We have again looked in our crystal ball of real estate and make the following predictions for the 2016 Atlanta real estate market
- Interest rates will continue to rise during 2016
- Most buyers in 2016 will wish they had purchased a home in 2015 – or at least purchased a home in early 2016. This is because mortgage payments are going to be more expensive.
- Home sellers will face stiff competition in 2016. More homes are coming on the market as home prices will see some inflation
- Families who want to sell a home and buy a home in one seamless transaction are going to be frustrated. The new mortgage lending rules will make it difficult to coordinate the sell and buy transaction. This is NOT the year to be working with a rookie real estate agent. Same with no service discount brokers. You will want to have the most experienced agent possible if you plan to sell a home and buy a home “simultaneously”
- More new construction homes will be available “intown” but the price range will be significantly higher than most buyers anticipate. Also – lots of condo construction “intown” at more affordable prices.
Our best predictions from January 2015
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. We nailed it!
More homes will be sold in 2015 than were sold in 2014. Got this right
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. We nailed it!
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. Nailed it
Our worst predictions from January 2015
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. Kinda missed this – 2015 was a good year to sell a home – not a great one. The market slowed down some after July
Atlanta Real Estate Update 2016 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 2016 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.
Want to have an Atlanta Real Estate Update 2017 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 2016.