Atlanta Area Housing Prices Rebound to Levels Reached Before Housing Crash, Comparable Crash Unlikely
Home prices around the state of Georgia and nationwide have rebounded to levels reached just before the financial crisis a decade ago. However, according to Realtor.com, more favorable economic fundamentals and market conditions today, along with tighter home mortgage underwriting standards, make a comparable market crash unlikely.
The housing crash was influenced by unstainable increases in home prices and by subprime and low documentation home mortgage loans. While listing prices for homes in the Atlanta area and around the country increased by double digits in 2017, the economy remains healthy and mortgage lenders have also tighened, meaning that today's home buyers are less likely to default.
Home prices, fueled by the low inventory of homes in the Atlanta are and other parts of the country, are expected to confinue rising until they reach the highest point the market can tolerate. At that point, home sales will gradually taper off as more and more potential homebuyers are priced out of the market and begin look for more affordable alternatives to buying a home.
Refiancing or purchasing a new home in metro Atlanta or anywhere else in the state of Georgia? Contact Peachtree Mortgage Services, Inc. by phone at 770.481.0052 or by email at peachmtg@bellsouth.net to discuss our low home mortgage rates.
* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.