26/09/2022
Here is a Real Estate Update: In the city of Atlanta, there were nearly 1000 homes sold in the month of August. The highest was $6.5 million and the lowest was a fixer condo at $60,000. In Gwinnett there were 1127 units sold with the highest being $2.7 million and the least was also a fixer condo at $95,000. DeKalb County sold 812 residences with $2.1 million at highest and $35,000 was the least.
The most popular discussions were around interest rates, recession and sellers' market. The interest rates have reached for some, 6% depending on each individual's credit scenario. Mortgage rates are determined by the daily rate offered by the Federal Reserve to Banks and Mortgage Lenders. As the rates available to consumers increases, the affordability decreases. It is not just about the price of the home but the cost of the money to buy the home. This is what has slowed the market down or cooled off. It's not that buyers are tired of looking but saw the change in what their approval amount could purchase.
Many are hoping to see a recession or crash as we saw in 2008 or at least a major drop in prices. My opinion is we are stable and planted for a time as a Sellers' market because there are still so few current homeowners willing to sell and face the increased rates. As an economy, our unemployment rate is 3.7%. That's pretty low and does not meet the requirement to call it a recession. We're fairly stable now and as such, it's a sound time to buy before the interest rates and home prices continue to escalate. Remember, the interest rate of renting is 100% and offers no tax breaks.
Hey Lawrenceville, you ranked #4 in the Nation for best places to buy a house in August with the affordability being reasonable.
Vincent Giles
Realtor
Better Homes and Gardens Real Estate Metro Brokers
404.484.8091 Mobile
404.843.2500 Office
