What’s Going on in the Atlanta Metro Area Market?
2019 has arrived and it’s time for our first market update of the year.
A lot of people are wondering whether our North Atlanta Metro market favors buyers or sellers. This is actually a somewhat difficult question to answer.
Why? Well, the truth is that our market’s conditions can vary even just between neighborhoods.
To give a general answer, though, our overall market does appear to be shifting from a seller’s market to a buyer’s.
There are approximately 30,000 homes in our market right now, and while this might sound like a lot, it actually indicates that we have just about 3.5 months’ worth of inventory. To put this in perspective, a balanced market should have approximately six months’ worth of inventory. In other words: Supply is low.
Even so, this shortage has not had the effect one might expect. The homes that are on the market are taking longer to sell, and the sellers behind them have had to reduce prices a number of times to incentivize buyers.
Even without sellers attempting to level the field, though, buyers already have a lot of opportunity in our market. Interest rates are still historically low. Our team recently worked with a client who secured a rate of 4.37%, for example. The rate you receive on your own home purchase will vary depending on your credit score and other personal factors, but the bottom line remains: It’s a great time to buy.
Our team would be happy to help you reach your real estate goals in 2019.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.