As reported in Atlanta IN Town, realtors are still predicting a strong finish for 2016. Atlanta and the surrounding communities are seeing growth, and Jonathan Smoke, Chief Economist with Realtor.com, has made his predictions for markets that “are poised for a substantial growth in prices and sales” next year. He named north Atlanta as the fifth best market in the U.S. during 2016.
INTown also touts Atlanta as the best city for millennials. “About 13.5 percent of Atlanta’s population is between the ages of 24 and 35. The active, varied job market, affordable housing and vibrant nightlife have caused the city to become a desirable, go-to destination for young professionals.
Average mortgage rates are in the 4% range, low by historical standards – which motivates home buyers to lock in while they can. There are new lending regulations which have been slowing the approval process and delaying closings – but this is becoming standard practice and normalizing as people learn how to meet the guidelines. It’s still a sellers’ market, but a stronger economy could mean that things will improve for homebuyers. Additionally, increased housing prices could mean that more sellers who’ve been upside down or underwater may be able to put their homes on the market. Housing starts were up in fall, so new construction inventory should increase next year. The National Association of Realtors reported that the median number of days to sell a home in Atlanta has been 57 days.