I was recently having a discussion with Atlanta Fine Homes Sotheby’s International Realty president David Boehmig regarding the Atlanta real estate market forecast for 2011. It seems like I have been getting a lot of questions about the real estate outlook for 2011 in Atlanta, and whether or not now is a good time to buy a home.
As we talked, we reviewed the following graph that was used at the National Association of REALTORS® (NAR) 2010 convention:
So the point of maximum buying opportunity is somewhere between “despondency” and “depression”…..hmmmm…..not too uplifting.
Then we looked at this chart regarding the five-year history of real estate in Georgia and the forecast for real estate in Georgia for 2011 from Forecast-Chart.com:
Hey wait….does this chart mimic the first one from NAR? We were definitely in a euphoric state in real estate in 2006, especially in North Fulton and Buckhead in Atlanta.
While I will note that the downward trend over the past four years has been heartbreaking to say the least, I’m very interested in the parallel of this chart and the other….that we may be approaching that (oxymoronic) sweet spot between despondency and depression. The Sweet Spot being the Maximum Buying Opportunity!
With interest rates still at incredibly low rates, and housing prices stabilizing, and approaching the Maximum Buying Opportunity, I am ready for buyers to buy some homes in Atlanta!
If you are ready to buy a home in metro Atlanta or know someone who is, please let me know.