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Showing mixed signs, the Atlanta, Georgia housing market is slowly sputtering back to life, say local Realtors.
"Atlanta is the 'Big Peach of the South!'" exclaim Realtors Jim and Ellen Crawford. "Hartsfield airport and telecommunications have replaced the railroads in importance from Atlanta's early days (known as "Terminus" and "Marthasville.") and has become a hub for transportation, a gateway to the south, and information technology. Atlanta is a new young, and vibrant city with loads of great shopping, a MARTA system, fine dining, affordable housing, and great nightlife."
They explain, "There are almost 50,000 active listings in all classes of our primary MLS service (FMLS). These are all highs in listing inventory that haven't been seen since the early 1990's. However, this remains our best year ever in the market! We credit that to interest rates at 40-year lows, it's a great time to buy or sell before rates move higher. Homes, pricing, and times on market will vary from price, location, and condition of the home. It is definitely a buyer's market due to large volumes of inventory. Sales of existing inventory, and new sales vary by price range and location. However, the lower rates are keeping some momentum in the market in moderate price ranges, and on brick homes, keeping listing prices firm. Sellers have started to reflect price changes on their properties, and the relocation market is off. Sales of existing inventory and new sales vary by price range and location. However, the lower rates are keeping some momentum in the market in moderate price ranges, and on brick homes, keeping listing prices firm. In this market, we are finding some flexibility in the seller's terms more so in the higher priced homes and in moderate ranges the sellers are paying some buyer closing costs, repairs etc."
"Now thanks to a 40-year fixed rate mortgage," says Realtor Fran M.Walker, "first-time homebuyers (available to others but most advantageous to first timers) will be able to buy a home with a lower payment and the security of a fixed rate. The payments may not be much lower but the danger of no interest rate increase is a safeguard that can't be overlooked. The interest rate on the 40-year is actually higher but with the amortization period is longer with lower monthly payments. If economic good times continue, buyers should focus on prepaying as much as possible toward the principle. The potential interest rate volatility is one reason the 40-year mortgages could make an attractive alternative to interest-only loans and the payments are about the same."
"Overall market conditions for Atlanta remain strong and vibrant for several different sectors including first-time homebuyers, buyers "moving-up" to the $200-$350K price range, and investors seeking to capitalize on historically low interest rates," says Realtor Mardell Culley. "With the current popularity of interest-only loans and competition among lenders, low mortgage rates continue to fuel the housing market and mutually beneficial deals are being negotiated for both buyers and sellers. There is plenty of evidence that our leaders and citizens will rise to the challenge of welcoming new residents while maintaining and improving our quality of life."
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