1. Metro Atlanta rents will continue to rise and this will drive more renters into the home-buying market.
2. Housing inventory—especially for move-in ready and new homes—will continue to drop. As a result, metro Atlanta home prices will continue their upward trend. It’s the basic laws of supply and demand. In the second half of 2013, more inventory will enter the market as the pent up demand over the last few years will have more sellers entering the market.
3. Interest rates will remain steady, possibly below or around 4 percent through 2013. The Federal Reserve has promised to keep mortgage interest rates low for the foreseeable future (next 2-3 years at least).
4. Lending standards, however, will remain tight as the laws and regulations have not eased in this area and banks are understandably less willing to provide even remotely risky mortgages.
5. Short sales will continue to be a sizeable part of the market.
6. Far fewer foreclosure “bargains”
7. Total numbers of home closings will continue to increase, signifying an improvement in both the real estate market and the economy. Nationally, total homes sold in the U.S. increased 10 percent in 2012 and the National Association of Realtors predicts a similar increase for 2013. In Atlanta, we are predicting a greater than 10 percent increase, based on the market activity and the fact that a couple new, large national builders have recently entered the Atlanta marketplace. This increased new home inventory, which has been vastly depleted the last couple years, will only add to the total number of closings for metro Atlanta.
“These mostly positive predictions all lead to one thing—2013 being the best year in metro Atlanta real estate in the last several years,” said Ben Christopher. “We saw great improvement in 2012, including multiple offers on numerous properties and a listing inventory shortage in some areas and price points. The Atlanta real estate market is definitely on the upswing! It’s no longer a time to remain on the fence about whether to invest in Atlanta real estate.”
To learn more about the Atlanta real estate market or how you, as a buyer or seller, can capitalize on the local real estate market now, call RE/MAX Greater Atlanta at 770-973-9700 or visit http://www.realestateatlantaga.net.
RE/MAX Greater Atlanta celebrated 25 years of selling metro Atlanta real estate in 2011. The company is co-owned by Ben Christopher and Denny Jones. Centrally located minutes north of Atlanta in Marietta, at 2050 Roswell Road, RE/MAX is the most recognizable brand in residential real estate today. RE/MAX Greater Atlanta was named one of Atlanta’s Top 25 Real Estate Companies for 2012. The annual list is compiled by the Atlanta Business Chronicle and was formally published in a March issue focusing on residential real estate in Atlanta.
In 2011, RE/MAX had more closings than any other national real estate franchise (as reported to Real Trends). In fact, RE/MAX agents had nearly 600,000 transactions, which was 20 percent higher than the next franchise on the list.