By Amy S. Carden, Owners.com
Being able to predict where the market is heading is a skill — almost a sixth sense — honed by the best real estate agents. Rounding the corner into a new year provides the perfect time to take a look at the big picture. A panel of Owners.com real estate agents based in and around Atlanta shared their thoughts and even a few predictions on what 2019 will hold for Atlanta real estate.
A Potential Shift from a Seller to Buyer Market
“2019 should be a great year for buyers, with a shift away from a seller’s market into a buyer’s market. Historically when interest rates begin to rise, the housing market needs to adjust: homes prices drop, rental rates typically increase, and sellers begin to list their homes in droves in hopes of pocketing the proceeds before it’s too late. Many of my cash buyers and large investors have begun to pull back or liquidate completely. I have also noticed that brand new home builders are offering buyers incentives like paying closing costs and offering thousands in free upgrades. Confidence appears to be wavering. I do not expect a recession to happen overnight, but I do believe these are signs of one to come.”
— Heather Hyllested, Owners.com agent specializing in Gwinnett and surrounding counties
“As the market changes a little bit to a buyer’s market, prices may begin to plateau. There will be more homes on the market, meaning that it may be possible to negotiate and get more concessions. With an increase in interest rates, there are less buyers able to qualify for the amount that they did a year ago.”
— Marty Orlando, Owners.com agent for Henry, Clayton, and Cobb counties
“I predict there will be more hesitation to buy because of rising prices and interest rates. Still, if a buyer can get over their hesitation, it will be a good time to buy because rent will go up and buying will become more practical.”
— Sherry von Klitzing, Owners.com agent in the north metro Atlanta area
“The outlook is really rosy for buyers, whether it be for an investment or a primary residence. I think that first-time buyers may feel a pinch in pricing and rising interest rates, while current homeowners looking to buy will reap the benefits of their existing equity and increased inventory choices.”
— Linda Drennon, real estate agent for Owners.com in the north metro Atlanta area
But Sellers Will Still Drive the Industry
“It will be less of a seller’s market but sellers will still drive the industry. However, as rates rise, we should expect the tables to turn perhaps by 2020. It’s good for sellers to remember that real estates prices will likely drop, due to anticipated increased interest rates, and there will be fewer buyers. Without an abundance of buyers, the market will experience a downturn.”
— Serena Miller, Owners.com agent specializing in Midtown properties
“Atlanta will continue to grow and bring in companies that will attract families, techies, millennials, etc. So, I think it will continue to be a seller’s market when the location is right. I have seen a lot of new construction in communities all around town and prices are going up because of this. Home trends a homeowner needs to keep in mind before they list their house are: buyers want open space in a home, lots of light, soft colors like light grey, granite countertops, and good flooring like tile or hardwood. When staging a home, add plants to lend warmth. Smart technology in a home — lights, alarm and thermostat controls — are good selling points and will continue to be a trend.”
— Sherry von Klitzing, Owners.com agent in the north metro Atlanta area
“In 2019, it will continue to be a seller’s market because inventory will still be low. Sellers need to keep in mind that buyers like new and low maintenance. They can expect their home to sell fast if they invest in renovations to modernize their home.”
— Katrice Edwards, Cobb County Owners.com agent
“2019 will still be a great time to sell. The supply and demand imbalance still favors the seller side of the market. However, I predict things will start settling down towards the end of 2019. For sellers, paying attention to kitchen and bathroom upgrades is a great idea. Open floor plans will continue to be popular. Staging your home goes a long way to giving a buyer ideas and your home will show better.”
— Temmy Adebayo, Owners.com agent in metro Atlanta
“Sellers, staging a home virtually is a great money- and time-saving way for buyers to visualize the home furnished. Don’t be the ugly, outdated house on the block: update your home inexpensively with new paint, lighting fixtures and switch plates.”
— Heather Hyllested, Owners.com agent specializing in Gwinnett and surrounding counties
“For sellers, pre-listing inspections could be very important to get the best listing price for a home. Staging and cleaning a home will be more important in order to attract potential buyers. It will also be very important for agents to coach sellers and buyers on how the process will go and what to expect when issues arise.”
— Marty Orlando, Owners.com agent for Henry, Clayton, and Cobb counties