be efficient when buying a home.
You should remember that these are all forecasts, and there is a margin for error in them. So, if you want to learn more about what to expect in 2018 concerning the real estate market in Atlanta, you should check out my YouTube page, and visit Platinumrealestate.com today.