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Atlanta Housing Market in 2017

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We are fast approaching the new year, here are a few trends to keep an eye on in 2017.

Interest Rates Expected to Increase

After a couple years with low interest rates, look for rates to increase in 2017. If you are considering purchasing a home, talk to a few folks to find the best rates. Also, work on improving your credit score to snag a better rate. If you are selling your home, this increase in rates may slightly reduce the number of potential buyers.

Top Home Buyers include the Young and Old

Home buyers for 2017 are expected to come from the 24-35 age range and the 65+ group. The younger group will be entering the market for the first time and looking for homes with unique features and great location. The more senior group are retirees, or those entering retirement, will be seeking homes to suit their new lifestyle, comfortable and low maintenance. While the 24-35 year olds, will have saved for their purchase, the 65+ range will most likely have more cash available to spend, even purchasing a home with little or no financing. This purchasing group is less likely to be affected by an increase in interest rates. (Source)

Technology will Impact the Market and How Properties are Shown

The increase in demand for fast internet will mean available providers in your area may become a prime feature of listings. Properties with more options in available internet providers, even Google Fiber service, will be popular with younger buyers in Atlanta.

Drone photography and virtual reality tours will start to appear on property listings. Drones are currently used to film properties with larger lot sizes. This allows an overview of the area. Expect this to continue in the new year. However, with the rise of virtual reality headsets now available to the general public, quality video tours of the inside of homes will make their appearance. These technologies have been expensive in previous years and only used for high-end properties. With new at-home versions hitting the market, an eager agent can easily share these same experiences with potential buyers at a lower cost.

New Home Construction Increase

With property listings still at an all-time low, expect construction to increase. Neighborhoods that have remained undeveloped or only in the planning stage after 2008, will kick back into gear.

This also includes new “surban” type neighborhoods, a combination of “urban” and “suburban.” Around Atlanta, business centers have become a hub for condominium and adjacent neighborhoods; this helps to feed businesses and give home owners added convenience. Neighborhoods with a sense of community and privacy, combined with a more urban lifestyle and easy access to restaurants, entertainment, and shopping.