Gary Keller, our Co-Founder at Keller Williams, recently provided some amazing insights into the U.S. Real Estate market. I found this very insightful and of course always want to share with you my thoughts about Roswell, Alpharetta, and Johns Creek.
SALES: 2017 was the best year in the past 11 years and Gary sees prices going higher due to lack of inventory. The Centennial HS Market regarding the number of homes sold for the first 4 months is trending down compared to 2017 and the Johns Creek HS market has been up for the first 4 months.
PRICING: Gary sees housing prices to rises 14% from 2017 to 2020 and the outlook for 2018 is a 6% increase. For the Centennial HS Market the monthly year over year trends has been choppy and for the Johns Creek HS Market, there has been a year over year improvement for the last 3 months.
RATES: Mortgage rates are currently above 4% and we could see 5% by end of the year. A full percent increase in mortgage rate means the affordability of a buyer in the purchase price reduces by 10%. Clearly, interest rates, rising prices, and specific local dynamics will play a role in the health of our real estate market.