Have you been planning to buy a home in Atlanta lately? Are you wondering about the market scenario and are confused whether you should buy a home in Atlanta or not? There are a few things you should be aware of before making a final decision. With over 26 years of experience in the real estate industry, I can signify the dynamics of the current real estate market in Atlanta. So, before getting involved in a real estate transaction in Atlanta, read about the current market trends!
Home Prices Are On the Rise
According to recent market research, home prices are on the rise in Atlanta and it is the best time for sellers to earn profits. In 2006, Atlanta was one of the last cities to recover from the nation-wide recession. However, since then, the housing market has been constantly on a rise. Buying homes has become easier and the number of house sales is skyrocketing every year.
The outlook for the year 2017 was extremely positive. Recently, Jonathan Smoke, the Chief Economist of Realtor.com predicted that the real estate market in Atlanta has seen a substantial growth in prices and sales for the past three years. The statistics show that North Atlanta is currently the fifth best market for real estate business in the US.
Lower Interest Rates
I have seen the real estate businesses expanding here as there has been a steady growth in housing sales and purchase. Even though there was a notable increase in Federal Reserve’s rate, the interest rates are still very low as compared to the previous years. This is because different aspects impact the interest rates including popularity of the local neighborhoods, lending regulations and availability of inventories within the city.
Prefer To Purchase than Rent
Due to overall positive dynamics of the real estate market in the city, Atlanta is currently one of the few markets present in the US where people prefer to buy rather than rent their houses. The market has grown from the recession since the year 2006, to become a favorable place for real estate. Even though the real estate industry is at a boom in Atlanta, there is also a constant shift in trends. I would say that Atlanta is one of the most volatile markets present in the US which makes transactions quite unpredictable.
Highly Popular Among Millennials
The current situation of the real estate market in Atlanta shows that it is one of the most preferred places for millennials. The city is highly attractive to young adults due to various reasons. With the most diverse job market, active lifestyle and vibrant nightlife, Atlanta has become one of the most popular cities among the younger generations. Therefore, more millennials are entering the housing market. Currently, 13.5 percent of the population of Atlanta is between the ages of 24 and 35.
These are some of the most important pointers you should know about the real estate market in Atlanta. If you want to know more about the current happenings in this niche, you should visit my blogs on Luther Ragsdale.com and Platinum Real Estate. You can also download my e-Book to get more insight on the real estate market. To follow my videos, subscribe to my YouTube channel.