Is 2018 a good year to buy or sell a home? Is it the time to invest in real estate? How far will my money go in the housing market this year? These are often questions buyers and seller ask when they consider what their next moves will be. No one knows exactly what the market will do at any given time, but we can follow housing market trends around the Atlanta area to pinpoint how the market is doing this year.
Why It Is Important To Follow the Market
Knowing the trends in the area you are looking to buy or smell is smart. It allows you to make wise investments and decisions. Prices vary locally by suburb and neighborhood. Knowing the trend ensures you will know exactly where the sales and average home prices will go in the next few years. It is important for all buyers that they can afford the home they live in. Buy in a geographic area that has a median home-buying price you can afford, low property taxes, and a trend that suggests the area will not decrease in value over time. Mortgage rates also play into this. Rates will fluctuate frequently, and you want to jump in at just the right time that you are getting a fair rate. There is often unpredictability surrounding the economy, so be sure that you follow the market and buy and sell smart so that in the event of a change in the economy, you won’t be significantly affected.
Trends in Atlanta
According to Forbes, metro Atlanta and the suburbs of Marietta and Sandy Springs are among the top 20 cities to invest in for 2018. The job market is growing, but homes haven’t become so sought after yet that the prices are skyrocketing to exorbitant prices. The trend in these suburbs seems to be on that is sustainable throughout the years. Home prices aren’t likely to experience extreme growth but it will hold its value. For those looking to buy around the Atlanta area, this might be a great place to start looking, knowing that you will get your value out of a home in these suburbs. Average home prices in this area are around $234,000, a 7% decrease in value from what these homes have cost in the past. Prices are only expected to go up as these neighborhoods have a 3-year growth projection of 3%. Contact realtor Andy Crowe for more information about buying a home in or around the Atlanta area.
Pay Attention to Mortgage Rates
While the market may be more favorable for sellers right now, buyers also have some advantages that make buying a home more affordable. Mortgage rates have seen a drop in recent years, making homebuying the most affordable it has been since 1980. With trends suggesting the rate may be about to go up, now is the time to take advantage of low mortgage rates in your area as the average rate is about 4.5% compared to 16% 40 years ago. Because of a new tax bill, rates are expected to rise, it may no longer be affordable for buyers. Take advantage of the new rates today before an increase happens. Andy Crowe can help you find the Atlanta home of your dreams at a budget-friendly price.