Well, here we are in March! I don’t know about you, but this year already feels like it’s flying by. Spring starts this month, as does the peak home buying season. Are you ready? I thought I’d offer an update on how our housing market is beginning to shape up here in Atlanta. And whether you’re a buyer or a seller, it’s all good news!

So much good news here in Atlanta that we’ve attracted the attention of Forbes Magazine. The Atlanta-Sandy Springs-Marietta area was featured as part of an article and named one of the best places in the U.S. to invest in housing in 2018. The article cites our average home price, population growth, job growth and undervalued housing market as the reasons. You can see why with the following data points they cite in the article:

• Average home price: $234,249
• 3-year population growth: 4.9%
• 2-year job growth: 5.1%
• 1-year home price growth: 8%
• 3-year price growth forecast: 24%
• Homes are undervalued by 7% compared to the historic ratio of price and local income.

As for specifics on housing here in-town Atlanta, our home sales volume is up 13 percent for January with a 3 percent increase in average sales price to $855,385. Granted this data is just for the neighborhoods I cover in my Hatch Neighborhood Report, but we expect this home buying season to be brisk and it’s already proving to be so.

Yes, I am aware of the limited inventory and rising mortgage rates; however, keep in mind that here on the Westside, we’re seeing lots of exciting new developments finish up, which will help with inventory. And historically, over the last 45 years, the average mortgage rate is 8.25 percent. Current rates for a 30-year mortgage, as reported by Freddie Mac, are hovering around 4.43. So, we can safely say they are still near historic lows.

So, how can you take advantage of this market now? Whether you are planning to buy a home or list one—or both—time is of the essence. The sooner you make a move on your plans, the better position you’ll be in during this year’s peak season. Right now, there are fewer homes, less competition on the market for sellers so you have a great opportunity to capture the market and the most serious buyers now.

As a buyer, don’t be shy, now’s the time to start shopping. We’ve seen some softening of prices in the luxury market in Atlanta and there are some great prices to be had. So, if you are considering upgrading your living situation, let’s get started. Remember, the sooner you buy a home, the sooner you get the benefit of home appreciation, which for Atlanta currently stands at 5.42 percent, according to the latest Case-Shiller Home Price Index.

I absolutely love Westside Atlanta. My husband and I live here, work here, and are raising our family here. If I can offer any advice or help you list or buy your next home, give me a shout. It would be my honor to assist you!

Cheers,

Michelle