Atlanta New Homes - why it's a great time to buy a new home!

By
Real Estate Agent with Brent Realty Associates

 

What a Deal!! It’s the perfect time to buy a new home in the Atlanta Real Estate Market. Because the decrease in the purchase of homes nationwide has led to an oversupply in new homes for sale, Builders in Atlanta have increased the use of sales incentives to move their products. You’ll find drastic reductions in sales prices, tens of thousands of dollars of buying incentives, and money back programs for new home buyers!

More good news!! The Atlanta Real Estate Market is the second-largest housing market in the nation, and home prices have enjoyed steady appreciation without the skyrocketing increases that have pushed other large markets toward a bubble. Atlanta has a good job market, four seasons and affordable housing. I just see it continuing, and Metro Atlanta home builders remain positive about the market too", said David Ellis, executive vice president of the Greater Atlanta Home Builders Association, which has nearly 3,500 members.

"What we are hearing from different folks is they are looking for moderation," he said. "The things we are already seeing -- job growth -- are predicted to continue in Atlanta. We might see some moderation, but you can't have record year after record year. We might not see those types of highs, but Atlanta's housing market has remained stable." Fortune predicts the Atlanta Real Estate Market will see about 4% growth in values for the next two years.

The Atlanta Housing Market is a diverse, thriving mecca for home builders, even in the midst of a worrisome national slump in home sales. New first-time home buyers arrive in the city every day, generating a big pool of potential new home sales. This and factors such as inexpensive land and affordable homes make the Atlanta housing market something of an anomaly. According to the Standard & Poor’s Case-Shiller national home price index, the annual decline in the 10 largest cities was the sharpest since 1991.

The Case-Shiller, a monthly publication by Standard & Poor, measures the residential housing market to track changes in values in 20 major metropolitan regions across the US. As of today, the 20 major metropolitan regions dropped an average of .4 percent in July from June, bringing it down a total of 3.9 percent from a year earlier. S&P said that comparing against 10 of the metropolitan areas there was a 4.5 percent drop since last year, which is the worst drop since July 1991. Tampa Florida and Detroit saw the worst price drop with declines over the past year at 8.8 percent or Tampa and 9.7 percent for Detroit. However, Atlanta, Charlotte, Portland, and Dallas were the only four on the list that saw price increases from last year.

In addition, Interest Rates have gone down a bit and may continue to do so into the first quarter of 2008.  So enjoy the steady increase of appreciation on homes and great home buyer incentives in the Atlanta Real Estate Market - there’s a deal out there for you!

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