Are you a first time home-buyer? Or are you considering selling your home? 2015 is the year to do it!

Atlanta’s Real Estate market will continue to strengthen this year, with more homes on the market and favorable interest rates that should help take the sting out of rising prices. According to the Atlanta Board of Realtors recent report home prices are expected to increase at a tempered pace, allowing homes to remain affordable for first-time buyers.

They also expect that more traditional buyers will return to the market as institutional investors purchase fewer homes. Millennials will represent the largest group of first-time buyers to hit the market.

Lending restrictions should also ease this year, giving more prospective buyers a chance to close on a loan. Mortgage rates remain favorable at this time and should remain low. This will be especially helpful for first time home buyers.

Market Stats

The median price of homes for sale in Metro Atlanta rose to $212,000 in December, compared to $194,000 for December of 2013 according to the Atlanta Board of Realtors report. The median is the midpoint where half the sales prices are below and half are above.

For detailed statistics about a specific area, please visit this link. Here you can specify which area you are interested in based on zip code.

Sales rose to 19% in December 2014 compared with November, but that spike was typical for that time of year. As prices keep rising, more people are expected to put homes on the market – including thousands of foreclosed homes snapped up during the housing bust. Investors have been holding on the properties and renting them. Because of the lack of homes for sale at the moment, rent prices are expected to continue rising this year.

Even though overall inventory rose 31% last month from the previous December, the Atlanta Real Estate Market only has a 3.8 month’s supply of homes for sale; six or seven months’ worth is considered normal.

So what does this mean for you?

It’s a sellers market but sellers should be realistic in pricing. Make sure that the price is right and remember that overpriced homes still have to be appraised and the appraisal could jeopardize a buyer’s ability to secure a loan.

To find out exactly how much your home is worth, contact me TODAY for a free comparative market analysis! Click here. Let’s get your home sold!

[Source: AJC]

Are you interested in buying or selling a home? Please contact me at NoraSells@KW.com or 404-840-2918.

– Nora Levesque

To keep your fingers on the pulse of the Decatur and Atlanta Real Estate market, this is the place to be.