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Our Bold Real Estate Predictions for 2013

January 3, 2013 by Mike Stott

Real Estate Forecast for 2013
 Here is my view of what will be happening in the Atlanta Real Estate market in the
coming year. Some of the information is from other articles and some is from
 my observation and experience.

Prediction #1 is the same as last year. There will be a slow and
steady recovery in 2013. The tortoise will move a little faster this year than 
it did last year. Forbes says ” The housing market will improve moderately in
 2013, but nobody will mistake this for a boom.”  It’s a great time to buy more investment properties!crystal-ball-1

 More 1st time buyers will be back in the market. With interest   rates at
historic lows, buyers are realizing that owning is cheaper than renting. They are
also realizing that rates and home prices won’t be this low long term. This
should help the first time buyer price points which have been slow in 2012

Baby Boomers will not give up certain features. While a lot of us are 
interested in downsizing, we still love some of the large home features. A survey
 released by home builder Pulte Homes recently said that preferences among
 consumers shows that buyers want more open space and more storage.

15 is the NEW 30! The Wall Street Journal says that the 15 year 
mortgage is no longer a fringe player but riding a wave of popularity.
 Fixed rates on 15 year mortgages average 2.81% , down from 3.36% a year
 ago according to mortgage website HSH.com. In the past, refinancing 
from a 30 yr to a 15 yr mortgage usually meant ending up with a bigger
monthly payment in exchange for a slightly lower rate. In today’s market,
the lower rate can allow the borrower to make the switch without the 
payment increasing too much; and the allure of paying off a home quicker is very attractive..

Appraisals may continue to be challenging, especially on rural,
historic, or unique properties. I’ve had several conversations with past
 clients attempting to refinance their historic homes, or homes on acreage.
Lenders can no longer select their own appraisers, it must be an arm’s 
length transaction. They are bound by rules that force them to match the
value to the last comparable sales and within a certain geographic limit.
 Where there have been no comparable sales or one or two distressed 
homes have sold, the appraisal value can be way off. Homes within stable
 subdivisions and higher volume sales areas are not having these same 
issues.

Lending Requirements will still be strict. Unless you apply for an 
FHA loan ( around 3.5% down)future of fut, Zip Realty predicts that
 traditional lenders will still require full documentation of income for at
least two years, excellent credit, and a strong preference for 20% down.
There was a fund set aside in Feb 2012 for loan modification for
homeowners who are having financial difficulty.

Banks will favor short sales over foreclosures. The joke in Real
Estate in 2012 was that short sales are really long sales (only it’s not 
funny to all those involved in one.) Banks are realizing that they can cut their loses when choosing a
short sale over a foreclosure. In 2013, banks will do a much needed
 streamlining of the short sale process. If you or someone you know is
facing a short sale, please call me for the in’s and out’s.  The Mortgage Debt Relief act (forgiving all federal and state taxes due on a realized loss of a principal residence) has been extended to 12/31/2013!

Supply and Demand. As the housing inventory starts to shift to fewer
homes for sale, the local market will pick up more demand. However, it’s all
 LOCAL.  Some zip codes have seen good growth. A great place to check your
 area by city or zip is www.trulia.com.

Filed Under: Property Management Blog

About Mike Stott

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Jay & Becky Harmon

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“This family-owned business was a joy to work with! They listed to exactly what we wanted and put our priorities above their profit margins. I never felt pressured to go into a higher price point then we were comfortable with. They showed us several homes in the areas we were considering and worked with us every step of the way. We were new to the state so relied on their expertise to find us the perfect community for raising our children. I was in constant contact with Donna, Mike, & Josh who never made me feel like I was bothering them. Their many years of expertise made me feel safe and confident while looking for our home. I couldn’t recommend them enough!!!”

Katherine B
Katherine B

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Alexis

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Mike, we had the best realtors in GA❣️😘 thanks to you and Donna we found our dream home! We highly recommend Northwest Atlanta Properties!

 

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Frank MUSCENTE - Owner, a closer look
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Donna, you and Mike are not at the top of my list of Realtors — YOU AND MIKE ARE THE LIST!!📣

Aileen

Northwest Atlanta Properties

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