Atlanta Housing Market Through May '23
Posted by Hank Miller on
The Atlanta housing market enjoyed a relatively strong first few months of 2023. Despite the hysterical click bait headlines from the
national media, this market is not crashing and there is no reason to expect it will. A May 2022 to May 2023 look at key Atlanta housing market indicators demonstrates what we professionals saw; an adjustment to rising rates followed by a recovery.
Recovery in the sense of acclimation to the rate change and continued inflation. The interest rate bumps clearly reduced overall numbers but the remaining buyers tend to be more seasoned and appear to have adjusted. Sellers, while still in control, cannot simply put a price on a home and expect multiple offers. Competition remains in areas but sellers must be more accurate or…
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fixtures, things can get sticky. Maybe they love the special features like the glass kitchen cabinet doors, custom lighting fixtures, high tech thermostats or even a favorite miniature Japanese Maple tree. Traditionally, these items remain in the home for the next owner to appreciate. However, some sellers have a deeper attachment to certain items, going as far as removing them prior to closing.
Water is not a home owner's friend, it is constantly looking for ways to cause trouble. But it's predictable, we know it flows downhill and that is the key to successful water control. The short clips below are a great example of proper surface water control. This builder, unlike most, did a great job in setting a predictable pattern to control surface water runoff. This is a big plus, most builders could not care less about things like this; get in and get out as fast as possible and when problems develop just say "the county approved it so...". Salute to this builder.
hidden defects, things that might not be discovered during a reasonable inspection of the home. A defect that’s been properly repaired is no longer a defect so technically, the home seller has no obligation to disclose it. That doesn't mean it's not a good idea to anyway.
advantageous, a limited housing supply led to a grueling home buying experience. Atlanta area home sellers on the other hand, enjoyed historical sway and leverage. They could effectively name their price and state the conditions; buyers were willing to comply. Things changed fast, midway through ’22 rampant inflation and the Fed slammed on the brakes. Things quieted and the stage was set for the spring 2023 housing market in Atlanta.
Selling your home by owner, also known as For Sale By Owner (FSBO), is appealing to some in this exceptionally robust market. Not dealing with agents is nice, but can money be saved selling a home by owner? About 7% of homes nationally sold without a listing agent, of those over half were between parties that already had the transaction arranged. Data shows that around 25% of FSBOs don't sell; and for those that do, they sell between 6%-26% less than agent assisted homes. Consider…
sales reps or calling the information lines. Seemingly innocent inquiries which often result in them being unrepresented by a buyer’s agent if they move forward. Builders love unrepresented home buyers. Not using a buyer's agent when building a home is the single biggest mistake new home buyers make and it will result in problems over the build.
“Should I rent my home if it won't sell”? Well, that question has many layers. But that off the cuff declaration by an annoyed seller might be a bit dramatic and premature. For owners unsuccessful at selling, “I’ll rent it” seems to be a knee jerk response. Best to take a step back, breathe, and examine all of the mitigating circumstances that contributed to this situation. For owners, selling a home usually has a significant emotional component; it’s unavoidable. To home buyers, it is just another home. Motivations, objectives, and personal situations are different and before anything rash is done, slow down. Start with figuring out why the home didn't sell.
seeing distress around the greater Atlanta market. That message however, is often taken at face value and some home buyers expect a bargain basement spring. Best advice as to what home buyers should expect in the spring of 2023...understand that it's not the spring of 2011.