The latest recession that affected global markets did not leave property values unscathed. It affected property pricing across the entirety of the United States – with some possible exceptions being locations such as Florida which remained largely untouched due to the high demand from retirees and those seeking vacation homes.
However, locations such as areas in Georgia were not so lucky. The financial crisis and the recession left many developers and homeowners with assets that saw a significant drop in value. This was also worsened by the fact that the area had seen enormous growth in new build projects. The result was oversupply and buyers who were struggling to get credit for the purchase of property.
The good news is that Georgia – and in particular Atlanta is now well on the road to recovery as far as housing prices are concerned. In fact many industry pundits have home values growing about 5% year on year for the last couple of years.
This is great news for homeowners who have seen their equity rise dramatically – well above the national average for the last couple of years.
But what about buyers?
It;s certainly not all gloom and doom as far as pricing is concerned for those who want to buy to rent – or even purchase a property to enjoy that wonderful Georgia lifestyle.
Market pundits see the growing value of Georgia properties continuing for the foreseeable future. And rentals continue to show string growth. For purchasing a home for their own use getting into the Georgia market now might just be a savvy move – both as an investment and as a place to simply call home.
For anyone wanting to look at a strengthening property market – whistling ‘Georgia on my Mind’ would not be a bad guide to a future investment strategy.