Forbes Magazine Predicts Atlanta’s Recovery to Begin in 2009
Forbes Magazine made some good predictions for Atlanta homebuilders and residents last week. While other cities, like Las Vegas and Phoenix are expected to see home prices decrease by up to 50%, Atlanta is predicted to see significant increases as early as 2009. (This reiterates that NOW is the time to buy Atlanta Real Estate. Discounts on current new home inventory are available now. They won’t last forever!)
Although Forbes mentions the number of Atlanta foreclosures in early 2008, our continued steady job growth rate promises an end to our housing slump. In fact, next year home starts are expected to jump up by 32.5% for single family homes around the metro Atlanta area. Multi-family home prices are expected to rise by as much as 18.4% and job growth will remain around the steady 2% yearly increase that has kept Atlanta afloat and the envy of the nation. We are placed at number nine in the group of ten “lucky cities” that are predicted to experience long term recovery that will begin next year. Other cities where home prices are expected to rise include Oklahoma City, Minneapolis, Colorado Springs, Salt Lake City, Austin, Portland, San Antonio, Charlotte, and Albuquerque. So while times may seem tough now, if we can just hold out for a little while longer, things should be looking up for the economy and the Atlanta housing market once again.
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Tom Curtin | Oct 29, 2008 | Reply
The underlying economics are there for recovery in Altanta. However the interpretation of the numbers “homes prices are expected to jump 32.5%” is incorrect. The Forbes article states that housing starts will rise 32.5%, not prices. This number predicts 2009 housing starts as compared to 2008 single family home starts (which is very low), so the big rise is really just getting us back to a “normal” market. This is great news as we need to see things stabilize soon. However, homeowners should not wait to sell in hopes of a huge increase in price in 2009.
Pam Jeruss | Nov 13, 2008 | Reply
Those of us fortunate enough to be in the Atlanta area know it’s a great place to live.
I personally feel grateful for the strong pride of ownership that is evident in the Alpharetta area where I live and work.
Homes are big and beautiful with great choices for new homes. We have some of the top scoring schools with involved parents.
Sports are highly participated in from pre-schoolers through college. We have an expanding greenway system and nice parks.
Whatever the market… it is a privilege to live here. There is a sense of optimism here.
Vanessa Reilly | Nov 20, 2008 | Reply
Tom Curtin: Thank you for making that correction. It’s important that we don’t get carried away and miss-quote stats. It’s good to hear here that is hope in the future!
Roger Hutchison | Dec 18, 2008 | Reply
Tom,Thank you for the positive input. If only we could hear more positive things about todays economy from the media. It’s the constant continued negative comments and remarks from all sources of public information that holds us back from moving forward. Thanks again for a breath of fresh air!
Don | Dec 18, 2008 | Reply
There’s just a TINY difference between home prices and housing starts. Geez, who posted this? Was this just an honest mistake or deliberate “misinterpretation” of the data to try to build up excitement? Anyone knows that prices aren’t going to rise 33% in a year again any time soon.
Laura Everett | Dec 18, 2008 | Reply
It was not a deliberate misinterpretation, as there was a link in the post to the Forbes article itself. It was merely a typo that Tom quickly noticed and was able to comment on. After all, the ability to comment and offer insight is what a blog is all about. I am grateful to Tom for correcting the error, and am happy the post has generated so many responses.