Atlanta Real Estate Update 2015
Atlanta Real Estate Update 2015 is provided by Sally English, Associate Broker at Realty Associates of Atlanta LLC. Sally is an experienced and successful Realtor serving clients in Emory University and Centers for Disease Control neighborhoods and subdivisions in Northeast Atlanta, GA. Atlanta Real Estate Update 2015 is produced by Sally English and is based on her in-the-field experience listing and selling single family homes in 30345, 30033, 30340, 30329, 30084 and 30305 zip codes.
There will be a lot of homes on the market in spring 2015 and increased competition for sellers. This is good news for home buyers as increased competition between sellers will put a damper on home value increases we experienced in 2014. We may have reached a plateau in home prices that will hold for the rest of the year. As more and more homes come on the market this spring, sellers will have to hold their prices lower to stay competitive.
More homes will be sold in 2015 than were sold in 2014. People have jobs and are getting pay raises. There are more dollars in the family budget to pay for housing. Many potential buyers put off the buying decision because they had concerns about job security. These potential home buyers are now more confident about their jobs and see dependable income streams for the near future. Most businesses and industries are experiencing economic growth and as a result are finding they have to hire more employees and pay existing employees more in order to retain them. Lots of people have waited to buy their first home (or waited to upgrade their existing home) because they wanted to make sure they could count on having a job after they closed the sale. People are now more confident about their ability to pay the monthly mortgage payment. Because of this people will be quicker to make the decision to buy a home in spring 2015.
3% down payments now allowed by Fannie and Freddie (Mortgage Insurance entities) will mean home buyers don’t have to have as much down payment saved in their bank account in order to purchase a home. THIS IS A BIG DEAL. After the mortgage meltdown – buyers were having to come up with 5-10% down payments because Freddie Mac and Fannie Mae were practically insolvent and cranked down on home purchase requirements. Families buying a $300,000 home can now make the purchase with a $9,000 down payment versus a $15,000-$30,000 down payment. This is a game changer for first time buyers and for home buyers still recovering from the recession. AGAIN – More Buyers entering the marketplace. Also – this down payment can be a gift from relatives (there are some limitations on the definition of relatives).
Interest rates will stay affordable during 2015 – hey I am leaning on National economist’s predictions here. But Interest rates below 5% are still a deal. Jumping on them in the 4% range is really just icing on the cake.
2015 will be a great year to sell a home. The home buyers are going to be out in bunches and they are ready to buy. Affordable interest rates and lower down payment prices make it easier for buyers to make a purchase. Home prices will not rise significantly though because a lot of sellers are going to be putting their homes on the market. This inventory bump up will result in greater competition among sellers and dampen home prices slightly
Ready for Atlanta Real Estate Update 2015 customized for your specific home? Call or text Sally English 404-229-2995 if you are ready to sell your home. I offer a free market analysis of your home if you would like to see what your home would sell for in Spring 2015.