There are so many factors in determining the “when” of home buying. Add that to the fact that everyone’s particular circumstances are… well, particular to them. Clearly, an individual’s financial and personal factors must be considered, however, from a pure market perspective, yes 2020 is a great time to buy a home in Atlanta.
Historically low rates are super attractive for buyers considering taking the plunge. However, experts from both Freddie Mac and the Mortgage Bankers Association have predicted that mortgage rates could continue to gradually rise.
Supply & Demand
This is always a relevant condition that buyers should always keep in mind. What does it mean for buyers?
When the supply is shorter, buyers can obviously have less to choose from and can end up paying more. However, additional home-price gains are likely for this condition, allowing homeowners to build all important equity. Also, already in 2020, we are seeing price reductions become more common, partly due to new supply growth.
Now May be As Good As it Gets
Of course all the analysts can never be absolutely sure about the best time to buy, but all external indicators (at least at the moment) indicate that this may be as good as it gets. Atlanta home prices are continuing to rise and mortgage rates appear to be climbing right along with them, and that doesn’t seem poised to change. So if you are thinking about it casually, you may want to think a little bit more aggressively!
FUN FACTS for RECENT ATLANTA REAL ESTATE HISTORY
2018: Home prices in Atlanta rose by double digits in 2018, according to Zillow, posting bigger gains than the national average.
2019: Half way through 2019, the median home value in Atlanta was around $259,100 which was a gain of more than 8% from the same time a year earlier. During that same 12-month period, home prices nationwide rose by an average of ONLY 5.4%.
What are the Atlanta real estate market predictions for 2020?
According to Zillow.com, the Atlanta housing market is currently a buyer’s market. The median home value in Atlanta is $264,500. Atlanta home values have risen by 4.8% over the past year and their Atlanta real estate market forecast is that the prices will continue to rise by 6.6% within the next year.
Lee would love to help you find the perfect home for you! Please contact him, and he can help guide you through the 2020 real estate market with ease and expertise!