It seems like there has been a lot of talk in the last six months about the housing "bubble." In some markets home prices have peaked and are starting to drop, and both New York and Florida appear to be experiencing a true buyer's market. In some markets across the country sellers are having to bring money to the table. In Metro Atlanta, at the end of the year there was a slow down in the real estate market primarily because of the media hype. But the reality is
- Interest rates are still at historic lows.
- 100% loans and first time buyer programs are still prevelant, making it easy for first time home buyers to experience home ownership.
- Metro Atlanta has not had the double digit annual appreciation in the past that was experienced in the New York, Florida, and other markets. Our appreciation was modest but a very real appreciation. So no "correction" is at hand.
- Cost of housing is still very much a deal in Metro Atlanta when compared to other parts of the country.
- We have plenty of people relocating to our market every day and plenty of first time home buyers taking the plunge, as well as investors benefiting from the Atlanta housing market. So our market has plenty of buyers.
Our market is being called a "buyer's market," and it is true that there are a lot of homes currently on the market. There are probably one hundred homes for every buyer to choose from to match their criteria. But homes in Atlanta are not being sold at discount, sellers (for the most part) are not having to come to the table with money, and homes are still selling. In some cases it is taking a little longer to sell a home, but they are selling.
So if you are thinking of selling your Metro Atlanta home, but have been concerned about the "talk" about the housing bubble, get in the action now, because the next six months are going to see a lot of action.
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