Exciting news for the U.S. housing market has been unveiled in a recent report by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
Zillow, CNN, weighed in on this news discussing that April’s new home sales reached their highest levels in over a year, indicating a significant surge. This surge not only bodes well for the national housing market but also presents promising prospects for the Metro Atlanta area. Furthermore, this upswing has bolstered builder sentiment, with more home builders expressing optimism about the market's future. The hope is that this positive momentum will persist, leading to an increase in new construction activity throughout the remainder of the year.
Lori Lane, President of Berkshire Hathaway HomeServices Georgia Properties' (BHHSGA) New Homes Division, provides valuable insights, emphasizing the favorable timing for potential homebuyers. Despite limited inventory and affordability challenges, the rise in new home sales brings hope to aspiring homeowners in Atlanta who are seeking accessible options.
The U.S. Census Bureau's latest data also reveals positive news for homebuyers. In April, there were 683,000 new single-family home sales across the country, showing a significant increase of 4.1% compared to the previous month. Even more impressive, it's an 11.8% surge when compared to April of last year.
As a key figure working with esteemed builders throughout the Atlanta Metro area, Lori Lane confidently addresses the concerns of prospective homebuyers. "I am often asked if it is still a good time to buy a new home or should I wait? My question is: what are you waiting for?" she states.
For those contemplating a new home purchase, it is important to recognize that prices will not experience a drastic drop. Waiting for lower prices may lead to disappointment, as home prices will continue to increase over time. According to NAR, real estate has historically demonstrated stable, long-term growth in value, with median single-family existing-home sale prices increasing an average of 5.2 percent each year since 1972.
The common question arises: should one wait for interest rates to change? Atlanta consistently ranks among the most desirable places to live in the country. Economists at NAR confirm that the metro Atlanta area offers the best opportunities for homebuyers in 2023, based on various factors. As more buyers relocate to the area, when rates eventually drop, there will be a surge of demand. With limited inventory, this could lead to multiple offer scenarios, driving home prices up. Instead of risking losing out on the home of your dreams, consider purchasing now and refinancing later when rates decrease. Lawrence Yun, Chief Economist and Senior Vice President of Research at the National Association of Realtors (NAR), supports this notion, asserting that "prices are expected to remain stable in the vast majority of markets due to extremely limited supply. Mortgage rates have trended down, and the new normal is 5.5% - 6.5%. So... for someone waiting for a 3% or 4% mortgage rate, it's not going to happen."
Lori Lane particularly recommends exploring new construction options for several reasons. Many home builders currently offer enticing incentives, including interest rate buy-downs and 30-year fixed interest rates as low as 4.99%. These incentives can significantly reduce monthly house payments by hundreds, if not thousands, of dollars. Moreover, some builders contribute towards closing costs, requiring less cash upfront. Additional benefits include move-in appliance packages, reducing the cost of significant purchases. New construction provides updated features, brand-new appliances, a new roof, builder's warranty, and vendor warranties. Furthermore, new homes often boast greater energy efficiency, further reducing costs. With limited inventory and homesites available, now is the opportune time to build your dream home. In summary, the best deal for your new home may be right now.
Under Lori Lane's leadership, the New Homes Division of BHHSGA, along with their builder clients, have achieved remarkable success, securing an unprecedented 37 gold awards and 25 silver awards at the 2022 Greater Atlanta Home Builders Association's (OBIE) Awards. These accolades celebrate their exceptional milestones in building, marketing, and personal accomplishments. Lori Lane and the New Homes Division proudly represent these Georgia top builders, developers, and communities in the Atlanta Market.
Over the past quarter century, Patrick Malloy Communities has developed 11,000 homesites and sold more than 7,000 homes for over $4 billion in sales. Most recently Patrick Malloy Communities is building new homes at Upper East River in Savannah, GA and 55+ homes in Canton and Snellville, GA.
The JW Collection is the legacy business of John Wieland and represents his 50-year commitment to building better homes, a promise he has kept for more than 30,000 homeowners and continues to uphold.
David Patterson has been building custom and semi-custom homes in Atlanta, Forsyth County and on Lake Lanier for over 15 years. They combine the latest in new trends and design options and the design team provides exquisite interior finishes and unique architectural features.
Award-winning Loudermilk Homes is now entering its second decade with a relentless focus on quality custom craftsmanship, transparency and advanced smart home technology and is currently building in the Buckhead and Milton areas of Atlanta.
The town of Trilith is a 235-acre European-inspired town located across from Trilith Studios
Developed by Vision Development Partner, The Homestead at Milton is a once-in-a-generation opportunity to own 4-10 acres of land, build a homestead and put down roots for your family.
The Canoe Club, a premier development by Reynolds Signature Communities, is a master planned community set on 600 picturesque acres.
The Gardens at Arbor Springs in Newnan is an award-winning 55 + community built by McKinney Builders.
Gin Property is a new community in Historic Senoia in Coweta County and features homes by Senoia Enterprises and Redwood Homes.
About New Homes BBHSGA:
The New Homes Division of Berkshire Hathaway HomeServices Georgia Properties represents some of the most respected builders and developers in the Greater Atlanta area. The division is run and created by Lori Lane, President of the New Homes Division and backed by one of the most respected brands in the world. Lane also acts as Managing Broker and oversees the on-site sales and marketing for each community. Over the years, Lane and her team have created award-winning strategies for the marketing and selling of new construction and have won hundreds of awards that celebrate outstanding achievement and excellence in home building, marketing, and personal achievement.
Lori Lane, President of Georgia Properties New Homes Division, is known for building the highly successful New Homes Division, establishing herself as a powerhouse in the new home construction industry representing some of the most respected builders and developers in the Greater Atlanta area. In addition to her unprecedented success in new home sales and marketing, she also manages BHHS GA Luxury Collection marketing and is best known for the award-winning black and white Luxury Collection marketing campaign created and launched in 2015. Under her leadership, Luxury Collection sales have seen an increase of 269% in market share.
Lori Lane defines new home and luxury real estate sales and marketing and continues to make a lasting impact on Atlanta's real estate industry.
Name: Berkshire Hathaway HomeServices GA Properties
Email: Send Email
Organization: New Homes Division - Lori Lane of Berkshire Hathaway HomeServices GA Properties
Address: 100 Mansell Ct E Suite 115, Roswell, GA 30076
Phone: (678) 352-3314
Release ID: 89099094
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