If you are buying or selling a house in Georgia, the state of the market and timing are important to determine how much money you will see out of your house. According to a report created by MetroDepth, home sales in the Atlanta area declined during the year after steadily increasing since they bottomed out in 2012.
This may be a clear sign of a shift in the housing market, not all the way from a seller’s market to a buyer’s market, but inventory shortages have softened the shift even as sales slowdown. The real estate market is prime right now because mortgage interest rates are at historic lows.
The Atlanta Journal Constitution suggests that part of the reason the market is shifting is that there are more homes listed for sale than in past years. The inventory has been a big part of the increase in housing prices over the last seven years. This inventory in a healthy market is much different than the inventory that expanded after the painful crash of 2007. During that time, new construction, foreclosed houses and owners desperate to sell flooded the market and dropped home prices because of an increase in inventory. This new shift appears to be different.
Some predict that housing prices in Atlanta will continue to rise, although at a smaller rate than they have the past few years. While these predictions are more of an educated guess, they can help homebuyers know when the right time to sell is. Although homes in the area were almost unaffordable from 2016-2018, they are now leveling out to the point that the typical buyer to purchase a house.