Fiscal Cliff Averted, Atlanta’s Real Estate Market is Expected to Continue Upward Momentum

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Though it was one of the hottest topics of discussion throughout the holidays, the “fiscal cliff” has been largely averted, at least for now, with a plan approved by the president and congress at the 11th hour. Deemed a compromise by some and a blessing by others, the signing of this bill ends a lot of the economic uncertainty that many were feeling at year’s end.

Fortunately, the news is mostly positive for the real estate market with housing industry experts predicting that the housing market will continue its trend of upward momentum. And this holds true whether you are looking to buy or sell property in the Atlanta real rstate market.

One of the provisions that real estate industry experts were monitoring very closely was whether or not the Mortgage Cancellation Relief Act would be extended or allowed to expire. The Act which was first passed in 2007, granted forgiveness to owners and sellers for debt that resulted from short sales, foreclosures and modifications, such as principal reduction.

Without the extension, sellers and owners would have been responsible for taxes on the amount of debt that lenders were unable to recover. Beyond the financial burden that these retroactive taxes would have created, there was a fear that the expiration of the program could have caused many sellers to no longer consider short sale as a viable option or that some owners would not follow through on short sales that were already in progress leading to a sluggish or stalled market. The Act has been extended through January 2014.

The extension is good news for those looking to buy or sell homes in Atlanta. It broadens the options for underwater sellers seeking relief to move forward on their sales and it allows active buyers fresh inventory to shop.  At the end of the 4th quarter we saw a rising demand from buyers across all price ranges for homes in Atlanta and expect that trend to continue. And with rates still very low and the fact that February is historically a high volume month, now is a great time to get your home on the market while it’s fertile with ready, willing and able buyers looking for property. We’re looking forward to the growth of a more robust market as the New Year settles in.

At Slyman Real Estate, we can help you whether you are a seller looking for a buyer or a buyer looking for a home or investment property. For more information on our current listings and our services, please see our website at www.PaigeSlyman.com.  We’re also glad to provide information and answer your questions. Feel free to call us at 770.405.0100 x 222 or email Paige Slyman at slymanfamily@comcast.net