In my last blog post, I reported Atlanta home prices dropped last month, despite a spring selling season that was positive overall. If you’ve watched the news the last few weeks, you’ve probably also heard how unemployment rates are not as great as we all might like. So with all this grim news, you might wonder why I’m about to make the following statement.
It is a great time to buy a home!
Think I’m crazy? Consider a Gallup survey that was just released. Gallup reported its economic confidence index averaged -17 in May, up from -20 in March and April. That’s the highest monthly average since Gallup began tracking the economic confidence of Americans in January of 2008. Despite numbers that say the job and housing market are still slow, there are reasons to be optimistic. There are plenty of local markets where the housing market is picking up. Atlanta will follow suit. Consider that this really might just be a good time to buy your first home, move up to a large home for your growing family, or even scale back to a smaller, low maintenance home.
Consider other news out there about mortgage rates, too. Fixed rate mortgages just hit new record lows for the 6th straight week. Freddie Mac reports the 30-year FRM averaged 3.67% for the week ending Thursday. That’s a new low – last week, it was 3.75% and a year ago, it was 4.49%. 15 year mortgages are at a new low, too, at an average of 2.94%. You can read more on current rates here . Rates won’t stay low forever.
Something else to consider is the inventory of homes available for sale right now in South Cobb county and elsewhere in the metro Atlanta area. There are some wonderful homes and condos available. This weekend, Petersen Partners of Prudential Georgia Realty is hosting a Super Sunday event. From 2-5pm on Sunday, we'll have two wonderful single fmaily homes open. Come visit us at 5316 Whitehaven Park Lane in Vinings Estates or 1015 Magnolia Drive in Smyrna.
You could even win an iPad just for visiting one of our open houses. Now that’s some great incentive to start looking! For more information on open houses this weekend, visit PrudentialGeorgia.com .