Let The MAY Festivities Begin!!!
East Atlanta Beer Fest on Saturday, May 19th * www.eastatlantabeerfest.com
PawFest 2018 at Briscoe Park * Saturday, May 19th * gwinnetthumane.wixsite.com
Grant Park Tour of Homes * Saturday, May 19th and Sunday May 20th * http://gpna.org/tourofhomes/
The Atlanta Cycling Festival * May 19th through May 25th * http://www.atlantacyclingfestival.com/
AND MY FAVORITE:
The Atlanta Food and Wine Festival * May 31 thru June 3rd * https://atlfoodandwinefestival.com/
And Now For Some Thoughts On The Current Atlanta Market:
One thing that we can all agree on regarding Atlanta residential real estate is that it is not homogenous. Real estate is always influenced by local conditions and although values are impacted by geography they are also impacted by price point. Overall, Atlanta is a highly desirable place to live and whether it is a good time to buy or sell depends on one’s perspective. Buyers may view the same set of facts differently than sellers based on how it impacts them. Let’s explore this further.
For instance, rising prices may be great if you are a seller…until you become a buyer. Low inventory makes it a challenge for buyers to find the right home, but may benefit the seller as demand outpaces supply. While 30-year fixed interest rates are still within the historically low range, they are beginning to rise.
According to CoreLogic, Georgia experienced a 6.5% year-over-year increase in home prices. This is being driven primarily by under $500,000 single family home price range where there is about two months of inventory in metro Atlanta (a balanced market will have approximately six months of inventory). The average sales price for more expensive homes generally decreased and the inventory supply was far greater. For example, inventory in the $2 million plus category has more than two years of supply in the metro Atlanta market. CoreLogic is projecting a 35% reduction in the home price appreciation rate for Georgia in the coming year. While the appreciation rate is slowing, economists still predict slow but steady price appreciation for the next five years.
From a market timing perspective, this is an optimal time for sellers to realize the paper gains in their property and secure their next home before the mortgage rates increase. Buyers may be challenged to find their perfect home, but waiting for it to come along has consequences – especially with the reduction in purchasing power as interest rates rise.
Every situation is unique and I specialize in market expertise. It is my pleasure to assist you in sorting through the variables to help you make the best decision from your perspective.
So….let’s connect and start a conversation!