Buy The Home Now, It's Not Going to Get Any Easier
Posted by Hank Miller on
Hey home buyers, they’ve been lying to you. They; the main stream media, the laughingly called "economic experts", the "real
estate industry experts"…all of them. Straight up gaslighting you. Telling you about dropping rates, dropping prices and increasing inventory. They're straight up BS'ing you.
Buy the home now, it's not getting easier. Home prices are not substantially dropping any time soon. Not if rates drop, not if supply modestly increases and damn sure not due to the much ballyhooed “commission” changes. Buyers waiting for prices to substantially drop are wasting time and losing money. Sounds like the typical hack agent line, but serious buyers need to accept things and get it done. The cavalry isn't coming, no one is coming.
Gaslighting…
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About two years ago this month, Atlanta real estate and interest rates started a very complex relationship. The Fed slammed the brakes on low rates, and despite the initial wobble, the Atlanta real estate market found stability and firm ground. There was pain of course, many buyers were eliminated and the withdrawals from those low rates is still being felt. Two years in, we have enough data to evaluate the impact of the rate jump; the questions of “how much, how many, and how long” can be answered at this point. Comparing Feb '24 to Feb '23 and Feb '22 (six main metro counties); we see how hard those rate increases hit in '22 and how the market adjusted through '23.
As the early spring 2024 season opens around Greater Atlanta, some home buyers are still facing multiple offers. This is not the same universal craziness that we saw during the post pandemic days, but the current inventory of highly desirable homes remains fiercely competitive. Greater Atlanta saw a significant influx of post pandemic buyers coming to town with pockets full of cash. They were hungry to buy, and they did. Sellers could list pretty much anything at any price and it would go quickly at or over list. Those days are over...sorta.
Home buyers would do well to learn how to spot drainage issues. Water is not your friend; if it's not controlled it will bite in a number of different ways and every one will hurt. The first and most obvious tell is the position of the home; is it declined from the road? Gravity ensures that water takes the path of least resistance; will that be rushing down an expansive driveway that lets it blast into the house or garage? Will that be an area of yard that becomes a trench due to erosion?
What is the forecast for the Atlanta real estate market in 2024? Contrary to most every regional and national prognosticator, the only legitimate answer is "it depends". It's critical to understand prior markets, look for patterns, and temper that with current economic conditions. The idea that any "housing" or "economic expert" can authoritatively declare where this market is headed over the year is absurd. How can variables like local and national economic conditions, consumer debt, consumer confidence, the Fed, global supply chains, wars and conflict and a hundred other wild cards be corralled? They cannot.
ping pong and badminton. It’s played with a plastic ball with holes in it that resembles a wiffle ball. While the sport was created in the 1960s, it recently gained steam during the Covid-19 pandemic, as people looked for ways to get exercise outdoors and also be social. But not everyone is thrilled, especially home owners within ear shot of the courts.
refuse to close? What used to be infrequent is becoming more common; Sellers backing out of contracts. They might have second thoughts about giving up a low rate or realize that maybe it’s better to keep the home they have. If that happens, what can a Buyer do?
on this topic. This is not legal advice and every situation is different. Remember, a ham sandwich can be sued...