Atlanta saw some big developments take shape in 2016 and 2017 is proving that we’ll see even more. Overall, 2016 was a big year for developments of all kinds in Atlanta. Not only did we have major developments in real estate but in our economy as well. Transit support with MARTA, the Atlanta’s bike share program, and capping major highways are just to name a few. And we also saw lots of renovations, such as the overhaul of the “world’s busiest airport”, Hartsfield-Jackson Atlanta International Airport. There’s even more coming to the airport in the next couple of years. The ever so beautiful Fox Theater announced a renovation as did the infamous Clermont Hotel.
2016 also saw the most expensive sale ever in the city for a one-bedroom condo at the Loews Hotel. It sold for a whopping $750,000! And we’re not done yet. The W Hotel residences have 2-bedroom units selling for over $2 million and Atlanta was declared the most expensive southern city for renting.
Coming in 2017 is the Beltline extensions, as well as sports venues and entertainment with the Falcons and Braves making moves to brand new stadiums. More high-rise condo buildings are on the docket. The Mercedes-Benz Stadium is set to open in the summer after over 2 years of construction. It should be ready for the Falcons to kick off their season by the end of August. SunTrust Park will be ready for the Braves’ first exhibition game in March against the NY Mets.
2017 also promises Atlanta residents more walking and biking trails and all-around recreational options. The Eastside will finish a trail that will connect to Reynoldstown via Wylie Street and more venues will pop up all over the city. [Source – Curbed]
Housing Market in General.
Across the country, we will see mortgage and interest rates increasing slightly but there is not really any concern that they will sky-rocket. However, buyers should pull the trigger on a new house if they plan on doing it in the next 3 years as rates will only increase. Home prices are on the rise and will continue to rise with more multi-generational options emerging as aging parents and older children return to living under one roof.
We are still in a housing shortage for much of the US and Atlanta is no different. “According to the 2016 NAR profile of home buyers and sellers, first-time home buyers make up 35% of the market and pay a national median price of $182,500. This is below the Census Bureau’s reported median sales price of a new home for October 2016 of $304,500. For home builders to be able to sell to a higher priced clientele, individuals need to sell their existing homes, which over the last three years have finally started gaining positive equity.” [Realestate.usnews.com]
What should buyers do?
If you’ve been on the fence, you should really consider buying now because home prices and interest rates are just going to increase.
What should sellers do?
Sellers should time their sale just right for the maximum profit. Talk to a real estate professional if you are open to timing the sale next year for the best possible price and the most interest in your house.
Call me today (404)580-9069. Let’s get started with your home search or a plan for selling. 2017 is going to be a great year!