Atlanta Ripe for a Rebound in 2009
Well, it's been a rocky 2008 with record foreclosures, stock market declines and recessionary signs surrounding us. Like every economic cycle, this too shall pass. As Forbes and Economists across the country have recently pointed out, the markets with the most robust economies will be the first to show signs of recovery.
Lucky for us, Atlanta is just such a market. We've seen record housing start decreases, as much as 33% this year, but things are leveling off and a recent Forbes article predicts housing start increases as high as 32% for 2009. What does that mean? Home prices are going to increase by 32% next year? No. What that really means is that we've had a significant decrease in new construction this year and we will return to some normalcy next year.
Forbes and several economists predict Atlanta job growth to be around 2% per year for 2009-2012, which will help us reduce some of the current inventory of homes. This allows for a faster recovery than other cities that were either more overbuilt or have seen declines in the job market.
If you're thinking about selling your home and still being able to find a great deal, you may want to consider the above information. The housing market is similar to the stock market. It is tough to know where the bottom is until you are already past it. Buying and selling homes in this market is all relative. If there is too much inventory, you may not get top dollar for your home but you're sure to get a good deal on the next one. People are pricing their homes to sell now. The best values are not always foreclosures. Make sure you're getting expert advice on what to purchase to obtain the most equity- as they say, "you make your money when you buy a house, not when you sell". Buy smart! We've gotten buyers incredible deals now that just may not be there next year...
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Sherry 678-283-1710
Maria 678-548-5513
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