The real estate market of Georgia has a few notable trends you must not miss out on. They depict the possible skew which would be observable in the coming year. What those trends are and how they will impact you is discussed in the following review about the Georgian real estate industry:
Increase in home sales
According to the chief economist surveys more houses will be sold in 2017 as compared to previous years. Since the elections have passed, buyers are wanting to purchase their own property before any major changes in the mortgage rates occur, which will hinder the affordability of the property.
The same pattern is observable when looking at the real estate market of Atlanta. The numbers of sold houses were 7.7% higher in 2016 when compared with 2015. This is expected to increase in this year as well. In Atlanta and a few big others like Savannah more sales are observed during the summer and fall times.
President Trump has communicated his support for the real estate market which might bring about a pattern in government’s regulation leading towards lenient conditions for loan approval. If this happens there would be easier terms for house purchasing and many people will be looking to buy their own house.
If the government decides to subsidize anything for the construction business, it would result in more affordable houses.
Multiple offers on a single property are the consequences of property shortage in the market. It was a normal observation in 2016 that a low priced house would get 4 to 15 offers at least. This will not change in 2017 as well.
Higher interest rates
Most industry specialists foresee that as the economy keeps on enhancing the interest rates on houses will crawl up. In the course of past 5 years rates stayed at 4.5% or less. Only a couple of months prior, they were 3.5%, but it is expected that a mortgage loan of 15 years may rise up to 3.7%.
According to 2017 predictions of various sources, an expectation of home loan rate increments is expected, and because of it people buying home for the first time might confront obstacles in qualifying and purchasing.
Generally, there is a lack of home availability for sale in Georgia, and the United States in general.
The unavailability of houses for sale is particularly observable in the downtown Atlanta range and North Atlanta rural areas, where these deficiencies have brought about an increase of 10% in the prices.
The Northwest Suburbs of Atlanta like Paulding and Cobb have also encountered deficiencies in available properties but not as much as Downtown.
This article is written as per national real estate trends observed, local area market analyzed, real estate published stats reviewed and as per the opinion of several agents and lenders.
You can also find detailed information about buying and selling homes in Georgia in our blogs.