North Metro Atlanta Real Estate Forecast
Over the next five years, the Atlanta market is expected to see a 7% growth in total households. Mostly because Atlanta is still affordable compared to other markets, despite predictions of increasing prices around 4 to 5 percent per the National Association of REALTORS. The number of home sales are forecast to be up by 11% in 2015 as household growth, job growth and affordability work together to speed up the housing market recovery.
Becky Babcock has this to add on the local market, “Inventory of homes for sale continues to rise, but months of supply is holding steady. Which means the buyer market is absorbing inventory at about the rate we put it on the market.” This will maintain moderate appreciation for sellers and keep housing affordable for buyers.
Mortgage Rates Likely to Rise in 2015
Freddie Mac Chief Economist Frank Nothaft says, “A pickup in household formations and overall housing activity depends greatly on the pace of economic growth. The good news for 2015 is that the U.S. economy appears well poised to sustain about a 3.0 percent growth rate in 2015 – only the second year in the past decade with growth at that pace or better.” Freddie Mac predicts interest rates to climb throughout 2015, averaging about 4.6 percent for 30-year mortgages.
Buyer & Seller Advice for 2015
Buyers pre-qualified and ready now could get a better deal in early 2015 as many Sellers have been riding out the winter months waiting on the Spring surge in activity.
Spring will see a flurry of new listings and new buyers. We advise Sellers to prepare their home now to list ahead of the competitive spring market to ensure activity from motivated early spring buyers. Current and prospective sellers should freshen up their curb appeal, make sure their home is updated and staged for maximum appeal, and review pricing to be sure it is competitive to take advantage of what is expected to be a strong early spring market.
Path & Post to Invest More in 2015
As a team, we concluded 2014 with over 200+ transactions for the second year in a row and are in position to finish among the top agents in the country again. To continue providing elite service we have hired an additional Seller Specialist and an additional Buyer Specialist to deliver the service our clients deserve. We will continue to invest heavily in online resources to improve the Buyer Search and Seller Marketing results for each of our clients.