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Tuesday, February 10, 2015

Buying a New House this Year? Real Estate Trends, Projections and Advice for Home Buyers in 2015

Do you have plans to buy a house this year? It's predicted by some that 2015 home sales will reach the highest level in eight years. Analysts at Freddie Mac believe our economy is well poised to grow in 2015, raising household incomes and supporting more home sales. According to the National Association of Realtors, sales of existing homes are expected to jump to 5.3 million in 2015 (compared to slightly less than 5 million in 2014).

What does this mean to homebuyers in Georgia?

Locally, it's projected that interest rates will likely remain at historic lows for most of 2015. First-time homebuyers are expected to gravitate toward the greater Atlanta area due to strong employment and affordability compared to other, more expensive metropolitan areas such as San Francisco. What about pricing? Home prices are expected to rise, which will benefit sellers, but buyers will not be discouraged by the slight rise in home prices as it should be offset by their additional income.

What is driving this growth?

This year, lots of first-time homebuyers will be Millennials. It's predicted that almost two thirds (65%) of household formations will be Millennials over the next 5 years. Plus, baby boomers preparing for retirement will account for some turnover in the housing market. New job growth will also be a factor, as 2.75 million new jobs are expected to be added to our economy in 2015.

Home buying Tips:

As a real estate attorney, I provide valuable guidance for many Henry and Lamar County residents. When making one of the biggest investments of your lifetime, it's important to protect yourself by working with an experienced real estate attorney to draft or review your real estate contract. Title insurance is also a must. And here's helpful advice for baby boomers who are downsizing for retirement and selling their home to a relative. (This paragraph will include hyperlinks to former blog posts)

For more information on real estate law, email Scott Mayfield at smayfield@smithwelchlaw.com or call him at 770-358-3630. Smith, Welch, Webb and White is recognized as a premier law firm throughout the state of Georgia. We have an uncompromising commitment to serving our clients and our community. Our team of experts routinely handles a wide range of legal matters, and will provide outstanding service for you, your family or your business.

 

Any representations regarding the law in this Blog is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand that there is no attorney client relationship between you and the Blog publisher. The Blog should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.


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