Atlanta Home Sellers Must Adjust to the Balancing Market - Fall '24
Posted by Hank Miller on
As the Greater Atlanta real estate market continues to stabilize, Atlanta home sellers must adjust to the balancing market. The Fed mission of slowing the post pandemic nonsense was achieved; this market is largely balanced. Inventory challenges remain of course, but for sellers, it’s no longer “name your price”. While a few sellers in select areas maintain some sway, the majority will either listen to the market or see their homes sit. Don't be stubborn, the Greater Atlanta real estate market is returning to the more predictable, pre-pandemic patterns.
Atlanta Real Estate Inventory
- The spring/summer ’24 market saw the highest listing inventory in several years
- Homes going under contract were slightly below previous years
- Closed…
1810 Views, 0 Comments
occurred, values have not missed a beat. To be fair, the "metro Atlanta" region is far to large and diverse to paint with one brush. However, this data is useful in providing a good indicator of macro trends. Every submarket is different, as is every type and price point. Success is found by working with skilled professional agents, not some hobby hack agent with ten other side hustles. Below is a review of the six major metro counties and all price points.
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.
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.
The first half of the Atlanta 2023 housing market shared many similarities with the first half of the 2022 real estate market. Despite continuous caterwauling from the MSM about a crash, home prices around greater Atlanta haven't really moved from a year ago. In fact, some market are ahead of those record highs of '22. Clearly it's not the same market, but the interest rate shock seems to be accounted for.
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.
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…