We’re seeing a market shift right this summer. The rise in interest rates and the continuing rise in home prices has made it significantly less affordable to buy a home. The economist who predicted the housing crash in 2008 thinks we are now “halfway through the fall.” The number of sales is predicted to fall and the rate of home price appreciation is slowing. If you’re a buyer don’t hold your breath for prices to drop as the laws of supply and demand will cause prices to rise. This article by Dave Ramsey explains why prices will not drop.
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If you are thinking of selling every indication is that prices will continue to rise at a much more moderate pace for the next few years. The following charts show that while listing inventory is up slightly – it’s it still at strong seller’s market levels. Because 5 of the last 6 recessions didn’t lead to huge price declines in sales prices many are predicting price increases.
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This last chart below sums it up best. When the market crashed around 2007, we had over 9 months of salable homes available; many with no equity as they were purchased using “junk money loans.” Today the months of supply is well under 3 months; there is massive equity, and the lenders have not made “junk” loans.
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Real Estate Stats and Thoughts
Our primary areas of service are below, and it continues to be a strong sellers’ market. Average appreciation has slowed to 19.1% and the number of closings declined by 18.5% – attributable to rise in interest rates.
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Active listings are at historic lows of in Cherokee AND Cobb Counties – in both counties combined we have 2069 homes for sale and only 5 homes for sale under $200,000! All 5 are fixer-upper and not habitable. Last month 1317 homes closed in the two counties; giving us 1.6 months of remaining inventory.
Our buyers’ agent Josh helped a friend find a first-time condo and get it under contract. The buyers’ requirement to be under $140,000 narrowed down the search to 3 homes within 50 miles of our office that were livable. In addition, we’ve helped five other buyers go under contract in the past month.
More Exciting Stuff in and Around Cartersville
The newest museum opened in late 2021 and is the Savoy devoted to all things automobile. With over 105,000 square feet it features cars, history, shows, swap meets and more. If that doesn’t fit your liking Try world-renowned Booth Western Museum which shows Americas Story with art, exhibits and Moore. And just a few minutes away is the Tellus Museum (a favorite of my grandchildren) with a planetarium, hands-on exhibits, and dinosaurs, rocks, and more.
Property Management: 10 Reasons to Hire Northwest Atlanta Properties as your Property Manager
1) We help you maximize your investment. With over 40 years of experience we help you set the right rental ask and we know how to show you how to get more return for your investment.
2) We collect and deposit your monthly rent on time.
3) We market and advertise your property and have access the agents with good tenants. This minimizes any vacancy.
4) We find the right tenants. We take care of all the details and secure background checks, credit reports, employment verification and in-person qualifications.
5) We Manage the tenants and their routine and emergency repairs. We do this with regular inspections and years of conflict resolution experience.
6) Manage Vendor Relationships so that we can get your home cared for in a timely and cost-effective manner.
7) Ensure you don’t violate local laws and fair housing regulations.
8) We show you the current hottest investment deals.
9) We create time for you. When you hire us you create time and stress-free time off.
10) Our fees are extremely competitive and all inclusive. No garbage fees.
