2019 is turning out to be an excellent year for Georgia's real estate sector. The state's jobless rate has hit an 18-year low and average wages remain well above the national average.
The strong economy has been a boom for buyers, sellers, and investors. Higher wages and an increasing supply of jobs provide security for workers who are increasingly jumping into the market. Home prices are still increasing, but they have stabilized due to an increasing supply that's meeting the growing demand.
The improved economy is not just creating more jobs. It is also bringing more business into the state, and that's creating an opportunity for investors in both residential housing and commercial real estate. According to the Urban Land Institute, an international think tank based in Washington, D.C., there's an abundance of construction jobs in Georgia, especially when it comes to non-residential projects and office space.
If you're looking to buy, sell, or invest in Georgia's housing market, you will want to speak to a professional realtor. They can help even the most experienced property owner learn more about local conditions so that you can take full advantage of one of the hottest real estate markets in the country.
2019 Real Estate Market Forecast for Georgia
Georgia's economy has outpaced the national average for the past five years, and it's about to do it again. The state's economic growth spurt has created thousands of new jobs and attracted workers from across the U.S. in fields as diverse as health care and high tech.
The University of Georgia's 36th annual state economic outlook notes that all 14 of the state's metropolitan areas will see job growth this year. That's good news for home sellers and home buyers. The state's real estate sector is on solid ground for the foreseeable future.
If last year is any indication, Georgia home values will continue to jump at a rapid pace. They saw a year-over-year change of 10.2% between 2017 and 2018 according to data from Zillow.
Some markets in the state are seeing even better returns. Macon saw its median home values increase by 13.7% in the same period and home values are predicted to continue rising into 2020.
This is also a great place for investors and buyers looking for an affordable home. The median home value is under $80,000.
The state's biggest city, Atlanta, continues to outpace all economic projections. It's attracting more and more corporate headquarters every year. They're adding thousands of new jobs and that keeps pushing the city's housing prices up.
They rose by 11.3% between 2017 and 2018, pushing median home values to $261,000. They're still increasing, but the good news for home buyers is that home values are not much higher than the national average.
The city's increasing workforce and high rents (they average more than $1,700 per month) also make Atlanta a hot spot for investors. In fact, Forbes notes that there are key areas of the city are prime opportunities for investors.
When Is the Best Time to Sell a House in Georgia in 2019?
Spring to early summer is the best time to sell a home in Georgia. Sold homes can fetch as much as 7% over the yearly average. The worst month of the year for home sellers is February when homes can sell for as much as 12% less than they would in peak months.
A professional real estate agent can help sell your home for a premium price, no matter when you put up for sale. They can market your home through multiple listing services and social media sites.
They have access to the most recent data about neighborhoods throughout Georgia. And because they live and work in their communities, they understand the pool of buyers and what to highlight in your home.
Home sellers can also take a number of steps to ensure that they sell their Georgia home quickly and receive a premium price at any time of the year.
First off, you should make as many repairs and upgrades as possible. At the very least, brighten up your place. Homes that appear dark or dingy don't sell well. So give your home a quick paint job, if it needs it. You will also want to replace all broken lights and fix any leaky faucets. While you're at it, give the carpets a good cleaning and polish up the hardwood floors.
Staging is another investment that all home sellers should consider. It is one of the most cost-effective ways to get more for your home. Renting modern furniture and improved lighting can add tens of thousands of dollars to your pocket after the sale and can also help your home sell faster.
When Is the Best Time to Buy a House in Georgia in 2019?
Timing can be a tricky concept when it comes to real estate. Home buyers will often get the best prices at a certain time of year. But they may not get as big a selection then. Conversely, when there are more houses on the market, prices also tend to be higher.
The best deal, at least when it comes to pricing for Georgia home buyers, is in winter. There are fewer homes on the market at this time and sellers are generally more motivated. Home buyers will have more homes to choose from in spring and early summer, but that's also when prices are at their peak levels.
Easter Sunday is one spring day when buyers can get a great deal. It's actually the second best day of the year (after Christmas) to buy a house. That's because there are fewer buyers hunting and sellers are more receptive to offers.
The real answer to when the best time to buy is when you are financially ready. Speak to a realtor about your options. You will likely find that entering the housing market sooner rather than later usually makes the best financial sense.
If you are a low-income or first-time home buyer they can also help you find government grants that can help make homeownership more affordable. There are countless programs that provide low-interest mortgages, aid for closing costs, and down payment help.
Whether you're selling or buying a home, you should contact a professional realtor before entering the market. A real estate transaction can be daunting and you need professional advice from the moment you enter the market.
If you're a seller, a Clever Partner Agent can effectively market your home. They can also offer home improvement and staging ideas. If you're a buyer, they will work with you to assess your needs and financial situation. They will then work with you to find your ideal home within your budget.
Clever Partner Agents are tough negotiators and affordable for sellers and buyers. Either as a seller's agent or a buyer's agent, they know Georgia inside and out, and they will make the perfect deal on your behalf.
Our Partner Agents are all top-rated in their local markets, they're full-service, and they come from major brands and brokerages such as Keller Williams, Century 21, and RE/MAX. You can be confident that they will make your financial interest paramount throughout the home buying or selling process.