The Market of 2024

From every source that I read and through speaking with others in the Atlanta Real Estate Market, all signs point to a consensus that as rates start to come down further, there will be a large number of people coming off the sidelines to get back into the market. This is both a good thing and one to be considerate of in determining if and when you will be getting into the market as well. 

I say this, because should a large number of potential buyers all get back into the market at the same time this will likely result in a frenzy similar to what we experienced in the summer of 2021 and into early 2022. This time I am referring to was a time in which contingencies were often removed from contracts and homes were selling for significantly over list price driven in large part by a shortage of supply. 

Even though there is a high likelihood of some of these buyers having homes to sell, we are still seeing several buyers choose to hold on to their current home as an investment opportunity and in turn it is reducing the number of homes coming to market. The homes that come to market in great condition are then selling quickly and for top dollar. This is wonderful news for anyone considering selling. I believe the secret weapon in any market to get top dollar is by preparing it to appeal to the widest audience and in turn create a sense of urgency for buyers to submit a strong offer.

I mention this, because even though we are still waiting for interest rates to continue to come down, or they may not be where we would prefer them to be now, we are still in a brief moment in the market where at times we have the opportunity to negotiate for closing costs to go towards a temporary rate buy down as well as repairs. This is not guaranteed as we shift into a more competitive market. I believe now is an ideal time to make an investment into your next home because as the market heats up again they are expecting further appreciation in prices and as a result, when the rates do come down you will not only be able to refinance to a lower rate, you will also be able to say that you have gained equity in the time since closing as well. 
 
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