2013 was a comeback year in Atlanta with low inventory, price stabilization, the continuation of historically low interest rates, homeowners’ increasing equity, and more sales.
What can we expect in 2014?
- Rising interest rates will result in stiff competition among lenders to grab buyers’ business.
- The rising home price trend will remain due to continued low inventories.
- Atlanta is ranked in the top 10 of cities for job growth*; expect to add this as a favorable factor in home price increases.
- The seller’s market will continue with buyers stepping up their efforts to make attractive offers.
- Dwindling distressed property in the zip codes which have suffered the highest rate of foreclosures means fewer investors will be competing with buyers.
- Opportunity in the Atlanta luxury market where there is increased inventory, and the spread between conventional jumbo loans remains relatively small.
- New home construction is showing signs of life which, in some areas, will ease up inventory shortages.
With hefty demand and rising interest rates on the horizon, spring in Atlanta real estate begins in now instead of March. If you are thinking of selling, jump on it and get your house market-ready.
*Metro Atlanta Chamber