The housing market is constantly changing and evolving, and it can feel challenging to keep up with current events when you aren’t a knowledgeable full-time real estate agent. However, if you’re thinking about buying or selling a home in the near future, you’ll want to have a general understanding of how the market currently stands and where it may be heading. If you’re a current or aspiring homeowner, you may also have questions about how various events impact the value of your property. You’ll find answers to many of the most commonly asked questions about the Morningside real estate market in the sections below. If you can’t find an answer to your question in this article, reach out to expert Realtor® Sonny Jones, and he will be happy to guide you toward the answers.
How is the market doing right now?
In addition, the National Association of Realtors has identified the Atlanta-Sandy Springs-Marietta area as one of the top “markets to watch” throughout 2023. With rising job growth and inventory, along with a higher housing affordability than other major cities, the real estate scene here is slated for success, giving Atlanta plenty of potential for 2023 and onward. The report states that 20% of Atlanta renters can afford to purchase a home. Paired with an expanding job market, with several tech companies (namely Apple and Visa) relocating to the city, Atlanta has a ton of promise.
Where is the market headed?
All of these factors contributed to growing hesitation among buyers and a cooldown in the national housing market. The good news is that most experts predict that this will be mild and short-lived. Some simply think that the market is correcting itself after the events of the past few years. In addition, as indicated above by the NAR, it is clear that the housing scene in Morningside real estate — and Atlanta as a whole — is performing much better than most other areas of the nation.
When might interest rates come down again?
It’s hard to say. The Federal Reserve has hinted at the possibility that rates could drop sometime during 2024, but there’s a chance that rates will rise again during 2023. Most people think that inflation will have to get under control before a lower rate is seen on the horizon. It’s worth mentioning that rates have a history of coming down to past averages after prolonged seasons when they were higher than usual. This means they likely won’t always be this high, but nobody can accurately predict when they might drop.
How does inflation affect my home’s value?
Studies also show that home values are outpacing inflation by an average rate of three percent in the past 100 years. This means that home values are not only staying consistent with (or ahead of) inflation, but homes are actually becoming more valuable over time.
Should I be concerned about the current state of the housing market?
Will 2023 be a good year to buy or sell a home?
As a buyer, you’ll experience less competition if you shop for a home today, and you’ll maintain the flexibility to refinance your loan later if rates drop. Sellers can capitalize on rising home prices and the desirability of properties in a thriving area like Morningside. If you have a home to sell, you’ll have a solid chance to make a substantial profit when you put your home on the market.
I still have questions - who should I ask?
*Header photo courtesy of Shutterstock