Summer of 2022 has been a fast paced rollercoaster in the real estate market. In the spring, we were dealing with extreme inventory shortages with buyers eager to find a home and take advantage of the low interest rates. In many cases, buyers were willing to pay well above listing prices and waive inspection and appraisal contingencies in order to win in multiple offers. Those conditions carried us through mid-June, when the Fed raised interest rates. Buyer demand started to dip as many borrower’s purchasing power was reduced.
As we move into the fall season, we are experiencing a balanced real estate market. We are seeing homes sit on the market longer, in most areas fewer multiple offer situations, and contracts with standard due diligence, financing and appraisal contingencies. In the hot areas on well maintained and well priced homes we are still seeing multiple offers. The good news is inventory is still low, and buyers are still out there looking for homes! They are just less willing to overpay for homes like they were when rates were at historic lows. And, buyers are not willing to accept a home that has deferred maintenance and older systems. So, keep that in mind when you consider home projects!
Even at the height of the hot market, North Atlanta Home Group continued to provide our listing clients with the foundational tools needed to prepare their home for a competitive market. So while this is a shift back to the basics, our team is always ready to help you succeed in today’s market. You can learn more about one of our listing services – staging – here.
Lastly, I know there is a lot of buzz in the news about the real estate market. Keep in mind that those are often national stats. The Atlanta market is still strong and even with a more balanced market, it is still a great time to sell OR buy. Take a look at our city’s latest stats below and don’t hesitate to contact me directly with any of your real estate needs.