As the overall economic situation in the US continues to brighten, the real estate market in Atlanta is also witnessing welcome gains. The first half of 2015 has seen a rising market, and there are encouraging predictions for the second half, which includes an additional 20 percent rise in home building. The prices of properties are expected to remain in a range that is affordable for the majority. However, a slight increase in the mortgage rates is expected by the end of the year – somewhere around the figure of 5 percent.
Nonetheless, some experts believe that the interest rates in the local market will continue to linger at historic lows for almost the entire year.
All of this is good news. To add to this, there is more good news for in Intown. A recent housing report by Realtor.com has indicated that there are ten metro areas across the country that are especially “ready for significant acceleration across housing metrics” in the latter part of 2015. Atlanta tops this list.
According to the report, Intown Atlanta will continue to become a strong market area. As the appreciation of the properties continues, more and more homes will start to emerge from their previously ‘underwater’ position. You can expect to see more homes becoming eligible for sale, ultimately bringing the much-needed inventory to the market.
Forecasters predict that even though real estate sales will most probably remain flat or increase just slightly elsewhere in the country, the home sales around the Atlanta perimeter will witness an increase between 10 and 12 percent. In the same manner, prices are also expected to go up by 3 to 6 percent, with the Intown housing being at the higher end of this range.
According to a real estate expert in Atlanta, the inventory has gone up significantly; however, the months supply of the inventory that is measured against the home sales has gone down. This clearly indicates that the market is absorbing the inventory much faster as it is being put into it.
In addition to all this, home price appreciation should also be expected in the following months due to the rising inventory. This will ensure that the prices are kept at an affordable level for first time buyers who are typically under-represented in the housing market, as compared to the historic norms.