Why should homebuyers consider Atlanta properties this summer?
Finances play a major role in many real estate decisions. While homebuyers frequently seek affordable properties, they may also face the challenges of staying within a budget and managing their short- and long-term finances. These difficulties might seem staggering to some property buyers, but those who consider the homes for sale in Atlanta are likely to find significant values, especially if they start their searches now.
According to the Atlanta-Journal Constitution, the present economy offers plenty of opportunities for buyers and sellers. Take a look at the following factors and their impact on the housing market.
1. Prices - You might be able to find a high-quality home for less than $150,000 in Atlanta. In fact, prices in certain neighborhoods have reached historically low levels.
"Housing prices in the Atlanta area are, on average, at about the same level they were in mid-1997," Wes Moss, chief investment strategist at a local retirement income planning firm, told the news source.
Homebuyers might want to act fast to take advantage of lower-than-average prices. When more property buyers enter the marketplace, the competition for affordable homes could heat up, which may lead sellers to increase their prices.
2. Interest rates - The national average for interest rates on 30- and 15-year fixed-term allowances continues to fall, which may serve as motivation for first-time buyers. Those interested in acquiring an Atlanta house might qualify for interest rates below 4 percent. This opens plenty of doors, as buyers can explore the market to find their perfect home.
"With 30-year interest rates hovering under 4 percent and 15-year rates under 3 percent, these are tremendous times to be able to purchase a home at a decreased value with a fixed, low-interest rate payment,” Ted Jenkin, co-CEO at one of the metro's financial planning companies, told the news outlet.
It might be wise to consider getting financing before you review the real estate available in this metro. This gives you the ability to develop a budget and limit your options before you check out the wide variety of properties in the area. With this strategy, you'll be able to narrow your choices, consider your options and make your purchase quickly.
Additionally, property buyers might want to consider their purpose for buying a property. Jenkin told the news source that Atlanta homes could deliver more upside in the future, as property values may increase throughout the region. A buy-low opportunity could be available to homebuyers who decide to purchase one of the area's houses.