01/04/2024
Here is a market up for ya 🏡
The sales activity in Georgia is continuing to slow. At the end of December the average rate for a 30 year mortgage was 6.6%. Since inflation is trying to slow down we should have seen the last of the interest rate hike (in other words interest rates will go down here soon)
Home prices remained steady the past two months as housing inventory remained low and interest rates were high- pointing towards a sellers market believe it or not. The market is slowly transitioning to the pre pandemic market but what does all tjid mean for you?
Wheather you are thinking about selling a home , thinking about buying a home or are renting; this has an effect on you
✨For sellers: Be patient, get your home looking like it did when you first bought it. Paint some cabinets, make the yard look nice. Buyers are being very picky and strategic when purchasing homes and first impressions are everything. Be prepared to pay some closing cost and understand this is a sellers market but there is not many multiple offer, 50k over asking markets. Be smart. Be adaptable. The average days on market in many areas is 40+ days.
✨For buyers: Get your ducks in a row! Pay down debt, save at least $5,000. Be open. Be adaptable. If you are purchasing your first home understand unit first home is typically not your dream home 😉 if you want a dream home, buy a first home first. Take advantage of new construction as they have special rates and incentives. Shop around for different lenders and go with the one that has the best deal for you. If you think you want to buy in 2024 start working now. Once rates go down the competition behins.
✨For renters: Anticipate your rent to increase at least this year. Landlords are having to make up for their increases.
If you made it this far I hope this was informative. Feel free to drop any real estate questions, I’d be glad to help ❤️