We’ve seen some drastic changes in the Atlanta real estate market over the past 12 years. After the market started falling in 2008, home prices have steadily increased. Now, people are talking about the strong real estate market and whether or not it is a good time to buy a home.
Industry Changes are Guaranteed
There’s one thing that is certain: the real estate market will move up and down over time. No one can predict the exact changes that will happen, but we know that there will be fluctuations over the years. Economic factors, interest rates, and other nation-wide and local changes will influence the prices and demand for homes.
You can try to time the market so you are buying and selling in the seasons that will support your equity goals as much as possible. A good real estate agent can offer recommendations as you are considering the timing of your move. But many times families need to move regardless of the market trends because it is time to relocate for a job, family, schooling, and other life activities.
Long-Term Investment in Real Estate
The real power of buying a home is in the long-term investment that is available for your family. Even if the markets change, you will build equity over the years. Every month your mortgage payment goes to pay down the loan, which means that you have more equity available. Eventually, the hope is that you can pay off the home so that you can reduce your monthly expenses for retirement.
Even if you don’t live in your current home long enough to pay off the mortgage, the equity can be rolled into the purchase of another real estate property. Over the years, you can continue to build this equity until you are in a position to buy a mortgage-free home for retirement. There are many strategies that can be used to build your financial portfolio over time.
Your Personal Circumstances Should be Considered
The best decision that you can make is choosing a home that you can afford. It doesn’t matter what the Atlanta real estate market is doing or how interest rates are changing; you need to be sure that your monthly payment is going towards a real estate investment that supports your long-term goals. Consider your monthly budget and the needs of your family; then you can work with a lender and real estate agent to identify the smartest decisions for your family’s needs.
As you are considering options for buying or selling a home, our team is here to offer advice and recommendations. You can contact us at any time to learn more about the services that are available. DUFFY Realty is here to assist with anything that you need. Contact us to learn how you can save thousands of dollars in real estate commission fees using our low-cost services: (678) 318-1700