Housing Affordability Slips Again; Atlanta Still Makes the Grade

     Increased home prices coupled with rising mortgage rates & modest income gain has led to a slip in national real estate affordability. Atlanta, however, remains mostly unscathed.

The second annual Home Affordability Study, conducted by Interest.com, found that home prices rose nearly 16% over the last year in the 25 largest metropolitan areas, while income rose by only around 3% on average. Although all 25 cities’ affordability grade slipped, Atlanta still ranked most affordable big city with a grade of B+ (down from last year’s A).

Investor activity initially caused low supply & high demand, but now owner occupants are gaining more confidence to get back into the market as well, contributing to the national rise in property values.

While the median home price in Atlanta jumped from $103,200 to $143,400 (39%), that is still significantly lower than the national average of $203,500. Nancy See, president of the Atlanta Board of Realtors explains, “Atlanta is so affordable because we have no natural boundaries, unlike most cities, which gives us an unlimited supply of land, and because this land is less expensive.” The ABR president also attributes Atlanta affordability to a plentiful supply of nearby building materials such as wood & brick.

Other factors contributing to Atlanta’s healthy market are below average property taxes, modest insurance costs & a median household income of $54,628, 6% higher than the national median.

This is GREAT news for Atlanta home sellers. It means now’s the time if you’ve been waiting for this peak opportunity in the Metro-Atlanta market to list your property. Right now, you can take advantage of the high demand from eager & financially qualified buyers.

So…are you a Metro-Atlanta home seller looking to avoid paying a pricey commission? Try out our Flat Fee MLS Listing service to sell quickly & save THOUSANDS!  Call us today & LET’S GET MOVING!

House Connect also offers real estate tips online! Be sure to follow us on Facebook, Google+, Twitter, & Pinterest as well as subscribing to this blog. We’re always sharing our market-insider tips on Atlanta real estate trends, DIY home renovation ideas, and home staging tips to keep you ahead of the competition. Not to mention the money you’ll save in listing commission prices!

Please feel free to post comments, send emails, visit our social media pages and the House Connect website, or call us directly at 770-640-6800 for more info. We have dedicated, knowledgeable professionals waiting to assist you with selling your home without the pricey commissions.

**House Connect is a Flat Fee MLS Listing company offering an alternative to the high cost of selling your home. We offer Atlanta home sellers a discount realty program which saves thousands of dollars versus using a traditional real estate agent.